National Republican., 1884-05-09
THE MARKETS.
An Extremely Lively Day in the New York
Stock Exchange.
Rumors and Counter Rumors Affecting
Prices-The Grain Trade,
SpscfI Dispd,cn.

SDtctai Dispd,ch.
NEW York, May 9.-The share market
opened weak and depressed for the coal
stocks. Reading and New Jersey Central
were especially weak, tho former breaking
from 80 to 332 and tho latter from 76s to III.
The room traders were conspicuous sellers
and made strenuous efforts to dislodgo the
10000 shares Of Jersey Central held by the
Reading company. To accomplish this,
various unfavorablo rumors were circulated
1t was reported that the Reading receiVer-
ship had not been discharged accord
ing to the terms fixed by tho
court and that the receivers certificate
or tho Jersey Central property had never
been redeemed. The granger and trunk line
shares were also weak. Missouri Pacific,
Western Union, Northern Pacific, and Erie
ewore exceptionally strong and in good do
mand, tho weakness in tho other list not
having any effect upon these shares. Alter
midday 10 was announced from Commissioner
Fink's office that the Baltimore and Ohio had
restored grain rates from st. Louis eastward to
the basis of Is cents from Chicago to New YORK.
This caused marked change for the better.
Tho bears made rush to cover, but found
less stock offering than they had anticipated.
In their haste to buy they bid prices up on
themselves and in very little time the
market was to A per cent. higher, the inn
provement being quito general. Near p.
m. the excitement subsidized and there was
reaction of to IL per cont, the latter in
Reading. subsequently q strong buying
movement set in, and many shares sold up
to tho highest point of the nay. Just before
the close tho bears raided Wabash preferred
down TO 143, Kansas and Texas to 153, Lack
awanna to l13l, and Reading to 35s.
In tho final transactions there was q rally
of / to ! per cent, and the market left OIL
firm.
Railroad bonds were weak and depressed
early in the day, but later improved. in
sympathy with the advance in the share list.
The sales of stock aggregate 57i,934 shares,
including the following: Canadian Southern,
5,10O; Central Pacific, $780, Delaware, Lacka-
wana aud Western, 81 l,i2i; Erie, 36,625;
Kansas and Texas, 1850; Lake Shore, 80, $50;
Louisville and Nashville, s,060 Missouri Pa
::ihc, 1900; New Jersey Central, 1900;
5,450; Reading, sO,4O0 st. Paul, 66,6lO;
Texas Pacific, $500; Union Pacific, 66,400
Western Union, 24,540; Northern Pacific
preferred. 24.542; Oregon Transcontinental,
1l,2OO; Wabash Pacific preferred 4,200'
Gould was believed to be large buyer OF
Missouri Pacific and Western Union yoster-
day. His other specialties were we'll sup
ported.
The rumor that the Marine bank was a
large holder of Erie paper was revived, and
part of the weakness, both in the stock and
bonds of that road, was attributed to this
report.
1t is reported that some Of the largest bears
who had got long of st. Paul, were trying to
unload yesterday.
1t is believed the short interest has been
largely increased during the last two days,
The Oregon Improvement company's float.
ing debt is stated to be about 81 300 900, but
negotiations are pending for q large amount
ef lands, which will reduce the debt one half
The Boston Transcript says: "a dispatch
from New York says the Oregon Railway
and Navigation company has received an
offer of lease, with per cent. guarantee
from the Northern Pacific and another from
the Union Pacific of per cent. These reports
cannot be confirmed"
Commissioner Fink announces q dispatch
from the Baltimore and Ohio railroad agree
ing to restore rates.
Vanderbilt is quoted as saying that thu
Omaha road was earning enough to pay divi
dends on the preferred stock, and that tn,
land sales hereafter should go to pay divi
dends ON the common stock.
A Philadelphia dispatch says: "The bear
in Reading helped depress shares and bond
on nreports that legal conditions required by tn,
court to complete discharge of receiver haC
mover been fulfilled. Also that receivers Ger
tifcates issued on Jersey Central had neve
been redeemed, but were carried by Newark
life insurance company. great deal of lonI
Reading bonds and shares have been throw
over because of the uncertainty of tn
situation"
The president of the clearing house give
most positive assurance that the banks ar
financially sound, and there is not the slight
est foundation for the stories to the contrary
There is possibility of the Oregon Navi
CATION company passing under the control o
Union Pacific, as the latter companys friend
already have q large interest in the stock.
The cotton market opens quiet and firm
to points in advance on account of tn
Grmer foreign markets.
Judge Donohue has just granted an injunc
tion restraining any interference with tn
assets of Grant II Ward, pending the hearn
of the motion for receiver of tho propert
made by the Nickel Plate company, which
seeking to redeem l 400 bonds pledged by
to Grant & Ward, and rehypothecated b.
that firm.
Notwithstanding the denial of tho restora
tion Of rates on east bound freights fror
Chicago, it is officially stated that tho restor
alton has been ordered all the roads, includ
ing the Baltimore and Ohio, having agreed t
the same.
The test offices of Western Union show a
increase for the week ending May of $l1 ,00C
Philadelphia people say that money to pa
the Jersey Central dividend is in bank, an
that in any event the obligations will b
cared for by the Baltimore and Ohio an
kindred interests
In the cotton market the Liverpool peopl
sold and the Emmons bought to-day. Th
feeling among tho brokers is decidedly bul
ish. Tho statistical position is very stron
and gaining strength, but the near montl
are more likely to be ruled by the conditio
OF the shorts. 1t is reported that there is
good buying movement in New Orlean
based upon decreased receipts.
GRAIN AND PROVISIONS.
Following are opening highest, lowest and clio
ing prices on Chicago board of trade, as correete
by special wire reports to Cooke & Co., brokers