Morning journal and courier., 1883-08-15
fnlantiiaE.
NEW Yonk. August Is.

NKw YORK. August I5. The excitement consequent on yesterdays big de- cline in stocks was intensified this morning when to the amusement of most brokers, who felt morally certain from the steady tone evenings hnal dealings that there would be sharp advance to-day, prices continued the grade and the rush to sell was as great Consternation depicted almost every countenance brokers asked one another where it would stop The crowds in attend both the floor and the galleries enor-
 nous and the uproar and hustle attending the sales exciting in the extreme. Brokers, their clerks and messengers rushed to and fro almost knocking one another down in their eagerness to reach their destination Te add to the general feeling of alarm, the wires of the Gold and Stock company, which SUD- plies the various broker offices, found to have been cut duEing the night and consequence the tickers useless. Shortly after the opening of the Exchange the announcement sent to the off, ces of brokers having instruments by the Gold and Stock company that they would be unable furnish the usual quotations because of wire troubles until noon, when they expected to be O. K again. In the first hoMr under continued bear raids the crcu- laton of unfavorable reports concerning the stand ing of certain houses prices went of with rush. Oregon Transportation and Northern Pacihcs which were so mercileasly hammered down yesterday, re- ceiviDg the force of the attack. The first named dropped Az and the last 115a2 respectively Jersey Central followed with decline of 2, Chicago. Bur rDgton and Quincy with drop of 21 and the rest of the list with decline of < to per cent After the first call there change for the better And rush to sell developed, under which prices advanced sharply they fell of. It was asserted that Gould and his followers and other large brokers | had come to the rescue aud many said Gould had come to Yillards assistance and vigorously buy \ ing those stocks. However this may be- at noon prices showed recovery of to 5 per cent, led by Oregon IT Transportation, Northern Pacfcs and oth- | CTS which figured so prominently in the early de- cline Matters about this time looked more favora- bla and it was believed the worst and the market was about to boom, but subsequently, the nouneement of the failure of George William Ballou < Co., made. This fell like bomb on the situa- tion and there another rush to sell, but it evident that there strong hands supporting the market and that they had determined prices should not be allowed to go much lower. In the first rush on the announcement of the failure there 8 action of to nearly per cent, but after this all the stock offering vigorously bought in and the downward movement was not only checked, but the market began to advance This had the effect of re- storing confidence to great extent and there active covering of shorts during the afternoon, under \ which the decline of the morning was fully wiped out in most and the market closed at fraction al advance for majority of stocks One of the fea- lures of the afternoon a sudden and unexpected drop in Western Union of per cent, for which no reason could be assigned except report that MT. | Mackey of bonanza fame had decided to enter the I Postal Telegraph company and would work for the paralleIing of Western Union lineF. In the late dealings part of the decline recovered. The fail ure of Ballou & Co., attributed to the decline in the price of stocks they presun ed to be carry ing. It is believed that the firm had gone short on market at the low prices this forenoon and that rapid recovery after II o'clock had cauEed losses which in addition to those they had experienced on the bull side caused them to suspend. About 1900 shares of leading stocks sold out for the firms ! account.
 Money loaned at per cent. during the morning, ! but after midday the rate advanced to 5a6, which the ruling rates until near the close when the ! rate fell to 2, at which it closed.
 Exchange went still lower to- day owing to the sp- pearance of considerable amount of bankers bill on | the market. Posted rates reduced to 4S3ba AT: actual rates 482a4s2a for six days, and 486 ! a4S6A for demand
 ! Governments closed steady.
 | Closing prices reported private wires of | BUNNELL SCRANTON, Bankers and Brokersl