New-York tribune., 1882-02-22
vet entered The mother retains the custody OF the
three girls and the boy remains with the father
A FURRY IN STOCKS.
SOME EXCITEMENT IN WALL STREET

SOME EXCITEMENT IN WALL STREET
SHARP DECLINE IN LOUISVILLE AND NASHVILLE
pIssEysIoNs AMONG THE DIRECTORS OF TIE
CoMPANY-OTHER STOCKS AFFECTED
Considerable excitement was caused in Wall
Street yesterday by sharp decline in the price OF
Louisville and Nashville stock, which fell from
70l2 to 66l9 The decline since Saturday was about
20 per cent, aud 1t was only few weeks ago
that the stock was selling above par. The decline
was accompanied by innumerable reports IN regard
to the position of Of the directors Of the COM
pany and Of banking institutions supposed to lie
largely interested in It, II was feared by many
persons in Wall Street that serious consequences
would result from the rapid fall in the stock
but no failures at the Stock Exchange were an
nounced, and, although heavy losses were known
to have been made, no fuures were believed TO
have occurred. In the afternoon the price of the
stock rallied TO 73ls; ii closed at 72l2, and the
early excitement partially subsided. The business
in Louisville aud Nashville during the day
amounted to over 10000 shares. and at times the
dealings were attended with great excitement.
The general market was depressed by the decline,
and although the excitement in the Board was con-
fined largely to the Louisville and Nashville group,
other stocks suffered large declines. Memphis and
Charleston fell 20 30 from GS at the close on Mon
day. but toward the close recovered a consider,
able part Of the loss M >hVlle, Cha tanoogl ana
ST. Louis on small sales declined l. per cent 20 6S
Missouri Pacific fell 4 per cent 70 96i2 and
Lake Shore If per cent to l0S4 A partlai re-
cOyery was made in the closing hour but the mlrkt
was feversh and speculators generally fell rrIci III
the fact that the furry would be succeeded by
holiday
II is Understood that the Board of Directors of
the Louisville and Nashville Company has been DIS
turbed for some time by internal dl'sensloHs me
20 icy of the present mana cement Is not supported
fully by some Of tho III mbcrs of the Board, and the
future control of the company Is said to have large
Influence their conduct Ii was asserted yeSter-
day by friends of the present managsment that the
recent heavy decline was due manly TO the 0iera-
tons of prominent director, who is believed to nave
united with large spectators in depressing the
stock. The company has large hoatlhg deDt IN
cured in improvements of the property, ana re-
ports that some of the loans had been called
were numerous. So far as these repOrIs could be
| traced, no disturbance of the companys loans was
| caused by the decline. The bank most oIte1
named in connection with the matter is understood
to have no large amount at stake and IL aid not
call any the loan II now holds. go
c. {. Baldwin. president OF the Lomsvllle ana
Nashville Company said, in rega d to the nulner
Gus reports in circulation derogalory to the COM
pany that the least said about the matter the bet
ter He den ed that any lans of the company had
been called or disturbed, and he did not think any
| the company trouble. He thought the Loans
were in such a shape that they could not he dls,
| turbed. "Cerany we have iOlting drDt,"
he said, "but it Is amply coveTssd by bonds
sell the bonds world soon eXtingush
the floating debt" Mr. Baldwin su65sSsguenatly
in the afternoon H. Victor NewcOmb. formerly the
president and now director of the company, had
been requested TO resign. He also denied me tIn1
of the street report that Jay Gould had arranged
Yesterday for the purchase of large block Oh STOCK
from the directors.
:. H. Edgar, manager of the New-York Office OF
the company said that the floating debt amounted
TO about So 800 900. Ii had been increased IN tho
purchase of additions to the property-new equip
ments steel rails etcof the value Oh iTiCe m cns th'
and the remainder was represented by the
floating debt But. the, company had more
than IS O0OO 900 in the shape OF assets,
such as materials and supplies on hand. cash bal
ances due from connecting railroads, etc lile COM
panv, he said also had in its treasury SloOO0;oOo
honds and about $j,00O0O0 or $6OoO,OOo stock II
coulG realize on. why we had about the same
amount of hoatng debt" he aided, 3, three months
cause the people who are bearing the stock now
were bulng' ii then. 1t viii he found aftrr haIch
that the floating debt is being reduced rapidly"
Frederick, de Funiak, general manager or the com
many is III the city on brief visit IOa TRIBUNE 1e-
porfcr he said "The ways OF Wall street cannot be
flthoned and can tell you nothing about them Bnt
the condition of he property does not warrant the
recent decline. The condition of the road Is 20 per
cent better than it was at this time Last year. We
have largely increased our equipment ana all or
is in tr~t-caSs shape. We also have largely reiald
the track with steel rails. and of the 1000 miles In
the system, between 200 and 300 are so laid
At the end of the year about LOO miles will be
laid with steel track. There has been heavy in-
crease in the percentage of operating expenses be-
cause the cost of labor, materials and supplies Is
higher. But ~ per cent VIII luIy coFcI
the increased cost Of operation this year.
The late floods at the South have damaged
our road to an incOnsiderable extent.
| estimate the total damage at only $1,000, The
floods interrupted traffic on the Memphis line for
fifteen days. but trains over 1t are again running.
In spite of that fact earnings have been lncreas-
lrg from this date last year. The prospect of traffic
for the next few months is good, because the crops
are varied the line of the road and the local busi
the grain particularly the corn, crops. has been
rather an advantage to us. as it has compelled the
country to draw largely for grai in from the North
west Our st. Louis line has been carrying about
$50 cars day of grain and provisions out of st.
Louis. We are expending great deal OF money 1t
is true on leased and acquired lines IN pnttng them
in proper shape and providing them with full equip
ment. But in the course OF year or two they Will
begm TO make us good returns"