National Republican., 1884-05-07
THE MARKETS.
A Good Opening, But Soon Decided Fall
ing Off
A Sharp Rally, Hut n Weaker Tone in
the Final Transactions.
specfdl Diapatca.

fDtctdE DiApnch.
NEW York, May 6.--The stock market
opened generally fraction higher but soon
became weak, with n break in Missouri Pa
cifc. Subsequently thero was a sharp rally
which carried many stocks up to the closing
figures Of yesterday, and in some cases even
fraction above those quotations. Union
Pacific Western Union, and Missouri Pacific
were depressed. The former opened higher
at 81, but was Immediately offered down to
592. Later there was rally to 60a and q de-
cline to 59l. Western Union declined to Goa
and rose to 61s. Missouri Pacific opened
per cent. lower at S1t, fell to SOI, and recov-
cred to s1s. After II a. IN. weaker feeling
prevailed. II was then announced that the
Marine bank had failed and there was rush
to sell, prices dropping to Al per cent.
This sharp break was succeeded by rally of
/ to Ii por cent, but in tho afternoon the
failure of Grant & Ward was read from the
rostrum of the stock exchange, and the
improvement was lost Nearly 1000 shares
of stock were closed out for their account,
and $4,000 United States coupon As closed out
for the same firm. Near the close prices
rallied to 2 per cent, but in the final trans
actions weaker tone set in, and the market
left of steady. The comparative steadiness
later in tho day was duo to purchases based
on tho belief that the bank failure would have
only local effect and would not extend. as
was thought might be the case during the
morning.
Railway bonds were strong at the OPEN
ing, but later weakened In sympathy with
the break in the share list.
The sales of stock to-day aggregate 667, ,037
shares, including the following Central
Pacific, 10525 Delaware, Lackawana and
Western. 1885; Erie, 1850; Kansas and
Texas, 5000; Lake Shore, 21,3l7; Louisville
and Nashville, $3.50; Missouri Pacific, AZ, 400;
Northwest II, 800; New Jersey Central, 4,006 !;
New York Central, CABS; Northern Pacific,
9,120; Pacific Mail, 4,s00; Reading, $4,000 (;
ST. Paul, 66i30; Texas Pacific, $780, Union
Pacific, 10S.335; Western Union, 54,175 (;
Northern Pacific preferred, 31,716; Oregon
Transcontinental, 1880.
Operators at the hotels last evening said
the impression prevailed that the strength of
stocks just before the closing was due to
Goulds manipulatons.
1t is reported that tho younger Vandcrbilts
have been sellers of Lake Shore.
The Chicago and Alton road has changed
from annual to quarterly dividends, aggre-
eating peIcent.
1t is reported that Woerishoffer covered
upward Of $4,000 shares of Union Pacific yes
terday.
1t is said the depression in Union Pnciic is
due to the fact that Gould is dcsrous Of OBJ
tanning controlling interest in the road in
order to keep Sidney Dillon in as president
despite tho Boston interest. 1t is believed
that most of tho stock thrown upon tho
market by scared holders was bought by
Gould and his friends, and Vanderbilt Is In
the scheme. Those in Gould's confidence,
and officials of the southwestern roads, all
declare that Wabash will not be allowed to
60 into the hands of receiver.
The stock exchange received notice yes
terday from the Delaware and Hudson Canal
nf tic incraaEn N "a nj ital atnpk fro,
$20,000,000 to $23 500,0 900 by the issue of $500
new shares on June 10. Tho increase is To
cover improvements.
The increase in passenger traffic is the
cause of the great gain in the Northern
Pacific earnings Tho passenger earnings are
now about 80 per cent, which heretofore were
only about 33 per cent.
Through business has increased materially
and the mining excitement has been great
feature.
A Boston dispatch says: "The control o.
Union Pacific has been assumed by the Boston
party, who have compelled the executive
committee to appoint General Manager s. III
H. Clarke second vice president, with head
quarters at Omaha. The Office has beer
specially created for Mr.. Clarke, who will
have entire charge of the executive manage,
ment"
A Chicago dispatch says: "Thero is good
buying of wheat, and there is little for sale
is no improvement in receipts. Corn will bt
governed by the weather; we think that 5E
to 80 cents for July corn will causeEincreaset
outside selling"
The embarrassment Of Grant &; Ward il
said on reliable authority to be due to the
absence of partner of the frm who has no
been at his place of businesss since last Sat
urday. Mr.. Grant the senior member, says
II cannot deny nor corrOborate the report
current We arc nearly $500,000 short Oul
safeE are locked, apd until we can find Mr.
Ward cannot say how we stand"
Mr.. Smith says: ave did not speculate at al
in stocks and have no interest in the market
Reports otherwise are only circulated fol
stock jobbing purposes. Mr.. Fish is directo
in Erie road, but he did not buy any Of it
stock for our account or for his own invest
ment purposes"
WASHINGTON NATIONAL BANKS.
The following is an abstract of the state
ments made by the national banks of thi
city to the comptroller of the currency show
ing their condition at the close of busnes
April "a, 1884: