Morning journal and courier., 1884-06-03
finautiid

The Bears Hold Carnfval-A Success fu1 Drive at the MArket-The Coal Stocks Under Fire-A Recovery TO- wards the Close and the market
 Ends Fairly Steady.
 NEW YORK, June 2.
 The stock market, according to the usual summer arrangement, did not open until II o'clock and will not open until that hour Mondays hereafter dur ing the summer months. Many brokers, however csnae down at the usual and spent the time un- til the opening of the board in discussing various matters and rumors in connection with certain stocks. The principal topic of discussion was the probable action the directors of Reading would take in the atteR of ths June interest the consolidated bonds of 1908 and 1911 and the income 7s of 1896 due to-day. The runaors to the effect that the New York Central would reduce its rate of dividend also i:cussed, but this set Ut rest by the neuncement from semi sources that the com- pany would surely pay the usual quarterly dividend of per cent falling due the current week. During the hour from 10 to Il o'clock the air thick with unfavorable rumors about the coal stocks. Private advicts from Phi adelpha were almost unanimous in stating that the Reading company would default the June interest not only bonds of the road but that the company in such financial straits that the payment of dividends Jersey Central by the former company which also fell due to-day, would probably have to be passed over Another ru- nor eaid the Reading would again be placed in the hands of receiver. With regard to the other coal roads reports of loss in earnings and the probable dis ruption of the coal combination re rive d and circulated These reports had very disquisting ef- feet and when the Exchange opened there was an un usually uproarious crowd the floor, especially in ths part of the in which the anthraces are ugu ally traded in There rush to san Reading, Jer- Central and Lackawanna and other leading spec ulatives amid great sxcit block after block of coal stocks came upon the market. breaking down values at astonishing rate. In the fifteen minutes prices declined to per cent latter in Readiug The bulls strove hard to stop the downward move ment by 8 liberal supply of supporting orders, suc- cesdipg in causDg upward turn, prices touching about the opening figures except for Reading by 30 | The improvement was 8 signal for renewed selling and at noon prices were down A to per cent. from Saturdays closing for most of the active stocks Aside from the shares the next weakest stocks Louisville and Nashville, Union Paci and Pa cihc Mail. After midday there better feeling and the selling of the morning followed by an active buying by the bulls and covering the part of the shorts and many of the active sellers during | the morning dealings. Some of the transactions eyed Auspiciously and bear brokers did not he's | ftate declare that many of them were fictitious Shortly after 1 o'clock the announcement was made that the Reading had made arrangements with Drexe to pay the June interest coupons the consolidated bonds at par and that the only default would be the income bonds. It stated that an application for receiver had been made. At the time newr | O1VlO0QC was being paid at the office of the company. These items attracted but little attention and the entire list with few exceptions, notceabIy Reading continued strong and closed at the best fig | ures. Western Union strong the announce ment that the regular quarterly dividend of would be paid the 11th inst. and the statement of the company's affairs would maks very favorable show l ing It was also rumored that Gould had obtained | control of the Bankers and Merchants Telegraph company and with it the new stock ticker operated l by the company named. This. however, subse- Quenty denied officially At the delivery hour ral hundred shares of stock were bought in for l delivery and the announcement was made that ths 1 firm of Fiske & Hatch had resumed and would pay in full The advance for the day ranged from < to per cent. The specialties generally uet. The l sales were 46s, ,OeO shares.
 Money loaned at easy rates to- day Three per cent | was the highest rate and the closing.
 1 Exchange closed firm and higher. Posted ratsI 4s4Ka4 s61f; actual rates 4ss sixty days. 4s51. for demand.
 lO1osIng prices reported over the private wires o l BUNNELL SCRANTON. Bankers and Brokers.l