New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-21
RUMORS IN WALL STREET.
DIsorIETING REPORTS NOT CONFIRMED.

LOUISVILLE AND NASHVILLE MArTfRs-RUssELL
sAGE-THE STOCK MARKET.
Wall Street was greatly disturbed yesterday by
the published exposure Of the msmana OF the
Louisville and Nashville Railroad, and by rumors
of a similar condition Of affairs in other corpora
tons. II was feared that the complications In
which the Louisville and Nashville Railroad had
been involved might not he limited to that com
pany. The name Of one bank mentioned as a
probable sufferer from the connection with it OF
two of the directors OF the railroad company. The
fears and ramors proved to be equally groundless.
At the Clearing House II WAS said that the condition
OF the banks excellent. aud that the one men
tloHed by rumOr was perfectly sound.
The uneasiness Of the street was increased by the
fact that the difficulties in quitting stocks 10
Russell Sage had been renewed, and that some Of
the prominent members of the stock Exchange had
been unable to make a settlement with him of some
profitable privileges Mr.. Sage received stocks
quietly on Saturday and Monday. and the unex-
pected difficulties yesterday re Weakened the in
ierest in his affairs considerable amount of stocks
bought on his privileges was sold by brokers who
had grown weary with carrying them.
The stock market was weak all day. until near
the close, when there a smart rally. but al
though the last prices not the lowest for the
day they showed material declines from the closing
figures on Monday. A sharp break in Missouri
Pacific in the last hour a conspicuous feature in
the days business The stock fell from 7O4 in the
early dealings to G31i and although it rallied at the
close to GJ7s il suffered final loss of 4l2 per cent
from Monday. Lackawanna was specially weak all
day, declining from 100, its highest point, TO 0j5s
aud closing with loss of 3ls per cent at 1868
The highest prices yesterday generally not up
10 the closing figures on Monday, bat the early
prices We're without exception the best The de-
cline, were universal but comparatively steady
FASTENED only at the last by the sudden drop in
Missouri Pacific.
There were no failures announced at the Stock
Exchange. ana although rumors continued to be
abundant none OF them was realized. The weak
ness of the market attributed largely 10 the
refusal Of Russell sage 10 accept notices on his
privileges.
The acting president OF the Stock Exchange APP
pointed committee TO nominate Il candidate for
tue vacant presidency yesterday, but the committee
after trying IN vain 10 induce Thomas Denny 10
accept the Office, adjourned without making Il
nation. Several names mentioned in the
street bit the committee had none before il when
adjourned.
Al the office If ". b. Scott & Co.. it was stated
that the majority of the creditors were acting gen
erouSly IN the settlement of the affairs of the Irm.
No assignment had yet been made and if the cred
itOrs co-OI Grated with the firm in securing iquda-
tlOn without sacrificing securities. there would be
good chance for settlement in iull.
Assignee Nseua. of Donuel Lawson * Simpson
said that the prospects of the firm resumption
growing brighter and there might BIZ some state
meut Of their condition ready by 10 day.