The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-12
FINANCE AND COMMERCE.
FINANCE.

The New York Money Market-Stock Trans
misunderstanding Prices of Government Sc
curities- Quotations of General Stocks
NEW YORK. Oct 11.-Money easy at 20213
per cent. Closed at 2.
Prime mercantile paper, 607 per cent.
Governments lower at second call, but closed
strong at the best of the day; threes sold at
1o0l4.
In railway mortgages the trading was princi-
pally in West Shore & Buffalo hrsts and Texas
Pacific incomes. The former, after advancing
to 79 reacted to 77ls and closed at 77sf. Room
traders, chief traders and foreign bankers were
the principal buyers. The transactions in West
Shore frsts aggregated S949, 900. Texas Pacific
incomes fiuctuated between 4934 and 50ls, and
were dealt in to the extent of $1oS, 000
In State bonds, Tennessee compromise de-
clined to 394.
Stocks were weak throughout the greater part
of the day. At the opening there was a bear
demonstration on Southwestern, on statements
that holders of Texas Pacific incomes had en-
ployed counsel to assert their rights under
these bonds, and Texas Pacific naturally
was the greatest sufferer. After this de-
cline the market continued weak. with
unimportant rallies at intervals until P. NJ,
when fair buying movement set in and prices
hardened. Wizards, Union Pacific. Reading and
Jersey Central were all in good demand, and an
advance or 4 to log look place. shortly DefOr6
the close Oregon & Transcontnental, Texas Pa
eific and Kansas & Texas were heavy, the first
named selling down to 2414, the lowest point
touched. Oregon q Transeontinental fell off to
49l4, Texas Pacific to Pie, and Kansas d Texas
to %. The remainder of the list was firm, clos
ing generally at or near the best Ut the day.
The short interest continues large, and deliv-
cries are attended with difficulty. Many stocks
command premium for use. out-of-
lend shares. Among the reports current was
one which gained credenee to the effect that
large blocks of Wabash Pacific and Kansas e.
Texas had been transferred into Gould's name,
The changes in specialties were more lmportant
than for long time. Long Island dropped to
SO q on offerings Of about 1000 shares, and no
support was given the stock, which closed at
65l9. The last previously reported sale before to-
day was at 20. Louisville, New Albany & Chi
cage fell of 8 L. to 81 q: Richmond & Danville
sold down from So to So. regular to 50, and
sellers go closing at So. AS compared with last
nights closing, prices are down "a to 13e per
cent for South westerns, Denver, Northern Pa
cifc common, Oregon & Transcontinental and
Omaha, while Northern Pacific preferred. West
ern Union, Central Pacific, Michigan Central,
New Jersey Central and Reading were 1e0@
higher.
It was officially announced that a syndicate
headed by Drexel, Morgan & Co.; WinslOw,
Lanier g. Co., and August Belmont q Co. have
made proposition to the Northern Pacific Rail-
road Company for the purchase of the SlS .000,-
600 second mortgage bonds authorized nego-
tiated The syndicate ia composed practically
of the same parties who negotiated the first
mortgage bonds, and includes in addition to the
above, Drexel & Co., of Philadelphia; J. 8; Nor
gan ~ Ooy OF LOnuON, d. & W. OehSinhIl " SO'J
l. v. Hoffman & CO., Robert Lenox. Kennedy,
G. b. Wright and Frederick Billings. The finance
committee of the Northern Pacific Railroad
Company will act upon the proposition on Sat
nrday.
Transactions were 100000 shares as fol
wanna & Western, $4,000; Denver & Rio
Grande, 10000 Erie IA, 900; Kansas & Texas,
1000; Lake Shore. 5000; Louisville & Nashville,
5000; Michigan Central, 5000: Northwestern,
5000; Northern Pacific, $4,000 Bending, 1000;
st. Paul, 10000; Texas Pacific, 10000 Union
mi. N.
q Transcontinental, $4,000; Northern Pacific
preferred, 10000; Wabash, 5000.
STOCK QUOTATIONS..