Morning journal and courier., 1884-05-13

UnlOadfng the Market-A Brick Sell- ing Movement and n Sharp Decline fn Prices-VigorOus RaidtnG by the Bears -Unfortunate Reports Used to Work the Market.
 NEW YORK; May 12. . There is stil very pfonouhced disposition to fquidate in the market, mainly the outc Jme of pre- vailing mstrust in everything specula i've To day the unloading of some of inc leading stccks quite brisk and this selling, supplemented by bear the financial standing of individual firms and bank ing institutions, had the effect of causing further sayed at stop the downward tendency resorted to all sorts of tases to stop the outpous of were centered mainly in trying to cause scare me enorts ny holding up the oanng rates for though they succeeded in causing fractional differ ence between cash and regular pLics of most of the active stecks it did not result in causing th least trepidafon among the shol ts Several times, by the placing or liberal supporting orders and the washing up process they succeedeo in checking the decline and causing slight rally, bus on the appearance of even more vgor and at the close the prices for the whole list with but few exceptions were within ioS 1, i tt tns Io"est point o the gay Lns nears ard to assist them in the crusade. They distorted tent. The news current was anything but euoo1rag- Ing to an Upward turn and there was absolutely the prevailing depression restore confidence It was runored that the Standard Oil company in tion on the stock market by of its officers also that the company had lss heavily by the failures of
  nesota It asserted that in consequence of these losses the company selling out its holdings in certain Of the lea1ing stocks, especially St. Paul. These reports were subsequently denied by the treasurer of the company, whe stated that com pany had not share Erie or St. Paul the other stocks mentioned in the in it's possession at cer of the company had any holdings in the stocks named and no connected with the company has been dea ing in stocks the long side of the market in months. About two o'clock it was officially an- nounced that had been decided to plzce Wabash in the hands of receiver. An insder stated that this action was taken by the officers of the comp my the purpose of placing the property under the pro lection of the courts until plans could be perfected for carrying out the scheme funding the coupons of the general mortgage bonds passed upon by the bondhoderE The speaker said there was sti or the bondhelte namely to csnvert all outstand ing general mortgage bonds into frat Lreferred stock The latter plan, he said received with favor. Union Pacific depressed a report that the Chicago but this subsequently, denied. It was also stated that the failure of the Norhwt at Car p&ny had caused heavy losses to parties op erating in the market here and iG eaii they would be compelled sell their stocks for the pur pose of obtaining money to tide them over the barrassment the failures had caused them. The the acquisition of the Blair road would injure preferred stock. It argued that money nec- essary for the purchase of the road would necessate the issuing of about 14,C00,000 common stock and thereby make more distant the chances of higher dividend for the preferred he prices tonight show decline of < to per cent. compared with Sat- urdsys closing prices. The specialties gener- ally lower The sales to-day aggregated nearly five hundred thousand.
 Money loaned at per cent after loaning as high 3Aa4
 Exchange closed firm. Posted rates 4.ssa4 90; actual rates S74a4.ss for sixty days, and 4.ssa 4.88A for demand.
 CClosng prIces reported over the private wires of BUNNELL SCRANTON. Bankers aud Brokers.l