New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-25
ADAY OF GLOON IN WALL STREET.

HEAVY DECLINES IL THE COAL STOCKS AND MUCH
DEPRESSION IN OTHER sECUMTIEs-NO FAIL
UREs ANNOUNCED but SERIOUS LOSSES SUI
FERED.
The bad effects of the failure Of the Reading
Companies were clearly shown yesterday in the
course Of prices Mt the Stock Exchange.
Upon the first announcement Of tho disaster
there was evident disposition on the part OF the
Other coal companies TO deprecatc the Importance
Of the event. 1t said with great confidence that
the failure would not interrupt the harmonious re-
latiOns between the companies, and that
arrangements for restriction of prOduc-
ton in June had already been made. These
assurances seemed to have soHe effect for time,
and the serious fall in the coal stocks, which
might naturally have been expected after
50 important failure, delayed. Yes
tcrlay the expected drop occurred in the
stocks Of the other coal companies beside Reading
The business at the Stock Exchange was very large
and at times was attended with much excitement
The general coarse Of the market was directed by
the coal stocks and these suffered much the great
ct decline. They furnished nearly one-halt
Of the total business. The rapid sinking IN
prices led to the circulation of rumors
that certain large spectators were embarrassed
or one large operator, especially, who has been
closely identified with some of the coal stocks, it
that hc might not be able to meet his contracts
The rumors could not be traced, however, 10 any
responsible source, and after the close of business
they were generally discredited. That there were
no failures announced in the Exchange was n mat
ter of remark on the street. 1t believed by the
majority Of operators that some brokers had
been seriously effected by the fall in stocks,
but it was ha!d 10y other operators that
the losses had come mainly upon
their customers. These had concealed their inju-
rcs and most OF those ruined by the depression
would make no sign.
The greatest decline yesterday was in Ncw-Jersey
Central which fell from G3Is to 50l4. 4 larger
business was done in Delaware, Lackawanna
and Western, but the decline was barely
more than one-half M great. After opening at
7f2l it rose to 75h, and then declined to
Goa. There was greater fall III Delaware and
Hudson on q much smaller business The opening
price Of tins stock was the highest for the day,
nud from roy it dropped to G3ia Reading
suffered yesterday tho smallest loss arnOnR tho coal
stock. The announcement of the appointment OF
receivers tended to strengthen the price. which
closed ~ 1919. only per cent btlOw the highest
point, after having sold AZ l7h.
Ont,ldc OF the securities of the coal companies.
Erie wa, tho most active stock the dealings in this
Amounting 10 nearly $4,000 shares. The price foil
from 81. to 32I-. Lake Shore was extremely
active aud the opening price was also the highest.
II closed nt 99il after having sold at %. against
lOIa early IN the day. Western Union Telegraph
fell from 9G to 9l Northwest from ola To SNl1,
AMI -. Paul from II to GA. In some Of these
stocks partial recovery was made near the close Of
business but generally the market was near its
worst when the gong sounded and the transactions
of the day were ended.
Judge Bla;chford Yesterday appointed Edwin VI.
Lewis, franklin B. GOwcu aud Stephen y. Caldwell
receivers in this district OF the Philadelphia and
Reading hallway Company. The same r'ceivers
have been appointed by the United States Circuit
Court for tho Eastern District oi Pennsylvania