, 1880-05-18
The Downward Movement a. Strong
as Last Years Rise.
Governments Firm-Lightcr Currency
Rcceipts-Fercign Exchange.
Tho Produce Markets Moderately Active, and
Mostly Easier-0ass Flfmef.
Lower Prices Due to Larger Receipts Of
Hogs and Grain.
FINANCIAL.

st1cks were ncttyo md excited. The market
Was much like that Of this time Inst ycnr except
only TINT tho fluctuations aro rescrscd. Then
evcryt hing wi,H going uF: nnw everything Is
going down. The market Inst ycnr rim nwnS
with tho bulls. 1t IL now running away with
the bcurs. Prices havG gnnc lower thnn thoso
who began to unload two and thrrc n,ontas NKo
expected thoy would. A bcar movement cat he
pveriono rs well As n bull movement. Apnrt
from tho gcticrni prosperity, thcro nppeHrs to
pe nothing in view to base rl.u III stocks uRoi,t
but II tho benrs nvcrseil tho market they
nut themselves in tangeru being sharply pun
ishetl. Tho large operators nre not apparently
doing much, but they will be tho ''rst to detect
ovcrselling by tho street. and tho tlrst 10 mike
money out Of those who hAvo sold too freely
whot they hain't got" The aasne experienced
and wealthy professionals who saw Inst full that
thcra WIS too much buying. Will scc It when
thero Ia too much selling. They cnn punish
bears rs cns.ly "a butts. When thoy enter tho
market, as thoy may do at nny tlmo, thoro WILL
bo q bear pnnic. .......- --.
There WINS but ono Acttve stock TINT ADVANCED. |
Bt. Paul & Eo,1x City mnlc u, to 7lia. Every
thing else on tho list declined, and III soino ctlhes
tho losses woro very severe. ono df tho WRIST |
features OF tho dny was tho new wcnkncss In tho
GranRcrs Northwestern sold down frOfn sat4 to !
SSH, closing Mt SS5s. loss of ln. vt. ra''l de-
clincd from T.A to o., recovering Mt tho close 10
Go1;. n loss Of 2sl. The preferred went OF lA'to
poM. The business of these two roads Ia very
good, TINT OF tho Northwestern especially 81.
The crop prospects OF tho whole Rrc cxccllunt.
Tho decline seems to bo altogether n Wall street
nuttcr. Michigan Central, after advancing from
5Bx to TDA, fell 10 75, and closed nt t5t. II Is
"markcd," runners say. for 90. Lake shnrc was
sold of IL, TO 10oA G., o., C. to %: lr-
linston Quincy !. to lla: Now York centrhl =.
to E3,t; Eric !, to 3a, after selling Ut 5Ih' ahd
tho preferred 2, to L7.
A very 1ctcrluInc1 selling movement In
Cauadn Southern, helped nlong by tho renewal
of tho report thnt tho foreign holders werg sell
ing. carried tho price down from 47is to 40 aftnr
a recovery Of point or two the price settled
back as tho close to 40A,-a teenc for the tlny
OF 7tz. A few snlcs carried Ohio preferred
cnely down to G9.-n loss Of OK. The common
went OF IL, 10 :s5. Tho conl stocks wcro all
wcak Jcrey Central wis hRntlcsf rM,ghy, md
forced down from 0Sst to i'l3 whore 1t stood lase
eeptcmher. Hudson went MI ri, to 1QH Lick
awauuu ~, to I8!;; and laendng TX, to 4S Vtry
heavy losses hnyo boon made by those VINO
bought those stocks ut tho "botton " OF two
weeks nRo. ... ..........
Other heavy losses wcro Wnbash common IL,
to 2Ds; tho preferred NJ. to b5a: st. Jot Tx, to
AA; the preferred IL, to G8!t; kMnsas Texas
~. to 1s5i; Pueblo Null ~, to ss Union Facl9o
2h, to 81; Iron Mountnln ], to 4oA; Western
Union ~, 10 wa; Chattanooga III, to 0s: Lake
to =; tho preferred TX, to Al: Sun Francisco
preferred II, tn IL; Manhattan III, to ~
brokers report fsw fresh purchases Of long
stuck for speculation and Investment. but the
tendency of tho public now !s to SELL a RreAt
drnl Of moncy has lntciy been nude very easily
by sclIlnK short. Some brokers who foresaw tho
ctisreHt decline nre NOW warning thor cHatoHt-
ers not to venture short ct tho nnrkot.
Erie sccDud o. opened at III, advanced to so:i,
declined to B8,{. and closed Mt 88A.
Itailrond bonds, III Now York on Saturday, wcro
Irregular OIL II MU4ler1lte volume Of business.
Erlo consolidated seconds advanced from 8sA
10 60k5, and closed nt 81it: do funding rose
from saA to s3,t, oloslng ut 81. .Wabasl con-
solidared convcrttblcs declined FROM u to ID,
and returned to VI. c., @. T. I. c. Incomes
sold up from 10 TO II; do supplementary
frsts from 10 to SOA; Lafayette, AloomtnE-
too t. Munclo flrsta from 0e.s to 0s: 1tol'c. "at-
ertown l. Ogdensbury consolidated Eirsts from
from 1l0H TO 1l0I: vt. Paul l. Sioux City trsta
from 10t to 10lt; Texas PacEtlo Incomes from
cox to 81; Union Pacific sinking funds from
1151t 10 Il0; Missouri PAcifio lrss frnlu l07 to
10s; and San francisco cluss frutn 10 to 1oA.
Iron Mountain second preferred incomes
advanced from 10 to II. but reacted tc
TO-. Great Western seconds dccliugd from
1ol to %; Kansas City 4; Northern real-estnto
u from 107 to 1O5s<; st. Paul & Minneapolis land
grant incomes from l0l to voT; Iowa Cuntra
flrsta from OF to O5H; Chicago, burlington s
Quincy Is from LID to Ess.s: Dunvor + Rln
Graudo nrsta from 1O0M to 100; indianapolis
bloomington & Western seconds fruni u To eoh
Hook Island registered arsts fran 1l8h tn ILL
and Central paetao tCallf0rntn s 0rcgonl first,
from 10s TO 10in.
Government bonds wero strong, though ITO
active. Tho District OF Colnmbia 1B5s were 81 u
bid and O57s asked; the united Statcs IL Wort
4o7 bid and 1o7a; askod; the 4hs woro 10s!i mt
Hu
10GIs. Tho Is CLOSED Now York ut t01ai bid.
Foreign exchange was heavy. Sterling postcs
rntcs wero 4BGn and 4ByH. Act,nl rntcs Wcr
495 and 488; and documentary sterling wlls 46la
@4a14. Frcnch bhtlkcrs bills werp 10 nnll 6l73i
and German bankeFs' bills 05 and nh. Frene
commercial, 6elHG525 CorAiner1lnl narks wcr
74A. The Imports OF dry 9uotls Mt tho port Il
New. York for tho week ending lust Friday wcr
$l,017,8lu, against $l,8s,;Es IN 1SsD, an1 til
amount marketed <l.15s, IL. against 13Al, ,l07 |
1878. Tho total imports Of dry goods from JaE
Ito date arc S., 644,sl3. compared with f;15 GID
b59 last year, and tho total amount nllrkutc
$6l,szl48I, us aRainst EH,8i3, t0t In 18sU.
Chicago bank cluarlugs wero Sa.'ll00D. 1)is
counts nre III llttiu request. with rntrs for cll
loAus at 4Ql8 per cent. mud tsno luaiB G4l8 pt
cent. Currency receipts md shipments aro bot
light. New York exchAnge wMs sold Getwcc
banks at 8oo per 81 0o0 prcu,!an..
Cook County bs sold nj iEsh.
salcs On tho Chicago Mining Ilonri were; j
shares OF SlGrrn ut t2.56. 3.i00 Bhlrrs OF aflya
Gilt ut IS; 600 BhuEcs OF Shenandoah c0tl,.ltnn
{..a5; 900 shares of HhollAIltltAsh preferred
t1.5; and 10000 OF Chicago, milwaukee s.
Paul. I,akota Extension, ut lr1.
Tho Now York Tribune OF Saturday roporte
tho demand tu borrow stocks u,cp1niOrtAb
urgent and deliveries yory irrcgilIar. The i
Mu1llizutiun Of tho stock market IL ach, a.
corlluE to tito New York ErtnfRU Es{, th
there Ia but one guido to thsu who would Il,