Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-08-16
Effect of the Had News i'm Wall Street.
HEAVY TONE or THIS STOCK MARKET.

NEW YORK. August Ii. IL m.-The alarming
news contained i'm tine Washington dispatches
regarding the Presidents condition. cast O
gloom over Wall street. which was reflected in
the heavy tone Of the stock market. Tire specu-
lation opened weak and under very pronounced
pressure to sell. the entire list recorded a sharp
decline. ranging from n toS}4 per cent. Texas
Pacific. Louisville & Nashville. Canada Southern,
Kansas L Texas. Hannibal & st. Joseph. Read
ing. Union Pacific. Wabash. Pacific & NASH
vile. and Chattanooga leading the down.
ward movement. The Posts financial ar
tcle( 40 p. m. edition. SAYS: At the Stock
Exchange there is 5 general depression to-day
the immediate cause being the critical condition
of President Garfield. Wall street always dis
counts what il considers to I've an impending
event, and to-day majority Of those Specializing
have followed the rule. There Is nothing new
in Trunk Line railroad affairs. but from what
We hear there is better reason than there was a
day on two ago for expecting. that the five priv
cipal Trunk Lines will succeed in organizing a
''money pool" What is now talked of as
likely to be conSuinated is money pool
for three years. the division TO be on the basis OF
the last half of the year 1880. the same to be
subject to revision at the end Of every year. u
$. bonds Is lower for the AZ s and extended
6s. the other issues being unchanged. State
bonds are dull and the speculative issues are
down q az per cent. the latter {. c. and l. in
comes to T7and Ohio Central income TO 81. The
share speculation has been very feyeifsh, the
extreme decline ranged from IL toss per cent,
the latter Texas and Pacific. The net result
up to the time We write is a decline of = to 2X
per cent The weakest stocks have been the
Gould stocks Louisville and NASHVILLE,
Denver and Rio Grandc the coal stocks. Illinois
Central Chattanooga. and Of the Trunk lines,
Michigan Central and Canada Southern. Lake
Shore has been very active. but is only * lower
than at the close yesterday The Elevated
Railroad stocks are dull. as are also the
crangers. In the money market the quotation
for call loans is ~ TO per cent, the bottom
rate on stock collateral being 3 per cent Tine
loans are to per cent. and prime mercantile
paper is to 5 per cent, with few names passing
below AZ per cent There is difference of full
half Of one per cent between four and six
months date paper. and reasonably enough q
the latter extends well into the next year. The
demand for currency for the interior il
comparative small, for the reason that the
western and southern country has more
money Of its own than In former years and ID
less dependant on eastern loans. The market
for foreign exchange is at last down to the point
at which gold can be rrofitably imported, and 6
this point /: is weak, so that important gold I'm
portations are to be expected. The weakness y
due, however, rather to the supply of hin
against the shipment Of securities and elsaroa
which shipment is made possible by to-day 6
the stock exchange here than to On in0eano -
the supply of commercial billA