Morning journal and courier., 1884-05-09
finanriiaI

The Market StnI FevsrIsh Dame
RumOr Takes a HOIfda y-And In
dulges in q Variety OF UnsettItnR Re-
Dorts-The Coal Shares Raidsd by the
Bears-A Market With q Variable
Course.
NEW YORK. May 8.
The stock market continues in very fever ish and
unsettled state. The failures Of the Marine bank
and Grant Ward have about spent their force
regards prices The naiEtrust produced by them has
not in ths least diminished and to-day every unfss
Vorable report produces scramble to sell heavy
decline In prices. To-day there new influences
az work. having tendency to unsettle values CHIEF
among these were renewal Of the reports current
late yesterday afternoon to the eject that Mr. Fink
mas resigned from the pos tt0n commissioner o
the trunk Inns pool, which step h. in said to hav1
taken to accept the position general manager of
the Gould Southwe stern system. Inquiry at the
once OF MI Fink failed to confrm deny the
ports and all communication with the gentle
man himself was denied. Ths reports were, however,
generally accepted by the street true and caused
sharp break in the prices Of he trunk line stocks
which were heavily sold the belief that would
end the trunk line combination. Erie was he ayiIy
sold on reports that the Marine bank had q large
amount of the roads paper. Mr.. Jewett when asked
in regard to these reports stated that checks
were paid by the bank, the amounts of which he
would not give, the company would have only $780,
oOO OF Its money in the bank The coal shares wers
the main point Of attack by the bears Jersey Cen
fral ana Reading. Both these stocks actively
rAldeo and sold on numerous unfavorabls reports
about one or the other OF the roads, Reading was
sold on reports that the conditions the discharge
on the receiver were complied with and there
fore the legality of the discharge Of thesreceiver
might at any time be called into question Another
report was that the receivers certificates Jersey
Central property had not been redeemed and that
they were being carried by New York life
company It was also reported from Philadelpha
that the net earnings of the fiscal gear
would show dsacis of s., zoe the amount
for nxed charges and rentals consequently it would
be impossible to the dividend guaranteed by
Jersey Central stock. The report in regard to the
dividend was desied later was asserted that
the money to pay the dividend on Jersey Central
stock was already in the aad that in any event
the obligations of the would be protected bv
the Baltimore and Ohio company. "his statement
was taken with great deal of allowance. These
but few Of the many reports current regarding the
stocks named, and, whether true false had the eff
fect OF greatly depressing them At the lowest point
"h1cn was generally touched shortly after midday
the decline ranged from Il to ~ per cent Just be-
fore O'Clock the report reached street. that tn
Baltimore and Ohio railroad company had expressed
Willingness to restore rates. This accep ted
meaning The withdrawal of Commissioner Finks re g.
ignation and had the effect of causing halt in
the declining tendency of the market Following
this announcement the report from a
prominent house in Philadelphia to the effect tha
under no circumstances would the hfty thousand
shares Of Jersey Central held by Reading allowed
| to come upon the market. These items Of news
| caused considerable alarm among the bears and they
scrambled to cover Under their buying prices took
an upward turn and the entire list recorded sharp
recovery In the first five minutes Of business how
ever there was renewed weakness caused by report
that the Wabash road would go isto hands of Mr.
Scion Humphreys as receiver tomorrow or Saturday
The sales to-day ggregated $1,000 shares The spe-
| cialties were quiet.
Money loaned at sasH per cent. during the greater
| part of the day, the closing rate beng2k
Exchange closed firm. Posted rates 4sea49O: actual
rates 4s7a4s7 for sixty days, 4s9s4s9A for demand
lClosing prices reported the private EIres of
| BUNNELL & SCRANTON, Bankers and Brokerg1
/ Ash& d