Morning journal and courier., 1884-05-22
finantiaI

Another shaky Day On Change
 Brokers Refuse To Act For sPecu-
 latOrs-A semI-Panicky Feeling
 Among the Operetors-One Small
 Failure Reported-RusseIl Sage Meet
 ing Ills Puts-The Course of the Days
 Dealings.
 NEW YORK. May 21.
 There YVES no improv ment in Wall srest affairs ts- day On the contrary, matters seemed to be growing worse and there was more anxiety depicted on the countenances of brokers and speculators than has been noticeable since the panic. The feeling of in- security which prevailed was everywhere manifest and many brokers refused to do buainess for cus except in cases where the latter agreed to buy the stocks in which they wished to speculate out and out All customers wishing to speculate in margins were either put of by the asking of large sums or informed that in the present unsettled condition or the market such operations entirely out of the question Long before the opening of the Exchange rumors were rife of impending failures and startling developments before the close of the day. It serted that certain large operators on the bear side who had not yet covered their outstanding shorts had combined over night with the avowed intention Of breaking values to period at which 1t would be G. Hraole 70 cover. Dependency seemed to have taken nod Of spectators generally and those who were loudly asserting that the worst and an i'm mediate loom in prices would could not be in doced to venture opinion to day to the future course of speculation. When stock market opened an effort was made to stsady the tone, but ths out pour of steck steady that the support elemen nad to give way and prices steadily dumped of. The selling was accelerated the anxiety intensified shortly before Il o'clock when the chairman of the Exchange announced the failure of J. L. Brownsl & Go, brokers The firm had no large holdings in the market and there was selling "ander the rule' ? Still the announcement many to fear that the early morning rumors of impending failures were about to become facts and the pressure to sell that ensued caused semi-panicky feeling Among other factors of the depression report that Mr. Sage intended to close down his privi ges and pay out ne more money until he found out just where he stood On the other hand it stated that Mr. Sase's puts now outstanding ounted to about forty thou sand shares and the difference between the present market price and that at which they put would amount to not than $500 which it stated Mr. Sage coul stand without serious inconvenience The first report was viewed the moat probable and caused some selling the belief that if Mir. Sage defaulted his puts the consequent losses to eome firms would seriously embarrass them and probably cause them to suspend. At Il o'clock prices showed decline of 1 to Az per cent, the latter in Jersey Central. The other e al stocks, Missouri Pacific, Western Unions, Michigan Centrals Ohio and Mssis- sippi St. Paul and Union Pacific also conspicu- ous in the depression. The bears raide1 the coal shares on numerous unfavorable reports regarding the coal traffic It intmated that the companies
 
 output and war of rates was not improbable There were also damaging stories regard to the fnanoia condition of Reading and some brokers of bssrish procvties pointed to the fact that the Reading pany had to issue scrip to pay of their employees and expenses indication of the truth the reports They argued that under the circumstances they failed to zee how he company would be able to pay the dividend rantesd on Jersey Central by the terms of the lease of that to former These stories "a for decline of Jersey Central and other coal stocks. western Union was depressed on reports of an in tended reduction of the dividend which the beArs asserted was due todecreased earnings while Union Pacific was heavily sold reports Of falling of in in the April earnzgs of $500 Shortly after Il o'clock the larger bulls to the support of the list and by liberal supply of supporting orders which absorbed the stock then offering, su pplement ed by the 'washing up" process, prices were ad- vanced in the next hour to per cent. During the afternoon trading less active but the feeling weak and fsverish. Prices huctuate ed frequently up to the last hour when there another sell resulting in break in values to about the lowest point of the day, the market closing feverish and with little nothing in the situation that would encourage the hope of better things to-morrow. The news of the failure of the Pennsylvania bank of Pittsburg late in the day and its effect oil Epecu ation added to the distrustfuI feeling in stock cir c'es The rep orts in regard to Reading were denied by President Gowan who telegraphed from PhiIadel- phfa assertiog that the Reading company was able and would certainly pay all obligations when due, reports to the contrary notwithstanding. Mir. Sage continued to pay all claims in that came due to- day and accepted notices of deliveries puts tomor row. The result of the days trading in the active list shows decline in most instances angling from < to per cont compared with last nights clos ing The specaltiss irregular. The sales cay aggregated over 45O, 900 shares.
 Money loaned at comparatively easy rstes Three and four cont the ruling rate at the closing
 Exchange clossd dull Posted rates 4 s5a4 ST; &C., t7al rates ASA for sixty days and A. 86 for demand
 lOlosing prices reported the private wires of BUNNELL SCRANTON. Bankers and Brokeral