Savannah morning news. [volume] (Savannah) 1868-1887, 1882-03-06
A TUMBLE IN CENTRAL.
Rumors az to the Cause of the De-
clIne-Gen. Alexander Denies Ger
tain Reports.

There was a regular panic in the stock
market Saturday, and Central, which has
been tending downward the past several
weeks, had a sudden drop Of nearly six
points. The small operators were democrat
ICED, and dismsy was occasioned among
even the stiff spectators on a big scale.
There were various rumors assigned for the
sudden tumble, among them, that the sur
plus earning of the companY's road, on
which great hopes had been based, were
being exhausted In the purchase of steel
rails and rolling stock, and that there would
be nothing left for dividends. Il was also
asserted that a change of opinion has
taken place among the new dtrec-
tors, and that there IA now
considerable opposition to the proposed dis
tribution of the surplus cash Of the steam
ship company. These rumors, coupled with
the increasing impression that nothing can
be done for the present, and the fact that
an Injunction lies against the the new d.
rectoTs carrying out the schemes proposed
have had q very depressing effect upon the
market.
Whilst these reports have no doubt some
thing to do with the rapid decline, the tum-
BILE may be attributed to the current rumor
that certain Louisville and Nashville par
trail, have been quietly unloading and the
depression was caused by the large offerings.
The Louisville and Nashville stock has been
rather panickY of late, and the interruption
to business on the line caused
by the late disastrous floods in
Mississippi and Tennessee, and the
destruction of bridges and damage TO road
bed, have oceasioned feeling OF distrust
among parties in the North largely inter
ested. 1t was also reported that General
Alexander was lately summoned to Balti-
more to meet some Of the large
holders there and give an explanation in
regard to the condition OF the Louis
vile and Nashville. and that 1t was then
decided that outside investments should
he disposed of, and all available means
devoted to keeping up the stock Of
the Louisville and Nashville.
Major A. l.. Hsrtridge, doubling the cor
rectness of these reports, on Saturday tele-
graphed to General Alexander as follows:
"RumOrs circulated here that you and
Baldwin are financially embarrassed, and
are selling out your Central Railroad stock.
The stock is now quoted at 115 as result OF
these reports. Please answer, giving facts,
and authorizing me to deny"
During the afternoon he received the fol-
lowing reply: ,ooo
LOUISVILLE, March 4, 1882.
"a. L. HaTtridge:
'No foundation for the rumOr. Neither
l nor my friends, to my knowledge, have
sold a single share. shall advise them all
to buy all that is offered.
"E. P. ALEXANDER"
This denial was received too late, how
ever, to have any effect on the market.
The market Saturday was feverish, weak
and panickv. Central common opened at
100 bid, 1901 asked, and declined five and
half points, closing at 114115 bid, lis asked.
Georgia common Opeued at 1913 bid,
165 asked, and declined five
points, closing at 15S bid, 100 asked.
Southwestern opened at 122 bid, 1913 asked,
and declined two points, closing at 100 bid,
100 asked. New Savannah bonds opened at
S41l bid, IS asked, and declined three-quar-
tiers of a point, closing at S4K bid, 84118
asked,