National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-26
THE MARKETS.
A Weak Opening, A Little Rally, and IT.
regular Closing.
Review OF the Disturbing Influences
During the Past Week.

New York, May 2i.-The stock market |
was weak and depressed ut the opening, and |
prices dropped to 30 per cent. with tho coal |
shares Quincy, Northwest, Lake Shore, |
New York Central, Now Jersey Central,
Rock Island, Northern Pacific preferred, and |
Union Pacific as the features Before IL a.
m. the market began to improve, and there
was rise of to 81 per cent. Missouri Pa
cifc was especially prominent in this adj
vance, and touched 67s, Chicago Burlington
and Quincy sold up to 112, Northwest TO 072,
st. Paul to 6Ss, Rock Island to 10, Lacka-
wanna to 97l, Louisville and Nashville to
3D. Lake Shore to SAY New Jersey Central
to So New York Central to 100, Northern
Pacific preferred to 49,. Reading to "a, Union
Pacific to 40l and Western Union TO 55.
The advance was partly based on reports
that Commissioner Fink intended to advance
freight rates. Speculation continued strong
until after the publication of the bank state
ment, which was unfavorablc, and brodRht
about general selling, In the decline which
followed Quincy touched 110k, Northwest O5s,
st. Paul 6jl Rock Island 1854, Lackawanna
9ll, Illinois Central 115, Lake Shore S2s, Mis-
souri, Pacific 655, New York Central 1917,
Northern Pacific preferred Alt, Reading 25i,
Union Pacific 80, and Western Union 53s
In the afternoon tho market was very irregu-
lar, some shares receiving good support while
others were depressed, and sold at the lowest
point of the week.
manded premium for use. The premium
ranged from 1854 to 1 per cent. per diem and
was paid for Quincy, Reading. Lake Shore,
New Jersey Central, New York Central,
Missouri Pacific, Western Union, Northern
Pacific preferred, st. Paul, and Lackawanna.
Erie new second consols lent as high as per
cent. for use. The sales of stocks for the
week were 2,454,705 shares The exports of
specie for tho week were $1S6,697 making
total of $41 993,752 against $6,121 $40 for the
same time in 1883. Railway bonds were
irregular.
special dispatch from Winnepeg says:
"Privnte advices from Vice President and
Manager Van Horn, of the Canada Pacific
railroad, say no new branches will be built
or extensions of present branches made this
season. He says Mt. Stevens failed in secur-
ing money in England for tho extension OF
the Manitoba Southwestern"
The decision of the Eric directors to pass
tho June interest on the consol mortgage
bonds did not occasion much surprise, as it
had been generally anticipated by the ex-
change. A prominent director said tho fail
ure TO pay interest is only temporary, and by
economy in management, &C., the company
will be able to resume payment of its coupons
soon.
Conservative brokers recommend their
customers to exercise caution in their deal
that while the general liquidation may go
lower, yet good stocks are selling very cheap,
and in the present oversold condition of the
market to go short is dangerous.
+. l.. Ames, of the Union Pacific, has ar
rived from Omaha and says: After studying
the condition of the road / find everything
looking WELL Business over oil our roads
shows an increase over last year. The decrease
has been only on freight earnings, owing to
the cutting of rates. This is substantially
over and the expenses, which increased,
owing to the severity of the winter, &c.
Mr.. Tappan, chairman of the loan commit
tee of the clearing house, issued the following
to-day Tho issue of loan certificates by
the clearing house association has so changed
the relations of the banks to each other that
the publication of the statement iun detail
would give an incorrect impression as to the
actual condition OF the banks"
A London dispatch says: "The market fol
American railroad securities continues weak
The speculative feeling is bearish, and
until there are advices of Improvement in
New York the market here will be mac
tive"
Representatives of the Delaware and Lack
awanua say that they have figured up las
years profits on the Thomas Iron company's
business and discovered that it netted only
$500.
Good authority says tho estate of Nose
Taylor has not been selling stocks. On tn,
contrary, the executors have been buying
individually.
The nomination for president of the stool
exchange has been unanimously rendered b.
the committee to Simon Drake. He decline
1t.
The decline in coal stocks yesterday |
generally attributed to sales of long stock
the holdings Of q prominent merchant, ant
the closing out of "a loan for q house which
suspended some time ago
The decline in Chicago Burlington AM
Quincy was due to insiders selling iron
Boston.
There are rumors that Reading will b,
forced into n receivership early in June.
Large bears are reported to have covered
heavy short Reading interests, being satisfe
to take their profit on present figures.
There is a disposition to buy such stocks q
Union Pacific, Western Union, Missouri Pa
chc, and the Vsnderbilts. The commission
houses bid up Western Union and Union Pa
sifc, Charley Johnes and his following buy
ing.
THE WEEK.
The most prominent disturbing influence
during the past week, outside of Wal
street, have been connected with bank fail
ures and rumors of weakness in other bank
throughout the country.
While in some cases these rumors wer
devoid of foundation, still they had an air @
FEASIBILITY which tended to unsettle thing
and increase tho feeling of insecurity. Th
class of rumors and developments which hav
affected Wall street values unfavorabl
during the past week are those connecte
with the railroads themselves, Perhaps tn
most prominent among those was the evdenc
connecting the treasures of Eric with tn
transactions of Grant u Ward. Another wa
the resignation of Mr.. Baldwin, president {
the Louisville and Nashville, and the reporte
Use made by him of portion ofits securities
which sent the stock sCooting
Reading took Il lofty tumble on tho an
nouncement that tho management of til
road had determined to issue scrip runnn
four months without interest, to meet cur
rent disbursements for tho purpose of accum
ulating cash enough to pay forthcoming in
forest charges. This, of course, ahecte
Jersey Central and tho other coal properties
and sent the prices down.
Union Pacific was affected by the falln
of in earnings during the month of Apr
and a report from Omaha that Messr
Adams & Ames had found the condition Q
affairs much worse than was expected
During the latter part Of the week the coaleI
were very weak, particularly Dclawar,
I4ackawanua and Western, and Jersey Cen
trail, and Chicago and North Western ais
sustained largo fall, in which tho generi
market shared more or less.
Stocks have certainly reached very lo'