National Republican., 1884-05-08
THE MARKETS.
Irregular Trading in Wall Street, With Prices
Fairly Firm.
The Failures Produce No Sensational
Results-The Gossip OF the Street.
special Dtspd,eN.


stock exchange to-day was decidedly irrog-
ular, yet, in view OF yesterdays events, the
market could bo called firm. The coal stocks,
Erie, and late in tho day the trunk line
shares we're weak Northern Pacifcs Mis-
souri, Pacific and Western Union, however,
exhibited considerable strength. Tho firm
ness of Western Union was duo in part to
continued purchases of the stock for invest
ment.
The market opened firm, and advanced Ito
per cent, Western Union being the strongest
stock, with sales up to 60s Soon afterward
Reading and Union Pacific exhibited marked
weakness, and tho former broke to 394 and
the latter to 56s The general listsympathized
with the weakness in the shares mentioned,
and declined to 1t per cent. At the first call
there was good buying, and the decline noted
was recovered.
After midday the coal shares again weak
ened on heavy salos for the long account,
and this unsettled the market. Prices how
ever, did not lag much, and by p. m.
frmer feeling prevailed and a general i'm
provement set in. The marketwas quiet but
strong during the earlier part of the after
noon. Near the close tho coalers became
heavy and reports were current that pools
in Reading and Lackawanna had liquidated.
Reading broke to 35i, Lackawannn to 1l4s
and Jersey Central to 76B. This was fol-
sioner Fink had resigned which caused o
drop in tho trunk lines.
With tho exception of the depression in the
coal roads and trunk line shares from causes
already mentioned thore WAS better feeling
to-day growing out of the fact that the failure
OF the Marine bank, and that of Grant &
Ward, had no direct connection with the stock
market and were the result Of merely local
causes, the effect of which is confined to a
very narrow circle. The promptness with
w nh Nhn haul do Nl,At. ,Na
the clearing house to-day also had reassur-
ing effect, especially when Manager Camp an
nounced that all the banks in the association
were sound, and that there was not tho
slightest trouble with any Of them. The
weakness of the foreign exchange continues
and there has been a complete cessation of
gold exports.
Railway bonds were generally lower. Erie
new seconds were the special feature Of tho
market, and the transactions were enormous;
$l73O,5 800 Of tho bonds changed hands. Tho
bonds opened at SO, broke to II, and rallied
to IN at which the closing sales were
affected.
1t was stated that tho Erie road had lost
heavily by the failure of the Marine bank,
but this was met by letter from President
Jewett, in which he stated that at the time
OF the banks suspension the company had but
$lOO 900 on deposit. s.--.s.,s
Sales of stocks to-day aggregate 446,ss2
shares, including the following: Canada
CouIuern, 4,UUU DelhWare, laCkuWanna and
Western, 93,9OO Erie, 65,2lO; Lake Shore,
l7,6OO; Missouri Pacific, 14,900; Northwestern,
11,225; New Jersey Central, 1900; New York
Central, 400; Reading, 64s50 st. Paul,
$4,000 Texas Pacific, 4,060; Union Pacific,
4O.O50; Western Union, 23,490; Northern Pa
cIhc preferred, 204O0; Oregon Transconti-
mental, 0,400.
Treasury balances-Coin, $l27, 161 1904; cur
rency, $10,206,4l9
Conservative brokers think the effect of
yesterdays failures has been greatly oyeres-
timated SO far as the stock exchange is con-
cerned, but believe it may induce some
country selling by weak holders. 1t is re-
ported that several large bear operators COW
cred yesterday and said they would keep out
of the market until they can see their way
clearer.
The defeat of the Morrison bill is regarded
as beneficial to tho best interests of the
country, and If there are no disturbing
causes its effect will be apparent on the stock
market.
Officials of the Northern Pacific company say
the earnings Of 81 435 600 for April is much
better showing than that made at present by
any road in the country. They estimate a
larger amount for May than was made in
April.
At the Lake Shore meeting at Cleveland
to-day. 42,000,00O out of 50,0O0,00O were
voted. Fred w. Vanderbilt was elected to
the vacancy caused by the death of Augustus
Schell. Otherwise the board of directors is
unchanged.
Returns from the clearing house show that
the banks are all right.
jay Gould does not consider the failure OF
the Marine bank a matter of serious import
ance. 1t was not a heavy institution, and
transacted very little stock business.
Gould takes very hopeful view of the
stock Market and thinks tho situation looks
much bettor than it did a week ago Railroad
earnings are the increase, and the people
generally tell him that business is improving.
He thinks that VIC have turned the spring
corner, and with the improvement in general
business throughout the country, and the
very favorable crop outlook an Improvement
in the stock market is assured.
1t is officially stated that the report OF
trouble existing at the Garfield National
bank, New York city, is entirely unfounded
The bank was "A creditor 1000 at the clear
ing house this morning President A. c.
Cheney attended the clearing house meeting
this morning
Philadelphia special says: Sugar ad.
vanced cents and wool has sharply ad.
vanced on the defeat of the tariff bill
The Gould aud Sage brokers continue the
heaviest buyers. Il. X, Willard is buying
Western Union. Woerishoef'er ooveredHsomC
Lackawanna and Union Pacific. Philadel
phia houses sold Northern Pacific preferred
Leayitt and Davis bought. Wormser took al
the Erie offered down TO 1911. Reading and
Jersey Central were attacked ON the alleged
calling in of loans, but the reports wer,
officially denied
Bonds were steady, but dull. Cotton and
grain were rather better, but trading wal
very light.
COTTON MARKET.
The following were opening, highest, lowest
and closing prices;