National Republican., 1884-06-13
THE MARKETS.
A Rapid Rise at the Opening Owing 10 the
Bears Attempting to Cover.
come FIuctuntion on Account OF Various
Rumors, but n strong closing.

NEW YORK, June t2-Tho share market
was strong and higher in the early dealings
with Missouri Pa1ihc rs tho feature. Tho
stock opened at sil 10 SOL, reacted to s58, and
roso rapidly to sol. Tho riso was duo to an
attempt by the bears to cover The floating
supply of the stock Is small, aud the out
standing short interest is large. The sharp
rise in Missouri Pacific had favorable effect
OH the other market, and prices advanced
to,1B per cent, tho latter, Canadian Pacific,
which rose to d3 bid. Lake Shore sold up Ia
to S3l, Western Union IL to 500, New York
Central ! to 10ll, st. Paul to 70S, Lacka-
wanna to 9SI, and Northwest to 0Ss, and
the remainder of tho active stock to por
cent. After tho first call Union Pacific bo-
Camo weak and dropped from az to
37A on reports from Washington
that the government experts statement
would show that the company's not earnings
for the first quarter had fallen of Sl,6OO,OOO,
as compared with the previous year; that II
dividend had not been earned, and that none
could bo legally paid. 1t was also rumorod
that the expebts had discovered deficiency
of $20,OO0,0OO in the company's sinking
funds, and that this money had been used to
sustain tho market value of tho stock.
Various othor uniavorable reports were cir
culated 1t was stated that tho First Ma
tional bank of Cleveland had suspended, that
the Oregon Transcontinental company was in
a bad way and that receiver would be applied
for, and that serious washOut had occurred
on the Central Pacific road, noar humboldt
Subsequently President Dillon, of the Union
Pacific, stated there was 10 truth whatever
in the story of n deficiency of $50 100000 in
his company's sinking funds, and that not o
dollar had been used for the purposes alleged.
1t was also announced from Cleveland that
l. 4 h,,at
as usual, and from San Francisco that there
had been no washouts on tho Central Pacific.
Oregon TranscOntnental officials stated that
the rumor in regard to receiver was ground
less. The denials did not come until there
had been decline of to Al per cont. in
stocks. In the afternoon, when the rumors
noted above received official denial, u
better feeling set in, and there was n brisk
demand for New York Central Missouri
Pacific, Union Pacific, Western Union, Lake
Shore, Omaha, and Northwest. Cables from
London announcing the withdrawal OF
100000 from the Bank of England for ship
ment to New York stimulated the upward
movement. The market closed strong
The short interest Is large and nearly every
prominent stock in the list commands a pre-
MUM. Railway mortgages feverish and un-
settled.
President Keims friends, as we'll as
Gowon's intimates, say the interest on the
paid July l.
Pools in Lackawanna and Union Pacific are
reported to have been unloading some OF
their holdings yesterday.
Buying of Now York Central under the
rule yesterday was mostly for arbitragc
dealers, who bought stock in London against
sales here.
Arrangements were perfected yesterday
between representatives of the elevated
railroad companies to expedite the transfer
of stock on the plan recently agreed on.
The number of New York Central stock
holders Increased 1900 in the past two
months The total is now 10000
1t is said that as soon as legal obstacles can
be removed the Omaha road will be cons0li-
dated with the Northwestern.
Officials of the Oregon Transcontinental
company deny the report of probable re.
ceivership, and say the company has $4,000
in its treasury and no maturing obligations
President Dillon, of tho Union Pacific, do,
nies the statement circulated on the stock ex
change to the effect that the government ex'
poets to have discovered that 20,000,000 of the
sinking funds have been used to sustain the
stock. He says tho company has done
nothing whatever in the stock, and not 81
had been used for such purposes
1t is practically conceded now that the in
terest will not DO paid on tho Denver and
Bio Grande bonds.
Canada Pacific the first week in Juno in
creased $4,000. Increased mileage, $1,25S.
Sales of stocks to-day aggregate 406,sSt
shares, including the following Central Pa
cifc, $3.50; Delaware, Lackawanna and West
ern, 9l,50O; Erie 5000; Lake Shore, 16,500
Louisville aud Nashville 9525; Missouri Pa
chc $4,000; Northwest, l2l00; New Yorl
Central, 1925; Reading 6,2OO st. Paul
50,G20 Union Pacific, 076G0; Western Union
l3,5OO Northern Pacific preferred, 1003O
Oregon Transcontinental, G,120; Chicago
Burlington and Quincy, 1000.
Treasury balnnces--Coin, $l26,Gl3, 166; cur
rency, $9,625,754
STOCKS.
Following are opening, highest lowest. anC
closing prices of principal stocks as corrected bl
special wire reports received by Buteman ~ Co.
bankers, No. llil street northwest: