The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-05-12
FINANCIAL AND COMMERCIAL.
FINANCIAL.
oFTIcE OF THE INDIANAPOLIS sESTrNKL,l

OFEICE OF THE INDIANAPOLIS SENTINEL
MONDAY EVENING, May 10, 1856.
There has but little OF Importance trans
pired in local financial circles since our
last weekly review. The demand for loans has
been about as large as usual at this season of
the year, and no difficulty has been expressed
in negotiating first-class paper.
New York Financial Market.
NEW YORK, May iO.-Money-596 per cent.
closing at per cent
Prime Mercantile Paper-596 per cent.
Government Securtties-Steady.
Railroad Bonds-Active, but unsettled, and
generally sympathize with the downward
course of the stick market
State Securities-Dull.
There was more vigorous and determined
bear assault on the stock market to day than
at any previous time since the current down.
ward movement set In. Nearly all stocks were
STATIONS were against Western Union. Michi-
gan Central, Erie, coal stocks, Changers and
nous. The decline ranged from 1Sa75z per
ce1t., the Pennsylvania, Hannibal and ST.
Joe, coal stocks, Southwestern, Michigan
Central, Canada Southern, Erie, western
Union, Northwest and Pacific Mail leading
the downward movement The ST. Louis ana
San Francisco shares broke suddenly at the
close the preferred selling down TO 40, the first
preferred was offered down to 81, and common
TO 26. In final sales recovery of 1z1lZ per
cent. from the lowest point took place In some
Instances. although Southwestern developed
great weakness, and the market generally was
IN q demoralized condition. The demoraliza-
ton was said TO have spread TO holders of
stocks throughout the country, and many
orders to sell out were received by brokers.
prominent feature OF the market was the
heavy closing movement In Northern Pacific
shares based on unfavorable word concerning
prospective legislation with regard TO lands OF
The Company In general nsI OF sPecuiatis ms
for future delivery. the great shrinkage in
values causing alarm among both large and
small holders. To assist in demoralizing
SDeCulatlOnR. various rumOrS were Circulated,
and Notwithstanding these were promptly de-
MED, they temporarily served the purposes OF
the prominent operators engaged in breaking
the market. The market yielded readily, aud
the decline was aided by sales of long stock on
stop orders, and by the unloading OF stock by
the market on Friday. The objective point
appeared to be coal stocks, with which keene
is supposed to be heavily loaded, and of which
the Twenty third street party Is largely short.
These finally brose, and fell so sharply that
they appeared to have no support. ana, in
fact, the whole market seemed without sup
port until about half past l o'clock, when
prices were turned upward, but not until IL
vent the market from running into panic.
1t was two or three times on the verge OF such
disaster, but certain stocks, notably Erie, the
Southwestern and Vanderbilt shares, were
turned upward, and this movement gave a
steadier tone to the market for the time be-
ing. Since the present decline has set1n there
has been a constant feeding of the NJ arket
with strong stock, which apparently comes
out In constantly increasing quantities, along
with the closing out OF fancy stocks,
and dividend paying investment securities
are making their appearance, very many Gus
toners of commission houses having been re-
quired to repair depleted margins. Mining
shares are generally heavy. The new Board
OF Directors of Little PittsbuIg Company has
been com pleted by one in place of Messrs.
Chaffee, Mof1it and Bowerman, of Louis Fitz-
gerald, j. j. McCook, J, +. Corral and VIM.
Bond. The insiders in Central Arizona are
still selling, but the demand Is limited and the
process of unloading is a slow one.
Transactions to-day aggregated 529 200 shares,
foil