Morning journal and courier., 1886-12-16
Fi1amcIaI.

Exciting Times on sChange-The Street
 Filled With Excited Men-A PanIeky
 Feeling i'm she Dealings-Only One
 Failure Announeed-New York and
 New England Records n Big Drop-
 An Enormous Days Business and
 Prices on the Downward Rush
 Throushout.
 NEW YORK, Dec 14.
 The heavy decline in the stock market yesterday and the.predictions of failures to-day which were freely ndulged in after the close yestsrday brought the brokers and others who have interests in the market down town early this morning. For hour before the opening of the market the streets in the vicinity of the exchange presented an anil mated scene. Brokers, clerks and messengers rushed to and fro in bswildering way, while groups of excited men dotted all, New and Broad streets and Exchange Place indulging in specula- tions as to how the cat would jump. Many dire predictions ventursd to what the day would bring forth. As the time for the opening drew near the street in front of the main entrance of the exchange was crowded with @ struggling mass of excited men striving to get close they could to the great doors When the doers were finally opened there was rush into the board room and the air was full sf the shouts of the brokers. The din for time great that the uninitiated could only wonder what was going on, The deal CTS in the market were surrounded with excited crowds and it impossible for even the official reporters to keep track of the bidding In of
  same prices varying from A to point apart. For the first thirty minutes prices went of with rush, while stocks poured out in perfect avalanche. Over 200.0 600 shares changed hands in the period named and prices had dropped to per cent. Af ter the frat half hour there steadier feeling up to II o'clock with some recovery but after that hour everything began te decline again. New York and New England dropped from 554 to 44sz just before 12 o'clock and recovered to s6k by noon Reading in the same time declined from 3s4 to 30 and recovered to 34 West Point dropped from 87 to 29 and recovered to 32 Louisville and Nashville from 61ss to 5s and back to 59; Lackawanna to l31 and then to 132; Jersey Central from 51 to 4S,1; Canada Southern from e3 to Sin; Lake Shore from 941k to oO3s; New York Central from 112s6 to 1os Northwest from 11sN to 11O; St. Paul from 91A to 891k; Union Pacific from 62 to so; Western Union from 72 to 70; Oregon TranscoRtinsntal from a21k to 2911; Northern Pacific from 61Ss to 5s Norfolk and Western from 4s3s te 45x. This drop repre- sslted an extreme decline from last nights figures from two to fourteen points, the latter in Tennes see Coal. There was some recovery in the half hour to 1230 but the announcement of the failure of Marx was made and a paaicky feeling took hold Of affairs prices again going off. Up to 12 o'clock 900 shares changed hands-ths largest morn. ing's trading in years The market continued weak and feverish until o'clock when prices touched l the bottom figures. The decline at that hour rang ed from two to sixteen points. As further fail ures were announced there was a steadier feeling during the final hour. Prices gradually recovered and at the clese figures showed advance Of from l 1 to per cent, but were still from # to 94 per cent. below the final quotations of yesterday the latter in New York and New England Tennessee Iron and Coal was the weakest stock and closed at the bottom price. The stock showed decline of | 16 per cent. The business of the day was simply enormous, 1,1O6, ,290 shares changing hands. Money closed at H of per cent. per diem and | interest. The highest rate 4 of per cent per diem and the legal interest. The lowest was 10 per cent
 ! Exchange closed steady. Posted rates 4so16@ ASA; actual rates 4.7934e14sO
 Governments closed steady.
 Closing prices reported ever private wires Of L e