National Republican. (Washington City (D.C.)) 1872-1888, 1884-06-09
THE MARKETS
Stocks Higher Although Business Was on
Moderate Scale.
Railway Bonds Were Irregular, with u
Pressure TO Sell.

NEW York, June There was strong
and higher market for stocks to-day, al
though business was on a moro moderate
scale than for any previous day Of the week.
The condition Of tho Now York associated
banks, as reflected in their weekly exhibits, is
favorable and lod to purchases for tho
long account. Tho further declaration of
regular dividends by prominent railroad
companies had good effect on speculation
and stimulated tho upward movement In
tho Afternoon tho Vandorbilts were weak
which caused decline in the general list.
At the opening the entire list was higher
except for Louisville and. Nashville, which
fell off IA to 30. In the first hour and half
Of business there was an advance of to q
per cent, Missouri Pacific, as usual of late,
being tho strongest stock, and seconded the
greatest advance with sales up to so,
Louisville and Nashville rose 81 TO 3lb,
Lackawanna, to 1881; Union Pacific, II TO
46l; Now York Central, IL to 1861; North
west, II to 1909; st. Paul, 1g to 7iE; Western
Union, II to 6l3; Oregon Transcontlnontal,
] to 10, and tho remainder Of tho list to l
per cent. Near midday there was reaction
of to per cent, but whom the bank state
ment was issued the market became stronger
again. Near tho close there was rally of
4 to per cent. In the final trading Louis
Vile and Nashville weakened falling of TO
29l, and the market left off irregular. The
Vanderbilt stocks at the close were raidod on
two rumors about New York Central, ono
that the company intended to issue stock, and
another that the company intended to issue
bonds for tho improvement of tho Grand
Central depot. Railway bonds were irregu-
lar, with pressure to sell West Shore
bonds at tho close. These bonds opened at
1ll and fell of to 40l to lOs
SATURDAYS REVIEW.
II is stated that ali payments on Louisville
and Nashville havo been provided for. d. p.
Morgan predicts higher prices. Woerishoollor
and Smith were large sellers of Union Pacific
on sixty day options. The selling of Lake
Shore is believed to have been for foreign
accounts.
Early in tho morning the market was bid
up nearly per cent by the Gould Morgan
White following. At 1915 the list was strong
with II firm undertone, London houses are
selling Louisville and Nashville, and buying
the Nanderbilts and Union Pacific.
Kiernan's special says: "We are informed
by insiders that the Western Union people
have refused to buy tho Bankers and Mer-
chants telegraph company lines. II Is now
understood that the Bankers and Merchants
and postal companies will unite"
Sales of stocks to-day aggregated 2jl0l6
shares, including tho following: Delaware,
Lackawanna, and Western, 3l,GlO; Lake
Shore, 1880; Louisville and Nashville, 22,-
800; Missouri Pacific, 2l,625; Northwest,
$780, New York Central, 2G,O0l; st. Paul
25,30i; Union Pacific, 4l,605; Western Union,
36,020; Northern Pacific preferred, 400.
THE WEEK.
During the past week there have boon evil
dences of further improvement in the gen.
eral tono of the financial situation. One
element which helped to restore confidence
was that on Saturday OF the previous week
the New York banks published their usual
detailed statement of the condition of each Of
the banks in the Clearing House association.
There have been no further bank troubles
in any part of the country, except u DISPOSE
tion on tho part of savings depositors in
Washington to withdraw their money. But
there have been u number of disturbing feat
ures connected with railroad properties.
The Philadelphia and Reading has passed
into the hands OF receiver. Texas and
Pacific did not meet its interest payment on
the Eastern Division consols, but had the
Mercantile Trust company buy them instead
There have also been renewed disquietinl
reports about losses incurred by the Louisville
and Nashville through tho operations of its
late president, but these reports, though they
had bad effect on the price of tho stock
have been denied.
There has been no change in the genera
condition of trade and industry Throughout
the country during the past week. The iron
and anthracite coal interests remain de
pressed, but this is partly due to the competi
ton of bitumnous coal and to the increase il
the producing capacity OF tho anthract,
mines. During tho latter part of the week
the stock market improved little. TIL,
Gould spGcialtiCs-AlssOuri Pacific and West
ern Union-show advances of 8 and II pc
cent. respectively, while tho grangers gener
ally show advances of from 1 to 2 per cent.
Union Pacific has been notably strong ant
Is IL higher than aweek ago.
Louisville and Nashville and the Wander
bilt trunk lines have been weak and lower.
The business in railroad bonds increased
during the week, but there was declining
range of prices for the majority of the spoCu
lative issues. The better class of investmen
bonds have been dull and quite steady.
The West Shores were lower from the fact
that no progress has been made toward
financial policy for the relief of the company
Many of the other speculative bonds were
depressed by the difficulty Of using them q,
collaterals for loans.
Government bonds have been quite active
but show only fractional changes.
Tho Now York money market continue
very quiet. Tho field for employment o
money ON colatorals Of railway stocks ha
been so diminished by the shrinkage in valu
of the stocks and the much more conserva
tive policy of the banks that rates for cal
loans have been quoted at from Il to 4 pei
cent during the week.
The market for sterling exchange has beer
considerably unsettled owing to the moyemen
of foreign capital in connection with tn,
purchase and sale of stocks on foreign account
But, on the whole, the market has beei
stronger, owing to tho continued scarcity o
commercial bills.
Speculation in cotton for future deliver
has been very duh during tho past week. III
Liverpool market was closed until Wednes
day, and the feeling in financial circles ha
been of character to check speculative aC
ton.
Cotton on the spot has not boon so largol
dealt in Us in the previous fortnight, an
neither tho demand for export nor for HON
consumption has been maintained yet IL fai
business has been done on both accounts.
Cotton MARKET.
The following were opening, highest, Lowest
and closing prices;