Morning journal and courier., 1884-06-06
finantiid

The BuIls and Bears-Ths Bears Succeed
 In Dragging Down the Market
 Loutsv1iIe and Nashville Succunbs Un-
 der. the sAttaeh-Pr1ces Drop on Every
 Attem Tt to Msrket the Sfock. F4ES
 NEW YORK. June B..
 During the first half hour of business on the mar ket this mornir the tone speculation WAS fsvsrsh and prices made frequent changes under the tnnu- ence of manipulating ciiquss The bulls essayed to maintain values and by the placing of liberal sup porting orders succeeded in causing fractional ad- vance shortly before the rs board Subsequently the bears attacked of the leading stockr especially Louisville and Naahvills concerning which they cir culated numerous unfavorsble reports, fEghtenffg many of the weak holders into unloading and easng rapid and heavy decline. The reports were found to be based statement that published in the morning papers to the effect that the companys f- panctal standing had been grsstly impaired Hnaer President Badwns regime and that instead of losses to the company growing out of the bull pool in 1ne stock amounting to a few hundred thousand as first stated they amounted to millions; that the company it had been found had obligations every where and was in desperate straits for money with which to pay them. The bears twisted these state ments into all mxnners of shapes. It was reported that the president and several of the directors because of these developments had rendered thsif resignatiens and other prominent persons who had been approached with view to serving instead Of the retiring members had xefEed; that the officials were iD quandary to whom to get to accept the presidency, being anxious to obtain some person with influence enough to obtain sufficient funds to tide them over their pressing needs. Failing, the croak
 iRtimated that the would Gsarily have to be placed in the hands of receiver to protect the property from it's clanoring creditors Under these statements there brisk selling of stock, under which the price steadily declined and at touched 25x decline from last nights prices of 6zs. Union Pacihe at the time mentioned showed decline of 2X l Western Union 1x, St Paul IS, Lackawanna IS and | Northwest l3 The decline ia the others was less l marked. Shortly after the selling ceased and the bulls bid prices up fractionally. The improve nnent was taken signal for another onslaught oz the list and by o'clock pricts down agafn t< | the bottom ngurea During the remainder of tht day with the exception of rally just before the delivery hour which carried prices up to 1X iron the lowest the tone speculation was weak, the ket closing with prices K to of from last night closing for the active list. The greateSt decline in Louisville and Nashville. The reports and state nnents in reg ard to Louisville Nashville wig orously denied by the directors the company wh are in session here. Nc information to the tru
 state of affairs could be elicited, The president ef the company, MR. Baldwin, stated tha he could not say anything at the moment, but nigh make statement in q few days. The meeting is s1it to have been occupied in discussing the finances o the company, but nothing was done beyond srrangfnl another meeting for Monday. The reports in regard to the company in the present state affairs very unssttiing effect the whole market and price l declined anost every attempt to market stock The sEeoiaties closed lower. The sales today wsr 486, 900 shares. 15'
 l Money closed at 6a2. .z--+T- l Exchange eloRed strong and hig her.
 lClosing prices reported the private wires o l BUNNELL SCRANTON. Bankers and Brokers.l