Morning journal and courier., 1884-05-21
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Nearly Another PanIc-A Drop I'm Frtces and Rush To ,sel1--A Rail- road Presf dent Who specqIated With His C0rnpany's Funds-UnfaVorabio Business That Affected the Market A Rise In Prices and 8 Better Feeling
 Towards the Close,
 NEW YORK. May 20
 Jhe condition of affairs in Wall street to-day was if anything slightly worse ana many brokers who were ouspeken few days ago the belief that the worst had passed were more or less disappointed and de- soonfent at the turn the stock market toos to-day Whtls the failure of tia nrr6 of w. B. iEeott Go, announced late yesterday afternoon, appeared to have no perceptible effect, it undoubtedly acted danpsr on the hopes of some. and coupled with the published statements this morning in regard to Mir. Baldwin's resignation from the Louisville and Nash vile railroad and the therefor caused great feeling of insecurity than has been noticed since the commencement of the panic. Brokers snd spec ulators only discussing the action of Presdetit Baldwin in specuatins with the compan y's funds and ask one another when such deings by the officials banks and railroads will Although the reports stated that the eornpanys finances had bsan nowise impaired by this speculation, and that Baldwin had made good that portion of the company's funds he had used in pulling the stock, it did not in the least tend to strengthen the prices to day and but fer good support afforded 1t there is doubt but that heavy decline in the stock would have taken place before the day closed AS it was the stock only barely steady and olosed at slight decline for the day. At time the drop per cent. From the opening up to noon the whole list with few exeep- tions declined almost steadily until 2:30 p. when the long cont inued depressien almost into Q panic. In fact about the only thing lacking to furry was or two failures. During the period mentioned the rumor moMgers circulated all sorts of unfAyorable reports concerning the standing of
 large operators and the banking institutions Among 60rat GoT11A had 6aaT Hy5k calling in of larEs loan by the Fourth National bank which Mr. Gould had procured some time ago oh hii own stocks. The report subsequently, denied by the president of the bank but in the present tain condition Of SD culation the report caused brisk selling and sharp decline in the price of the shares of the companies with which Gould is identi ! fled. Wabash preferred declined from 14 5-8 to 9, Missouri Pacific dropped 6% per cent. and Western | Union sS. The coal shares cSms next in point o1 weakness and were vigorously Sold and Hammered or reports regarding the outlook for the coal trade. stated from Philadelphia that the coal companies had not arrived at any dehnite conclusion regarding the suspension of mining in June and that 1t seemed certain that there would be longer suspen thar heretofore contemplated. In addition to these re- ports Read ng adversely affected She announce l ment that the company had decided to pay it's em ployss and bills fer April in scrip and retain the funds hand fer the pur of meeting certain iE terest charges. LackaWah at the lowest poin ! showed decline of 33<, Delaware and Hudson 22S ! Reading t and Jersey Central The other no ticeably weak stocks St. Paul and yErie In tht
 last half hour there was chan for the better anC the pressure to sell gave way 8 rush to buy Thi resulted in sharp recovery, but ding thi the market closed barely steady at decline rangin from to 4 per cent in all but few instances. In sf the specialti ca thsre wide changes aGd in sympathy with the general list the tendency WAS downward Dubuque and Sioux City closed l
 
 phis and Charleston 4, Norfolk and Western pre-. ferred 3, Pull Palace Car 2b, Richmond and West Point S6 and San Frsc iEco preferred 2 Bur. lington, Cedar Rapids and Northern c'ossd 10 De- cent. higher, Oregon I'm provement 3H and New York and New England 2k. It is probable thst the Western Union eompany's dividend will bs reduced from psr cent to six at the next meeting the board of directors It is stated ofoalIy that the average earnings of the company sufficient to pay tke regular dividends tie constant purchase of intersecing and subsidiary nas the instruction of lines and the maintenance of those in opera tion together with the erection of two telegraph buildings in New York and the laying Of pneumatic tubes have required large outlay that is wis to leave much Of the surplus earnings intact as possible t9 meet expenses of this kind and with that in view change of per cent in dividends has been contemplated The more conservative element tn the directory has always deprecated larger dividend than six per cent the theory being that the surplus in of six per cent. should be devoted to ip- ereasing the value of the property. The great in in the companys oommer cial business during the recent furry in Wall street, increase that is largely maintained that the excitement sub- together with the increased press service inci dent to the financial upheAva1 and the coming con- ysnions will undoubtedly increase the earnings an extent enabling the copaAy to declare ts dividends without inconvenience. The total sales of stock to- day amounted to 3so 23s shares
 Money loaned for the most part to-day at per cent sharp. The closing rate was Ter cent.
 Exchange closed dull
 IClosing prices reported the private wires of BUNNELL & SCRANTON. Bankers and Brokersl