National Republican., 1888-05-03
TIE MARKET WEAKER.
Free Selling Results and u Material
Reaction Takes place.

NEw NoRK May 9,-Thc stock market TO.
day was weaker than at any time since the
rise began. and a material reaction was the
result, There was free selling on the part Of
the foreigners early in the day, the reduction
Of the rate Of dividend on the Pennsylvania
and the unfayorablc report Just issued by the
LOUISVILLE Hnd Nashville creating rcvulsiOn
Ol iCelinR ~ that center ON American stocks.
lhere was however also great pressure from
the local bears and traders with considerable
reali2at ionF from the bulls, some of whom
think, however, that n more permanent ad-
vance will follow the reaction.
The Could interest were talking reaction
also, which had an influence upon many hold.
ors, and the Gould stocks were prominent In
the decline. where they have have boon con.
spicuous leaders of late In the upward move.
lncnt' There was considerable rCsstQngo
given 20 the downward tendency. especially
early IN the day, but IL was soon withdrawn
and the bears had the market nearly all 10
themselves, The opening wa, moderately
active and decidedly weak the declines from
la.t evening, figures rcachng !! per cent,
AiternOOn, however the pressure became
heavor ;and prices began to move OF, AZ first
slowly, but later with more speed. Pacific
Mail took the lead first. but was followed
quickly by Iackawanna, though the rest Of
the list, while not so weak at first, held to the
decline longer In the last hour there was some
reaction from the lowest figures, but the market
was feverish and unsettled, and 50 closed
with 4 moderately active business, Richmond
and West Point showing marked strength In
u
Money on call has been easy, ranging from
II TO =, last loan at H., and closing at ~
TO . sterling exchange Is dun but
and dSS for demand. Posted rates 1866 To
iSi. Government bonds have been quiet and
steady. state bonds have been dull and
steady.
Treasury balances: Coin, sl3l,sijGG!; eur.
rency si9i2o.522.
Tie following were the closing bid quota.
tiOns:
4s. coupon. 1876: i,s. coupon lOT.: Pacific Is,
50, l9i; District of Columbia 3.Gjs. iiS; Georgia
IS new, gold, 10i: Louisiana T.. Oi: Missouri
Gs, lC2: SOrth Carolina consolidated GS llQ;
do. ds, i8i; Tennessee new 0s. l0i: do. IS, 05;
do 3s ,Ot; Virginia Is. ~; do. X Nat. coupon,
3 Central Pacific hrsts, 1ii.: D., H. q. & N.
frsts, ~; Missouri. Kansas and Texas gen. 6s,
CA; do. 5s, 5Ii Northern Pacific trsts. iiU;
do. seconds, lOo!; Northwestern consolidated,
iiOi; do. dcbcnture, l0S9; ST, Louis and san
Francisco 1l5i; st. Paul consolidated. 12j!; st.
crn Pacific frsts. H.: Texas Pacific II. g., T2i;
Union Pacific iirstS. alj West Shore. lO3l;
Adam Express. i35; Alton and Terre lIautee,
Boston lir Line preferred, %; d. {. u II. n,
%; canada Southern, oil; Canton, %: Central
Pacific, 3!: Chesapeake and Ohio. Il: Chicago
and Alton, 13I; do. preferred, 16O Chicago,
Consolidated Coal, 20: Delaware and Hudson,
l0Ol: Delaware, Lackawunna and Western,
do. preferred, 81; Fort Wayne, 15i; Harlem,
2lG Houston and Texas Il; Illinois Central,
l22; Kansas and Texas, 49,; Lake Erie and
Western. III: Lake Shore, g3!; Louisville and
Nashville. IS; Manhattan Con. 0if; Memphis
ana Charleston, 81; Metropolitan Elevated,
l30,; Michigan Central, S0.; Missouri Pacific,
| sOs; Mob. Il o.. ~; Nor. Il f., 400: Nashville
| and Chattanooga, q; New Jersey Central,
| 81; Norfolk and Western preferred, is; North.
| ern Pacific, 2i.: do preferred, 59.; Northwest.
| crn. llOI; do. preferred, 1i3!; New York Cen.
| 'ral l0,;; New York. Chicago and It. Louis,
| l5l; do. preferred, Ga; Ohio and Mississippi, ~
| do. preferred. 50; Oregon Navigation, 9j Pa
| cihc Mail, 3Gg pittsburg, 100: Reading, G3;
| Richmond and Allegheny, 3; Richmond and
| West Point Terminal, ?6s; Rock Island, 49,
81. L.. II $. f., 81; do. preferred GTl; first pre-
| ferred, ll2i: st. Paul, AZ; do. preferred, llG
| Tennessee Coal and Iron, 2s}; Texas Pacific,
| q; Union Pacific, 5Gg; United States Express,
| "a; Wabash, st. Louis and Pacific, -; do.
| prefcrred 90; Wells Fargo Express, 1896
| Western Union, III; Silver Certificates gjs;
| American Cotton Oil, 81; Quicksilver. 10; do.
| preferred 3I,.
ID