National Republican., 1884-04-17
THE MARKETS.
A Big Drop in Pacific Mail on the Heels
Of a Dividend.
No End OF Gossip About Stocks an,
Cereals.
specinl DispdieA.

specfai Di,pd,oA.
NEW YORK, April 16.-The stock market
opened dull and irregular with room traders
and specialists doing most of the trading.
Some of the commission houses bought
small lots of ST. Paul, evidently for invest
ment. Union Pacific was pressed for sale by
the big traders.
During the first hour the market seemed
TO be without any active support.
At noon under some earnings by shorts
tho list, except the coal stocks ad-
vanced fractionally. Lackawanna and Read
ing declined 4Ms. The Pacific Mail di-
rectors declared II per cent. quarterly divi-
dend and presented very favorable report
for the past year, but the stock under vSry
largo offering rapidly declined from 52t TO
511, and in the last hours trading touched 90.
1t is the general opinion that the pool under
took to unload under cover of tho dividend
and the "rosy" report and precipitated the
decline. Western Union was quite active,
some very large blocks coming out, one of
1900 shares at 67l, decline Of from OPEN
ing figures Oregon Transcontinontal was
weak In the morning and fairly strong in the
afternoon, gaining fractionally on tho whole
The Gould stocks, the coalors. and Pacific
Mail were the weak features, tho Nanderbilts
and L. Villard's the best sustained. Bonds
dull, except West Shores, which were with
out material change.
The cotton market advanced in the morn
ing on q very strong Liverpool trading and
some local short coverings. The trading in
May was very irregular, and the first hour
showed some one trying to force this month
up. There were large orders to soil the late
months. The afternoons market showed u
decided decline under the selling for long
account for realization, many bulls selling
out their holdings and waiting for a reac-
tion.
The adjourned meeting of the Oregon
Transcontinental stockholders will probably
bo held tomorrow, when plans will be sub
mitted to benefit tho financial affairs of the
road.
The vice president of the Missouri Pacific
railroad is reported as saying that the COM
pany is making extensive developments in
coal fields in Indian territory.
Jay Gould soon starts on an inspection trip
over the Wabash and southwestern roads and
may go over the Mexican Central road.
The friends of the Chicago, Burlington and
Quincy question the scheme of increasing the
capital by issue Of tho 100000 new stock.
The Missouri, Kansas and Texas railroad
mado application to the stock OK change
yesterday to have 167 additional per cent.
consolidated bonds placed on the list, making
the total issue listed $6,102,0O0
Advices from Chicago say the market has
reached the top, and that lower prices are
predicted, The weak parties have been bull
ing, but they have no following.
The Pacific Mail statement submitted
shows the net earnings from June l, 1883, to
Feb. 90, 1884, to have been $1,070522. Dur.
ing this period they have continued pay.
ments of $4,000 per month on account Of
bonds, and have paid last claim of city fol
personal taxes of 1881, amounting to SILL.
1906. The outlook for the coming year
gives every reason to believe the earnings
will be much larger. Tho company has now
$1,118,000 cash on hand. The dividend of II
per cent quarterly, as announced this morn
ing, was duly declared.
STOCKS.
Following are opening and closing prices Of
principal stocks, as corrected by special wire
reports received by Baternan & Co.. bankers
No. 1141 L street northwest: .f-'- .