Morning journal and courier., 1884-06-27
fnalufal.
The Spectators Are Wary-The Passage OfD1vtdends Leads Them to Hold or The Bears Hold COnverse VVtth Dame RumOr--They Force a Sharp Decline tn Prtces-A Lower Scale at the Close.

The Spectators Are Wary-Ths Passage or Dividends Leads Them to Hold Om- The Bears Hold COnverse IVfth Dame NumOr-TheY Force a Sharp D5G14ns i'm FFtces-A Lower Scale at the Close.
 NEW YORK, June 26.
 me passage of the dividend by the Canada South efn ana Michigan Central road continued to be depressing factor in speculation To-day this action oy the roads named was the sole topic of discussion ana caused general feeling gloom Holders of the 5sOohs seemed anxious to get out, but every at tempt to marketfhem caused 8 sharp decline. The pears took advantage Of the situation by circulating batch Of unfavorable concerning the affairs or some or the broke firms The majority of the reports were to the effect that several houses wLo were known to be long stock were hard pressed to meet tnelr Obligations and failures were impending lt was ais2 reported that the banks had become alarme at the gloomy outlook and were calling in 1nelr loanS The names of some of the most promi- nent firms in the street mentioned in connection Wl'n these reports. Inquiries brought out prompt and emphatic denials but in the present condition or affairs speculators appear to lean 10 t dark side or everything and result sell the market freely o1 every unfavorable rumor. The day passed, how e'er with only one failure, that Of Measrs Stout Co' put as the firm was known to be dealing mainly in Rtock of the elevated road the announcement sds ct those sharss had but little effect It is under sGooo tn the firm had been carrying large amount
 
 ticAIly no market lately. The firm were the brokers oI h. U. knee!and of the Metropolitan company The stock declined sharply and closed ten points ios CT than last evening and Manhattan cl sed five lo"er' Some of the bull c1ques having special in 'eres<ln ths market made desperate efforts to sup port certain of the leading stocks but with little success The only stocks that spl.sed any strength were LackaWanns and Missouri Pacinc both of which were well supported the former by Mr. T. V. White ana Lhe later by the Gould brokers. With these exceptions the hAt was weak throughout and sImos continually on the decline, Canada Southern and Michigan Central bing the features and leading tbs oecl1ne The market closed weak with prices at or near the lowest Of the day. The decline ss Wlsn lsss evening fig ranged from S to 5k per cent. The Northern Paciics were among the notice. aoI5 weak stocks, being pressed for sale oo the re- port tnat the company would have to bo rrow money TO pay Its JuT interest. The spe"ialties were duiI and recorded but fsw changes of importance The salss to-day were 420 300 shares The liabilities of Stout Co are esti imated at $1 QUO OOO but tbs ga figures are believed to be entirely too high It was stated that just before the failure of the firm Jav Gould sent word that he would take all their Metro pol1tan to prevent it's being thrown on the F arket 1t was also stated that he obtained the stock The nua Der or shares bought cou d not be learned
 Money loaned at 3a4 per cent. during the greater part of the day, with the closing rate ee Exchange closed dull. Posted rates 4S2LaAS4x. actual rates 48lH for sixty days, 4S36 for demand lCloslng prices reported the private wIres of BUNSELL SCRANTON Bank