, 1880-04-21
DifTercnco OF Opinion ns to tho
Future OF Stocks.
Foreign Exchange Heavy, and Cur.
renoy Receipts Increasing.
Tho Produce Markets Active and Very lrfegu.
Iar-Bul Decided Reaction.
4 Further Dotline--rollowel BY Sharp Alsauts-
They Close Strorgtr-Frtlghts Lower.
FINANCIAL.

ts npt 10 occur In connection With tito April Hrt-
tIc,nent Inns been skItlfuliy incrcRsed by lnauip-
ulution, md every pussll,lu advantage tnkcn Of |
tho exaggerated ,lIll'cuties Of tho situation.
Whether the atuck market goes ilts or down. tho |
rca,lt IL always attributed 10 tho devious wlcs |
0f II cllnuc, or pool, Dr combination Of somo |
kind. Thu decline of tho, last four weeks has
bccn pcrslstently tlcscrlbch by the Now Y ork |
papers ns due to tho sinister operations Of a |
gigantic cotspiracy, headed by Gould md |
Can,nack. 1t Is how plntnly to bo seen TINT |
this rrnotionary movement. like thnt In |
cotton. Iron, and other commodities, WIS tho In |
nvitnble recovery Of a spring that had been !
stretched too far md too long, All TINT tho |
M.rB havc dnno Is TO accelerate tho natural |
tendency and pxaRgcrAtc 1t. NNthtng more nat. |
utnl mid healthy has occurred alncn tho rcsump.
t!uu of spcc!o-pAyments. II this liquidation hnd
not occurred, thelp would hnve bcen good rensnn
to expect tho pnntc this fnl that some shrowd
observers hnvc boom predicting. A current csti.
mute iKttrcs tho relief to tho lna market of this
decro in al prices Mt not less ttan &1D0, ,00O
This IA probably IN underestimate. whother or
not tho potion hns been reached, 1t seems
Rnfc enough now to calculate that thoro Gun bu
10 further scrlous decline. \ greMt strain hns
been tnkeu on tr,m tho money market, and tho
prices OF leading commercial stapes havc been
brought very ncnr the rOlnt whera n healthy
md growing business cnn bo 1one.
About tho Immediate fnttru Of stocks thcre
Is THO usual difference Of opinion. A lending
New York operator wlc WIS wired yesterday
for what ho thought nbout tho stock nlnrkot,
replied TINT lo didn't think, nc knew, that stocks
were n sa!u aftcr every rnlly. but opcrators
who RINK hin, nro credited with heavy pur-
chascs on tho brcnk. Meanwhile tho public
stanls aloof and neither buys nor sellsto my
great extent. With tho casiur tendencies OF tho
ket confidence Ia returning In tho values OF
good stocks, und 1t would require only fuw
fktkr1
ngan.
The movement Of prices wins marked by un-
usunl strength, and Il riso Of nbout per cent
was made all nlonH tho line. This WIS not held,
and tho final quotations showed loss OF sovernl
points from tho highest quotatious OF tho 1uy,
sauscd by sales to rpalizo profits. Manhattan
WINS stroug, opening ut ;111, md closing ut :li1:.
Tho Gull stocks wcre nctivo nnd strong. ltcn,l-
ing sold up to G.. LAckawannn to Do!s, Delaware
Hudson 10 E.3., und Jersey Central to 70. The
renewed restriction Of production Is hold toprnvo
TINT thero Is q good understanding between tho
Companies Regarding tho necessity Of occasIoll-
II restrictions. The unfortunate auarrols of
aat ycar hAvc exhausted tho bo!geront spirit
II tho mnnaHcrs, and almost any notion viii bo
.akcn TO secure good prices. Even Mr.. Gowun,
xho hus been 81 strenuous In tho expression ot
ho opinion that tho condition ct tho coal trnt1c
I'D not require Limitation If tho output, Is tho
most cnyor in conscnting to tho policy or nltnr-
nate production md suspension. Tho present
stoppAEeH ngrccd upon will cnrry tho trade up to
ttiao when business bccuncs activo. Chicago.
St Louis, New Orleans nii1da 3t, to IL; AlobIlo
& Ohio ", to II; Chesapeake & Ohio IL, to
:sS; San FrrncEscn ~. to ~: tho preferred 4.
10 62A: Canada Southern IS, to aan; Tpxns
Central IL, to a.: Chattanooga :h, to
1dh; Atlantic &, Pacific IL, to 45E: Western
Unon Y, 10 1G0M; 1ron Mountain vi, to 50E;
union Pacl!io III, to Ss1: c., C. & +. c, X. to M
FNa Nr k10VI frI
U, ~; st. Joc II, to 81: tho preferred 1af 10 70i;
Ohio u: to aass; tho preferred a.i, to 10; Wubash
H. to 4o:i; tho preferred !. to 0a1s; 1t. Paul IL.
to 71A; Northwest y, to ON; tho preferred A,
TO 1Oo; ErIe Il, to n; tho preferred ~, to cox;
Lake Shore ~, to 1854; Michigan contrnl ii. to
0s1t; Now York Central II, TO 13ll; Illinois
Centrnl ], to 1o7; c., u, l. III to u; md l.oek
Island Is, to 19as.
Thoro wero few declines among tho uctlvc
stocks, Louisville T. Nashville lost :. to 134;
Nnrthorn PacDo prcforrel u, to 53X.
Au1uuo Great Western common was bid.
Eric second Gs opened ut 0l, sold rs high rs
o. md closed mt 011s.
Itailroad bonds, In Now York Inst week, were
acivO and tho dealings woil distributed. Eric
consolidated seconds, Kausns l. Tcxaa 1rs.s and
seconds, and Iron Mountun preferred Incomes
led tho market III point al acttsity, and these
Issues wero, influenced to considerable cxtcnt
by tho strength Or wcnknUss OF tho kindred
stocks. Eric consolidated seconds declined to
.6o3s, recovered to OH, md closed ut u reactiou
OF nbout per cont from tho hishcst point. THO
kausas Te1ns Issues and Iron Mountain rru-
fcrrcd incomes, utter mi carly decline Of to
per cent, bccaMo firm, and cl0sed ut recovery
VI .MG3 per cent. Lake Eric g. Western In.
comes fell OF per cont, hut subsequently rul-
lied 3f per cont. At intervuls there was q fuirly
active business III Hume, Wniertowu s. pg11ens-
burg consolidated Nrsts, Canada Southern tirsts,
Mobile e. Ohio dobeutures, O., G. l. !. c., and tho
Pueblo ltniIrond issues.
The following were the a,,otatlons ,puae for
outside stocks and bonds III New York on Sa.ur-
day: Doston.s Hartford & Erie, 1ESsa; Centrul
Construction, aQs LOO, eu pcr cont paid; Denver
i Rio uraudo, 6aQas; Dot.vcr s. Rio Uru,uie,
ext. subscription, ssda.s; Edison Electric Light,
1oGo LEO; Edison Orc sfiitns, a.xdt3od, Fltnt s.
Pe4c Marquette, syges4; Missouri PucItu 3,ida4:
Missouri Cowdrey sharcs, 8Q:,h; sfrmphIs s.
Charleston, y0Gpf.; Indianapolis, Cincinnati &
Lufayotts, ,,GDA; Ohio Cantrul Con,, .3Mda.u:
1t. Joseph l. Western shares, :saln24, do. second
mpsteagt, ueQDl0; Bouth CarolInn sharcs txz.sl.