The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-11

NbW IUbAs may ANs-AhApAhA-s9st ~ $500
closing active. Prime mercantile paper 81
per cent. Startling exchange, bankers bill
steady at a s5I4; demand 81 So.
GoYERNMESr BoNDs-Quiet and steady.
United sAtos C. Of 1851,
New PiVos
New -Four and halls
New Poun coupons.
Pacific u OF l@0
RAILROAD BoNDs-Active but unsettled
and generally synpathized with downward
course OF the stock market.
STATE BoNDs-Dull.
SrocKs-There was more vigorous and de
termined bear assault on the stock market TO-
day than at any previous time since the cur;
rent downward movement set in. Nearly al
the stocks were attacked more or less, but toe
chief demonstrations were against the West.
ern Union. Michigan Central, Erie, the coal
stocks the Changers and Pacific Mail. The
business was simply enormous, and the de-
cline ranged from Il TO TX per cent, Han
nibal and St. Joseph, the coal stocks, the
Southwestern shares Michigan Central, Can
ada Southern, Erie, Western Union, North
western and Pacific Mail leading In the
downward movement
The st Louis and San Francisco shares
broke suddenly at the close, the preferred
selling down to 40. The first preferred was
offered down TO %, and common 10 20. In
the final sales a recovery OF u 10 y per cent
from the lowest point took place In some In.
stances, although Southwestern developed
great weakness and the market generally was
In demOralized condition. The demoraliza'
ton Is said to have spread to holders OF stock
throughout the country, and many orders
TO sell were received by the brokers. A
prominent feature Of the market was q
heavy sell .ng movement In Northern Pacific
shares, based on the unfayOrable intelligence
concerning the prospective legislative action
with regard 10 the lands OF the company. In
the general list OF speculatiyes the forenoon
recorded enormous blocks sold for future de-
livery, the shrinkage In values causing alarm
among both the large and small holders. To
assist In demOralizing speculations, various
rumo IS were Giro Alaled, and, Notwithstanding
these were promptly denied, they tempo
rarily served the purpoie of the prominent
operators engaged in breaking the market.
The market yield.d readily, and decline
was aided by sales Of long stock on stop or.
ders, snd By the unloading Of stocks by chose
who had bought after the recovery In the
market on Friday. The objective point ap.
peared ~ be coal stocks with which Keene Is
TO DO heavily loaded, and
which the Twenty-third street party Is largely
hort. These finally broEe and fell so sharply
that they appeared TO have no support, and In
fact the whole market seemed without sup
port until 1880 O'Clock, when prices were
turned upward, but not until II apparently
became necessary TO do 50 in order to prevent
the market from running into a panic. II
was two or three times ont the verge OF such a
disaster, but certain stocks notably Erie, the
and Vande'b II shares were
turned upward, and this movement gave q
steadier tone to tho market for the time being
Since the present decline has set in there
has been constant freedom OF the market
Of long stocks, which apparently comes out
In constantly increasing quantities along
with the closing out Of fancy stocks. Div
idend paying Investment securities are
making their appearance, very many custom.
ers Of commission houses having been requir.
I'd to repair depleted marGinS.
Mining shares are dulland generally heavy.
TIL nrw Board OF Directors Of the Little
Company has been completed by
the lection in the place Of MeSserS, Chatiee,
MOiIatt, Hill and Bowerman.of Messrs. Louis
d, ]. J McCook, ]. L. Carroll and
VIM d. Ord. The insiders" in Central Ari-
izona are still halding, but the demand Is
limited and the process Of unloading slow
one.