, 1880-05-23
No Signs Of Panic, but Great Deal
of Generalization.
The Produce Markets Irregular
Active and Weak, but Closed
Firner.
Corn and Oats IoHer-Wheat Stronger for Nay De.
ligery-Large Receipts Of Grain.
FINANCIAL.

Reldtng opened at the highest price Of th
day, and closed at the lowest. Itdeclined steud
liz from Is to s0k No attempt WAS made t
support It, and the closing price Is still bow
that which insiders are willing to pay for it. Il
was evident that the leaders of the street did
not intend to allow the Reading catastrophe to
| start panic. There was great pressure or
| the market at times, but there wns no r11n.' -
Prices settled slowly but surely. Nearly ever =
| thing on the list closed With loss- Finnl quo
tadons showed siight recovery from the low
est Ut the day, but it WAS not enough to be sig
| nidcant.
Northwest, which has been sold short by some
| who had very good "points," advanced. 4
opened at S9, lost II, to s92s, and closed ut 81, q
| gain Of II. The preferred lost u, to 106 aud St
Paul went of Il, to 7o7i. New York Central
'mnde u, to l2441;, Michigan Central IN. to Ts19
Lake Shore =, to 1014 Ohio Il, to 261s after sell
Ing at Is; Pacho Mail 4, to 3lH, after selling at
304. CaEada Southern opened at 4S%, rose to
g. and ended at 51,1 1n advance OF lA.
The rest Of the list exhibited losses. Reading,
Of course, led with its decline of LIZ. Rurling-
ton j. Quincy continues to self off, and WIS Y
OIL at l143l. c., C., G. s. l. declined y, to 6eH
Morris T. Essex Il. to JOB; Erie. Il, to 35A; the
preferred 4, to 563<; Wabash 1, to 2aa:; the
preferred Il. to 81; St Joe preferred 4, to 68A,
after selling at 90 and 67A; Kansas & Texas 4,
to 90. after selling at S0& and 20a; Louisville s.
Nashville 3, to R3:iC Chattanooga IL, 10 68n Lake
Eric s Western Il, to .; Northern Pacific Il, to
Elm, after selling ut %: the preferred II, to 42n,
after selling ht 4l1<; San francisco lh 81; the
preferred IL, to 42A; Manhattan IN, to s0N;
Sioux City 2, TO a. and Chesapeake & Ohio 4, to
l5A. =
The coal stocks had to withstand the greatest
strain, and stood it batter than would have been
expected. Hudson sold as low as 6sA, but re-
covered at the close to 604. Lnckawanna
ranged between 15K and 73k. closing at T4&.
Jersey Central sold down to cox, closing at 63H.
Western Uniou keeps settling down, ind yes
terday lost ]. It opened ut 904, advanced to
e6&- declined to g43{, ana9closed at 95t<.. The
bears On this stock are gaining confidence
Business in stocks was very dull The collapse
Of the Beading Road produced negative ktnd
OF panic, which made operators afraid to buy or
sell. To gci out OF thu market, and stay out, is
becoming the fashinz-
There ia :"point" that ,ReadinG Is q good
thing to buyat 18 1t is, at least 81 better at
that figure than it was at II. But six weeks ago
the stock sold at 70A.
The Now York papers Of Thursday contained
some very valuable financial forecasts Of the
probable course Of stocks. The New York IYor1d
found there WIS buying movement, which ex-
tended to almost the entire list OF active stocks,
and large purchases were made for the long ac-
count, some Of the leading operators being un-
doubtedly interested for the moment on the
bull side of the market The sharp advance
may naturally induce reallzations, and Ieud to
some reaction, but the impression prevails
that We shall not witness for some time
to come return Of that extreme
depression which recently marked the course
Of business on the Stock Exchange.
The Times discovered ample evidence that the
te'nh :of speculation has undergone radical |
cha'~ md that higher prices may be rcasona- !
bly, looked for In tho near future. The ease in |
the money market. the constantly increasing |
earnings Of tho railroads, and the absence Of |
my element of danger in the financial and COM |
ncrcial situation would seem to constitute con-
litons favorable to the beginning Of SUCCESS
:ul bull movement. The Evening Post pointed
,ut that it was not at all unlikely that the mar
1et will be again raided even if the final |
urn for higher prices has come, It rcmuins t
rue, however, that the prices of the leading
tocks are 10 to 80 points lower than few weeks
Igo; that railroad property was never earning
more than now; that the money market is easy.
md is likely TO remain So If for no other reason
han the diminished demand for loans incident +
o the Wholesale liquidation Of speculation in |
md out of Wall street during the last two
vaelke. and that rho stuck marriott hpu haop opd i