Morning journal and courier., 1884-05-24
finaneiiaI

The Excitement I'm Financial Cfrc7es-l |
 Becoming Worse With Each Passing |
 Dny-The Coal Stocks Still On the 1
 Decl1ne-Ths Rumors and Reports Used
 By the Bears.
 NEW YORK, May 23.
 The feeling Of excitement and suspense in hnancia circ es is becoming and more aggravated each day. The enormous shrinksgs in the values of the coal stocks yesterday followed by still further heavy decline in them to- day. while the rest of the list weak almost throughout and also closed with sharp declines in some instances In fact the bears held high carnival to-day and knocked valres down all around Stocks that have heretofore been looked upon as Arst class investments and their merits alone were attacked and hammered at inter vas throughout the day The bears appear to be fully determined to carry out threat made time ago that, before the bottom reached there would not be stock on the list whose price could not be given in two figures. When the Exchange opened there was good attendarce of brokers and more excitement noticeable in the room than for some tine past Brokers rushed about the floor Gessiculatrg to other and shouting at the tap of their voices. The opening of business was awaited with interest and the crowd in that part of the room where the coal stocks are sold greatly augmented. Brokers who had hoped that these stocks had reached hard pan yesterday were much disappointed finding them sti weak and declining at the opening to-day. The unfavorabe rumors concerning these stocks had not diminished and when they were not declining 1e- gtimate selling the part of the timid holders they were depressed bear raids. At first some of the large bulls inclined support the rest the list and start boom in the prices of the trunk
 lines the that at the meeting of the executive committee of ths trunk lines yesterday contract pooling west bound freight business at Boston was agreed to, the pool to be a money basis and last five years but in this they inglorously failed the extreme weakness of the ccal stocks adversely affect ing the whole list. Tho selling soon became general and the bulls had to withdraw from their position Ioaded with stock of which they already have than they appear to want. In 8 few instances the stocks well supported and only declined frac- tionaly. The mora import rumors in regard to the coal shares day that the Reading loans on Jersey Central collateral had been suddenly called that the companies could not agree on the period during which mining operations should be suspended next month. The former report ridculed, while the latter set at rest by the official 1ater that the companies had agreed to suspend operations two weeks during June In the case of Laokawanna the depression was increased by the re- port that Mir. Clarke presdent of the Thomas Iron company, had withdrawn from the directory oH the road and so had arranged the withdrawal of the business of bis company from the road. It subse- quently transpred that Mr. Clarke had rendered his resignation, it not been accepted Northwest was also made the object of bearish raids on the statement that the earnings of the company would materially diminished by the award of Arbitrator Bogae of the Northwestern Traffic association From the opening to the close the decline almost unin- terruped at the bottom figures the drop in values ranged from 1S to per cent From the extreme de- presson prices st the close showed fractional covery in some cases As compared with last even. ipgs closing the following the important declines the active list: Jersey Central 7 Lacka wanna 61, Delaware and Hudson 5, Northwest com on AZ, Burlington and Quincy 41S, and Illinois Central 3k. The decline in the others except in few ranged from x to cent. Just before the close Of business the announcement that the Erie railroad companys directors had decided to de fault the JuLe interest the second income bonds the bonds were sold down from 62 to 55 3-6. The ] stock, however, was not materially affected. The speciaies weak and closed generally lower. The | sales to-day aggregated 4S5, 900 shares.
 The ruling rates to-day 2a3 per cent. and the | former was the closing rate.
 Exchange closed firm at 455a4.67: actual rates 84 ! for sixty days, 4 S6 for demand.
 tClosing prices reported the private wires of 1 BUNNELL & SCRANTON. Bankers and brokers.l | If AakA