National Republican. (Washington City (D.C.)) 1872-1888, 1884-06-03
THE MARKETS.
Sharp Attacks on Values by The Bears, Who
Materially Extend Their Lines.
Fisk d. HHtch's Resumption Sends Prices
Up-A Rush 90 Cover shorts.

NEW York, June 2.--The stock exchange
opened for business at IL this morning. Be-
fore the opening the street was flooded with
reports concerning the Reading. 1t was
stated that the company was unable to meet
the interest on Its consol-mortgage bonds,
due to-day; that the dividend on the Jersey
Central stock would DO passed, and that an
application for receiver for the Reading
company would DO made to-day. 1t was also
stated that considerable ST. Paul. Erie new
seconds, and other securities would be sold
out for the account of Messrs. Jero Milbank
and ]. q. Mills Consequently the street
was prepared for lower market
at the opening, and was not disappointed in
this respect. In tho early trading the bears
made sharp attack on values and extended
their lines materially. Prices dropped to
Al per cent, the latter In Reading, which
broke to %, Lackawanna sold down to 100,
Jersey Central 81 to 52l, Pacific Mail 81 to
39s, st. Paul 2t TO az, Louisville and Nash
vile ct to 3ii, Union Pacific g to AZ, and the
remainder of the list declined TO per cent
Subsequently IL was announced from Phila-
dolphia that A. j. Drexel & Co. were buy
ing at par the interest coupons of tho
Reading consol mortgage, and simultaneously
IL became known that the Jersey Central div
idend was being paid st the company's office.
At this time IL was also stated that the Now
York Central directors would meet this week
and declare the usual quarterly dividend of2
per cent, and, owing TO tho institution of
certain economies the earnings of the road
would show much better than heretofore ex-
pected. 1t was further stated that the Vest
crn Union directors would convene on tho 18th
and declare the regular quarterly dividend,
and that the statement to be presented would
BIO very favorable. The shorts then attempted
to cover, but found the floating supply OF
stock smaller than they anticipated. Prices
rose rapidly to 81 per cent, tho later in
Union Pacific, which rose to AN In the af-
ternoon the resumption of Fisk & Hatch was
announced at the exchange and this had a
buoyant effect on the market. Near the close
there were sales to realize and prices reacted
to IL per cent, except for Missouri Pacific,
which continued strong and in demand.
Reading, however, was weaker and fell of to
90 on the appointment of receivers.
The principal talk yesterday was of the
deaths of Jeremiah Milbank and Joe Mills
and the possible effect on the market 1t is
not believed that tho latter had any consd-
cradle interest in the market at the time OF
his DEATH His interest in Erie stocks and
bonds was closed some months ago. Mr.
Milbank is believed to havo been very
large holder Of st. Paul common and pre-
ferred, but his friends doubt its coming on
the market at present
Mr.. Gould is reported to DO negotiating for
the control of one Of the rival lines of the
Western Union Telegraph company, and has
chance of getting possession.
Oil opened Mt 76i advanced to 76l, de-
clined to 75l, and is now 752.
The Jersey Central dividend of IL pei
cent is now being paid at the company's
Office in this city.
All interest due on Reading will be paid
except incomes.
The White, Gould, Sage. Connor Kirkner
Slayback and Bell following were the heav'
lest buyers Of stock to-day.
Tho cotton exchange election to-day mate
rally interrered with business. The Germans
bought some in tho morning, but talked
bearish in the afternoon. The weather re-
ports from Texas are favorable for crops.
Just before 2;15 p. m. Fisk & Hatcl
notified the stock exchange that they hat
resumed business. This good news was fol
lowed by good buying, and prices went u
higher than before, and there was q rush 4
cover shorts.
Sales of stocks to-day aggregated 454,74
shares, including the following: Delaware
Lackawanna and Western, $500; Erie. 5000
Lake Shore, II, 050; Louisville and Nashville
1870; Missouri Pacific 47,550; Northwestern
1920; New Jersey Central, 400; New Yorl
Central, 1867; Pacific Mail, 9,100; Reading
45,740; st. Paul, 65,600; Texas Pacific, 9,10C
Union Pacific 69,270 Western Union, 10000
Northern Pacific preferred, 6,570; Oregon
Transcontinental, $3.50.
STOCKS
Following are opening, highest lowest. an!
closing prices of principal stocks AS corrected b!
special wire reports received by Bateman & Co.
bankers, No. l14l It street northwest: