Morning journal and courier., 1884-05-14
finautiid

The Stocks Pouring Out-The Bears
 Kidding the Leaders-SenaatfonaI Re
 ports Used to Further Their Schemes
 Many Elements of Doubt in the situa-
 tiOn-A Sharp Decline in Canada South
 ern-The Market Closes with 8 SemI-
 Panieky Feeling.
 NEW YORK, May 13.
 Liquidation continues to be the order Of the day in the stock market and to-day the outpour of stock showed falling on Prices were sadly demoralized under heavy unloading and the bears added to the de- pression by persstenty raidng the leaders and cir culatiDg unfavorable reports in regard to the financial standing of large operators banks and firms, Some of the reports were of q very sational nature, causing great excitement on the Stock Exchlngs and intensified the desire to sell The more startling of these reports reached the street in the closing hour and such ole to sell that although prices at that hour showed drop oF < to per cent, thsre still further break of < to ? per cent, the closing figures being about tn lowest of the day and showing decline of x to per cent It was reported that the Second Na'ional bank had become embarrassed, caused, it was said, by heavy defalcation. Other reports in rsgard to the bank had it that the dspositoTs having become alarmed at the failure of the Marine bank had been quietly but steadily withdrawing their funds ever since. MT. Eno president of the bank, strongly and emphaticaly denied the reports He stated that the bank perfectly s1und and fully abe to meet all demands it. In the present unsettled state of affairs, however, the denial little weight stocks were thrown the market regard less of sequeE ces. The bull cliques during the morning dealings to-day renewed their tactics of yesterday in their efforts to stop the downward tendency of prices and by creating scarcity in the loan market of of the eadingshares they so worked the fears of some of the shorts to them to quietly and brisky. This buying, together with the support ing orders of the bulls sharp rally between II o'clock and noon but it did not hold long. The lager bears soon appearing with plentiful supply of stock threw it over rapidly that the bulls were compelled to beat nasty retreat and subse- quently prices went by the board at an astonishing rate wiping out margins and causing utter demoral zation in the ranks of the high priced clement The marked distrus apparent all sides with regard to stocks and bonds will take long time to away in the facs of the several elements of doubt which beset speculation, and which in themselves tors that tend to have depressing influence. It doubtful wheths the Erie company will be able to pay the June dividend it's second income bonds. whether the Wabash general mortgage bondholders will accept preferred stock for their bonds whether Union and Central Pacihcs will, pay any dividend this year. whether the West Shore road will go into the hands of receiver and the bondh olders be com peed to accept stock for their bonds and last bu. not least whether the trunk line pool will patch up any klnd of agreement that will hold a year. Canada Southern stock the feature Of the fina hours of business and declined such 8 rapid rat | as to cause grest alarm and speculation to the l cause. In three minutes it sold down six plints, l from 46 to 40. Ten minutes later 1t recovered AZ per cent. and closed $ bid. The only reason that could be assigned for the fall in this stock was bear raid coupled with the report that the recent | Canadian failures had weakened the holding of | stock that large amount of it would come on | ths market At the delivery hour to day several hundred shares of the various stocks were sold der the rulebecause of their non-deivery, but up the close of business failures report he feeling at the close semi panicky and predictions were freely indulged in that the opening tomorrow ! would see further sharp break in prices. The | specialties all weak and closed loWer The ! sales to day aggregated 51O, 900 shares.
 Money loaned at 3a4 per cent. all day, the former 1 being the closing rate.
 | Exchange was firm. Posted rates 4.esa4. .s9; act1a rates 4s74a4s72 for sixty days, 4.ssh a4 ss2< fol demand.
 [OlosIng prices reported over private wires o ! BUNNELL SCRANTON. Bankers Brokers.l