, 1880-05-11
Government Bonds Quiet Foreign Ex-
change steaay-The Currency
Movement,
The Produce Markets Less Actfve-proyIsIons
Unusually Quloi, but Flrmsr.
Aa Early Ad,ante In Br.adstulfs, but ths In.
pro1emsnt Lost Later.


etock bought by tho atnntclrs, who h0vo hodthc
innings for tho Inst twelve months, IA hcinR
thrown bnck on tho market, md tho procession
nls, who have tho innings now. nro pnying
their own prices and taking their own time
about It, Thoro were not enough soiera Inst
ycar; thoru uro not cnotigh buyers now. Money
Ia easy, and nll tho signs proufae unparalleled
prosperity for tho country, hut atlll tho aclling
oe ssocks keeps up. Tho stocks woro bought to
sell OH tho prosperity nf tho country. bnt tao
nuatcurs forgot thnt Vail street discounts tho
future, and nro learning In n new ahupe tho
lesson TINT the pruAts of anticipation 'lFo Ml-
wnys 9rcatcr than tho profits Of realization. Tho
prcsgnt decline appears 10 DO OF greater nla4nl-
t,,le thn,, uny 0r,lnnrv el9uo manipulation.
Tho great DECLINE OF lSB, Is to be the cou1'ter-
part apparently OF tho great rise Of 1870.
Some operators were asking II tho decline hnd
not about reached bottom, nnd Eevcrnl loniinR
Now York brokers informed their Chicago cor
respondents that It In thoir opinion thnk such
wAs tho case. Hut few Of tho public found
themselves able 10 takG that 'vlcw uf 1t, and the
purchases Of fresh stock wuto limited. There
WINS not much selling short here, rs the market
seemed too risky for altch ventures ny hny but
tho strongest. Mr. KceHo WIS r1lnortu To have
su!d 1yO, 900 shares short The present tendency
Of tho public Il decidedly to sell rAthor thnn
buy. .. ....-..
All tho declines wcro respectable. 81. Joo lost
0, to "a; tho prcfested II. TO Gst, Rftcr selling
at ok. l]urlngton s Quincy lost aH, to III;
Hock Islaud 6i. to 1915; Alton Il, TO l0s; c., g..
@. & I. 3S. to 7o!i, after selling ~ eoh; Nor
rls & Essex u, to 1Q1h; Illinois Central 2, to
lol.s; New York Central ~, to 1sj, after sol1-
Ing ut 1saH; Michigan Central 4A, to s0ss, after
selling ut "a; Lake Shore 81, to lQlA; Eric ~,
to 3lY; tho preferred VI, to 5SA; Northwestern
3af, to Y7A; tho preferred ~, to 100M: st. Paul
Q, 10 Tah: Wabash 01s, to ssA: the preferred Q,
to 5sal; Ohio ~, to u; the preferred Il, to 7h;
1n1 &fr1t III
I]H; Delaware g. Hudson 0S, to s4h; Lnck.
awnnua 5.4, to 7oA; jersey Central ~,
to 0s..; Heading 5.1, to 4oI; C.. G.
I. c. ], 10 ION; Union Pacltlo 3,i, to g.: Iron
Mountuin III, to l0H; Western Union III, tn D9;T;
Atlantic Il Pacific. 2. to 40; Louisville t. Nnstl-
villu . to to: Texas Central ), to d;
Luxe Eric & Western IS. to c3..ss, after selling
ut :a.A; Cnnudu Southern 1, to 10; Northern
TaciAc N, to .Oai; the preferred TX, to 1874; Snn
Frucisco II. to e91:; tho preferred ~, TO 40;
Manhattan IN, to ~; St. Paul &, Mlnneapolfs:ls4,
10 GlA; Sioux City ", to ;f9ls; the preterrrd v,
to Is; Mobile Ohio VI, to ~; chichgo st. Loiiis
| s. New Orlcnus IL, 10 %3tt; and Chesapeake &
| Ohlo x, to 10!s.
| St. Joe COMMON is now lower thun during the
| November puno Of Inst year, whom It sold at
| 2G!fk Carudn Southern Ia now lower than In
November; Cleveland, Columbus Cincinnati
indianapolis WIS 10 then, nnd mi now; l., u. &
| W. was r., and tH 10: Manhattan was Asi,
! and "a ~; Mobile T. Ohio WIS 1s4, and
Ia 49, Now Yorx Central was 12o, and
ls III; Northern Pacific wis c89a4, und Is
s0si; tho preferred ia .s3H, against G0A thou;
licaliuH Ia 44a, against 10 at tho lowest in Mo-
| ycmber; Wabuah wns thon 80 for tho conlnloll
aud bJ for tho prcforrcd, md Ii now a8al n,ld
6S1t. Tho other actlro stocks which hnro not
80. fAllcn To tho panio point of lust November
aro most of tholn worry ncnrtt-
The financial wisdom OF the New York press
Shines with especial brilllnnoy in this lttlo criss.
4 fuw quotations from their tlnnncial articles Of
Lust Fridny and Saturday nru interesting rond-
ing III connection with yesterdays quotations.
Tho World sad that after many days Of dcprcs-
sOn tho stock market exhibited q decided
| uianEo for the bcttor, md. notwithstanding Il
fnrthor break III IL few Of tho fancy shNres, thero
WIS n general disposition on tho part Of tho
beurs 70 cover tholr outstanding short ContrAuts,
whllo otbUrs Iastencd to thk0 advantage nt tho
low prices to buy for I'M advance. It wns epI-
dent to tho Times th1t heavy purchases wero ba'
ing nude 10 cover shurt contr1eta, while ut tle
snrne time II could be observed that eono OF tho
leading sharcs wesc bcug freely tnkutl at nd,
vnncIng prccs by operators who look for Il
higher rnngo Ut quotations III tho ncnr future
Tho Jo,r1M& u Commerce Thought It probable
TINT tho differences botwcoi, tho lcMllng speeu'
luturs have becn adjusted ut lcllst for the pres
| vNt. The purchases Of Eric mud the rAlly III tht
1nnrket wcro indications thAt tho hunlN wttt
cuvGring their BhOrt contruuts. and the buyi,lI
III tho late trade was very confident. Tho hit
bear movement WIS rnnlo for the purpose O
enhbllng certain large spcculutQrs " cover Vi
sotuo their shprt contracts. Tho nttnck upuI
tho lnarkot was savage ut times, and tho bcnr
| used eYcry possible argument and rcAurtol +
every known lavicO for tho purpose OF accon.
pllshtnR thor object. Tho renson why price
yielded to tho persistent halntncring wuS tho
tho bears were well organized, willis the bull
ff,a
| OF outside support, tho dumornlizcsl con
Gttton OF tho Mnrkct Inducing nDt-pro
fcxsIanals to sell out mud then look Ol
Tie american Ere1saItvc declared thoro wa
nothng except manipulation. puro and sin,p1S
( ly tho Iolullnr operntor1 In tho present stoe
market, nothing OF Importance having occnrrc
tonfoct renl values, nnd tho out6f.l0 publla gls
, lug no Indications of inoroastn9 Interest I'll ii
/, gamble. Many kinds OF business aFo uncxl,ec
l edly dull, not4hly tho jron trt.d0 and son
! elasses Ut manufacturing; but. nn tho oths
!. !. hand thcro 10 uoshing TO dIcate tho absonce
returning prosperity, which will 10 ull tho mo,
y healthy II permitted to como slowly.
! ltHiruad bonds, in New York on satuEda
!. wcro !rrcguas, with tho chief activity iii DO
, ton, Hartford & Eric tlrsts, Eric seconds. Or
!, tho Kansas 4 Texas issues. boston, IInr
ford & Eric frtts declined from 1o1S
i u, roso To 40, and rcAGtcd to bsH. Eric co1
i soa!datcd sccouds declined from olH 10 W'
Il | lAlnSAa O. lGfAS Nrst8 ADVANCED IRON 11L
9 1o.h, and returned 10 lol; do seconds fell c
y y from COX to VI. Irou Mountain seconds pr
y fcrrod incomes sold up fruin r. 10 II, but r
: acted to TN. ltomo, Watcrtuwn T. Ogden
y burg consolidated Arsts advanced from vi
- - 1.i. and declined to eON. O., c. s ].
o. supplementary uvts advanced from u
T. "; CunGda Southern tlrBta from w to M}
~ ! nusltnxto1, Ccdar iiupIds j. Northern frs
~ i, from u 10 9lH; kausas City 4 Northern rou
IL cstntu "a from lou to l07; Kcokuk 4 Des Ao.n
IL tsrats from " too7A. chcsapcuko Ohio scrt
~ u accIlned frotn G,i 10 6sssi; Texas Puclio !
= y consea from 05 70 Ul!4t Mobile & OAo lh!ru 4
O. bo1,turus frosn es 10 II; o., @. s. |. e. incotn
T. from n',s to u; and Kansas Pacific t,rsts co
ks aoltla.cd from a:H tuUs.
Nutness In Goycr,tusut bonds waS only fa
THY District Of Columbia s.05s weFo quIut ut
:. lid mud W askod; tho United Suites u wero
- lid and l07A& AskeAi tho lHs wero lDSi niiu Il
~ thu " lush Qnd luj; aud tho u lo8 mud l.N,i
H. Foreign exchaAke Was In moderate supp
l. Sterling posted rutes were 4Sc and tSo; uctu
y, uas ratea were ta5A aud 4BS4i and looumenta
.akf. AurI1 \