The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-22
FINANCE AND COMMERCE
MONEY AND STOCKS.

The Bears Continue Their Raid on the
Northern Pacific Stocks.
NEW YORK. Oct. 2o-Money is quoted at 364
per cent, closing offered at l per cent.
Prime mercantile paper, 607 per cent
Sterling exchange, bankers bills are steady at
4S1 for sixty days and asa for demand.
Bar silver $1.10a.7
Government bonds were strong.
Railway bonds were quiet
State securities were steady.
The speculative interest conferred chiefly in
Northern Pacific preferred to-day. The stock
was in brisk demand throughout. In the early
dealings the bears raded it down from 60 to 81
regular. In the meantime cash sales had been
made at 63, la061. AS the day advanced the
demand increased, and just before delivery hour
a difference of nearly 10per cent. existed. After
delivery hour it became known that many firms
had failed to deliver the stocks they had sold.
and in consequence the delinquents were bought
in under the rule. Sales were reported as high
as 1919 cash and Cd regular. Toward the close
prices fell off to 59162S4 regular and 759l
cash. The excitement which attended the buy
ing in of stocks under the rule has
rarely been paralleled, the general market
for a time having been almost entirely
neglected. The enormous difference between
cash and regular only partly represents
whose account stock had been bought under
the rule made additional sales in the regular
way. This will help the movement which is said
TO be contemplated to make another squeeze
Monday. 1t is stated that the theory that those
who purchased preferred stock for voting pur-
poses in connection with the proposed issue of
second mortgage bonds would sell the same
Immediately after the closing OF the transfer
books is entirely at fault. The Willard party,
which includes several prominent banking
houses, it is said have determined to put stop
TO bear raids upon their speciaties, and to-day's
movement IN northern faclnc pfeIerred Is al
Vanced as conclusive evidence thereof Owing
to the great excitement attending the Northern
Pacific rise, other movements were lost sight of.
1t is learned that some of the shorts in New
Jersey Central have tried to make private settle
ments, ana in some cases paid large shares to
secure stock. The general market was ire guar
throughout the day. The pressure to sell was
not severe, but the market lacked
support in the early hours. The open
below last nights closing. From the first sales
prices yielded until decline of 4 y per cent.
Union. Milwaukee & ST. Paul and Missouri Pa
ciic. Denver & Rio Grande aud New York Cen
trail were rather firm Late in the day there
was marked Improvement, in sympathy with
the rise in Northern Pacific preferred. Many
shorts covered i'll other Stocks fearing squeeze.
The advance ranged from y to / 50 per cent.
New York Central sold up to 114l4, Western
Union tn 76ls, Delaware, Lackawanna q West
ern to 1928, Lake Shore to 94le, Missouri Pa
elie to 81 81, New Jersey Central to S3ls, Union
Pacific TO 97ss and Wabash to 31is. Near the
close there was reaction. but in the final deal
1ngs the market WAS again on the advance.
Northern Pacific preferred closed 17s per
cent. higher at 75A cash, AS compared with yes
terdaV's closing cash sale. AS compared with
last nights closing prices Oregon Navigation is
down points, Oregon improvement 3, Canadian
Pacific l 30, Northwestern preferred 24, Mil
waukee & st. Paul Il, Lake Shore l.
Kansas & Texas "a, New Jersey Central
1ss, ST. Paul d Omaha preferred l
and Western Union 81. Northern Pa
ciie is up % per cent; do preferred q, OREGON
d. TranscOntin entail Sc, Wabash preferred l
New York Central Ss, to l14le, and Michigan
Central, le. In the specaiies, Chesapeake d
Ohio second preferred rose is, and Bankers g.
Merchants Telegraph 30.
Sales of stock for the week, $685. 21 shares
an increase of 1,132,566 compared with the
previous week.
The exports of specie for the week were
1922, 91S, making a total of $12, sos, 1851 since
Jan. l, against $43, 401, l08 for the same period
last year The imports OF specie for the week
were 1928 ,S04, making a total of 1882, ! So
since Jan. l; against So, 9oS,s47 for the same
period last year.
The transactions at the Stock Exchange to-day
aggregated $4,000 shares, as follows Della
ware, Lackawanna & Western, $4,000; Lake
Michigan Central, 5000 Missouri Pacific, 6.o0O
Northern Pacific preferred, $4,000; Northern
the rule, 5000; Milwaukee Il st. Paul, a. O0O
Union Pacific, $4,000; Western Union, Il ,O0O
Oregon d Transcontinental, $4,000; Canadian
Pacific, $4,000.
STOCK OUOTATIONg