National Republican., 1884-05-10
THE MARKETS.
Stories Of All Sorts Affecting the Trading in
Wall Street.
Russell Sage Going Out OF tho Privilege
Business-Grain and Cotton.

NEW YoRK, May 9.-The opening was
barely steady, and transactions were mostly
confined to tho room traders Jersey Central
was higher, to per cent. bid for the days
use. Only o few hundred shares were dealt
in before noon. L. L. White was borrower
of this stock.
The coal stocks were somewhat active, but
fuotuated only fractionally. The other promi-
nent stocks were practically unchanged.
In bonds, Erie seconds were pressed for sale
by the Germans and traders.
The Vanderbilt brokers bid up Lake Shore
and Northwest, and just before 1880 o'clock
the whole list advanced to the best prices Of
tho day, averaging nearly per cent. gain.
The usual taking profits followed. The
advance was soon lost and tho trading dwin-
died away almost to a standstill. In tho last
fifteen minutes, the Boston specials reporting
that Union Pacific had resolved to pass the
usual July dividend, livoned up trading, and
just before the closing Erie was hammered,
breaking from 14s to 13l in one run under
large blocks coming out.
The market closed with free selling, and Mt
the lowest figures of the day
Rumors that tho papers had boon drawn
and that application would bo made soon for
ceiver of the Wabash road were current at
the hotels last night, and found believers
among the bears, Notwithstanding the most
positive official denias. 1t was said by tho
bulls that arrangements would BIO completed
to float over tho companys cmbarrassments
by funding 75 per cont. of the coupons for
three years on general mortgage bonds, re-
ceiving therefor O bond at par and 20 per cent.
in cash. A bond having ten years to run will
be issued to extinguish tue floating debt OF
$2500,000.
1t is stated that tho failure of tho firm of
Grant & Ward has swept away the fortunes
of the entire Grant family. All that Gen.
Grant possessed outside of the income from
the Grant fund was in the firm which bas
been wrecked by the operations Of Ferdinand
d. Ward.
1t is said that new plan affecting tho
trunk lines is under consideration which in
rolves the breaking up of the present pool
Ind the formation OF new arrangement
under which Mr.. Fink will have charge of n
number, If not all tho trunk lines-that Is
Mr.. Fink is to occupy position toward all
the trunk lines similar to that occupied by
Mr.. Vanderbilt toward his own roads
Erie officials state that the March state
ment will show loss in gross earnings, but
considerable decrease in operating expenses.
1t is stated that the April earnings of the
Union Pacific will show decrease in the net
of about $250,000.
The indications are that Gould, Conner,
Sage Morgan, and their following is support
ing the market. Ellis & Seaver sold Western
Union to Brayton Ives with James bidding
and Clews bought Lake Shore, Campbell
bidding. Prince & Whitney arc selling Read
ing, and Philadelphia is buying. London
houses are buying few high priced securi.
ties. Denslow, Easton q IL. are buying
Union Pacific. Chas. Head brought Lacka.
wanna. Drummond bought Northern
Pacific, preferred.
The exchange place parties are said to be
covering.
Russell Sage has placed notice upon the
door of his office to tho effect that he is moi
dealing in privileges.
The directors Of the Wabash company are
nearly oil large holders of its stock, Goult
having over 1O,000,000, and they are all con
fdent Of its affairs being placed satisfactory
to all parties soon.
1t is reported that grand scheme in con
necton with tho Union Pacific will soon bt
known. 1t is likely to strengthen the posi-
tion of that property.
A private dispatch from Philadelphia say
the Reading road went out of the receiver
hands, subject to certain conditions; thos,
conditions were fulfilled, and the receiver
was discharged.
A large number of certificates of the Unior
Pacific, dated May Z, in the name of S. v
White & Co., are being delivered to-day.
The Denver statement when compared
with the same period in 1883 shows gross
earnings for the month of March decreased
S95,575. The operating expenses increased
$90,S97. Net earnings decrease $1S6,472.
1t is understood that Mr.. Sage declines t
trade only in certain privileges. but he ha
not retired from the business altogether.
The shipping bill, which passed the senat,
yesterday, will, If it passes the house, Civ
the Pacific Mail Steamship company an in
crease of $15o,0oo year on what it is now
receiving.
1t is stated that the bull leaders have ex
pressed their intentions not to advance stock
for day or two but to hold the marke
steady and then open movement for highe
prices next week.
The failure announced in Albany of j. +
Smyth, who has o seat in the New Yorl
stock exchange, is said by prominent broker
to be unimportant so far as the street is con
cerned.
Hotchkiss & Burnhsm, who did a commits
sion business for Smyth, arc in no wis
involved in his suspension.
1t is said that Vanderbilt has sold $40, 900,
900 of governments, and is going to take
all his stocks.
The cotton market opened quiet, with dc
cline of to 2, and shipments to Liverpool nc
steamer quiet at l to 1854 advance, but wa
rather dull to-day. The Liverpool party sol
the late months, and the Germans also sol
considerably. More outside buying wa
noticeable to-day. The amount aioat
very small, and the position very strong
but we would rather sell than otherwise q
present, as the large dealers seem to be o.
that side.
The business failures throughout the coun
try in tho last seven days, as reported b
telegraph to II. G.. Dun " Co., number 70
the United States 1853, and for Canada 3;
total Of 191 failures, as compared with
total of l79 last week; an increase of 1.
The condition of different sections of til
country so far as failures arc concerned r,
mains about tho same, and there is nothin
of special note outside of the important SUI
which Ogpurrau N Nnr
city during the last few days
Sales Of stocks to-day aggregated 1855, Al
shares, including the following Delawar
Laekawanna and Western. 40,70O; Erie, AZ
600; Kansas and Texas, 1850; Lake Shor,
22700; Missouri Pacific, 12300 Northwest
ern, l6,6O0; New York Central, $3.50; Pacif
Mail 5,7lO Reading, 4l,250; st. Paul, 81 ,O5C
Union Pacific, 43l3O; Western Union, 1928;
Northern Pacific preferred, 14,3OO Orego
Transcontinental, 1880; Wabash Pacif