The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-08
New York Stock Exchange.

NEW YORK, Jan Money easy at 1 1-2@
2 IL per cent; closing offered at 2 per cent.
Prime mercantile paper, sac IL per cent.
Startling exchange, for sixty days, 1872 "a; sight,
485 "a
Government bonds were firm, except four-and
a-halfs
Railway mortgages were firm and higher to-
day. Kansas & Texas generals opened at SO,
rose to 81 ID, and reacted to SO ~ on sales of
II6,O 900. Seconds advanced 49, to 81 10; Chesa-
peake G. Ohio, class A, moved up 2, to liz, clos
ing at Ill; Big Sandy first rose IL, to 102; Inter
national general 6s l, to 81; Kansas & Pacific
,consols L, to 90; Louisville & Nashville consols
rs IA, to lis IL; Lake Shore & Western firsts
2 IL, to 100; Oregon Improvement firsts 3 to 50;
Pennsylvania fourand-a halls 1 Is, to 50, and
Union Pacific sinking fund l, to 118 West
Shore fives, however, were weak and depressed
selling down 49, to 60.
Total transactions in bonds were $1S1, 900.
State securities were steady.
The stock market opened firm, but prices soon
declined 1-8 to 5-8 per cent, the latter Lake
Shore & Michigan Central, which closed at 90 on
Saturday and brought only SO in first sales. Be
fore 1870 better feeling prevailed and prices
were on the advance. The market continued
rstrong until near 2, when it was announced from
Washington that q bill had been introduced in
the House reducing freight rates on the Union
Pacific and Central Pacific 30 per cent. below the
lowest rates in December last Union Pacific
was vigorously attacked. and declined from IS IA
to 70 5-8. Central Pacific sold down to 60 5-9
The general list declined in sympathy and the
Short interest largely increased as the bears
sold all leading stocks with great freedom. Just
previous to the close it was apparent that the
lStOcks sold ttbQarcN had bI71
linent bulls" and the market suddenly turned
upward more, closing buoyant at a sharp
advance. Union Pacific rose to "A 81 L. & N,
to AZ IL; Western Union, rs 49, Lackawanna IT,
Reading, So 3-8, and Texas Pacific, 10 10
The sharp rally took place after it became
known that the eighteenth section of the charter
of the Union and Central Pacific companies pro
vides in express terms that Congress shall not
reduce rates on these roads until ''the net earn
ings on their railways, after deducting all
ipenditures, including repairs, furnishing run
ming and managing the same, shall exceed 10 per
cent. upon the cost OF said roads" This limit of
earnings has never been reached, and Congress
has no power to reduce freight rates, or any way
Interfere with them.
Reading was unfavorably affected by the state
ment that Vanderbilt would oppose the declara-
ton of dividend on stock this quarter. 1t is re-
ported that the New York Central was cutting
local rates from Buffalo Nothing definite is
known
Compared with Saturdays closing, Western
Union is 3S, Louisville & Nashville IL and
Lackawanna SO per cent higher; Union Pacific,
Reading, and Texas Pacific unchanged. The re-
mainder of the list IA to l per cent. lower. In
specialties, Oregon Navigation declined 3 per
cent, to 100 on the reduction of the dividend
from IL to per cent. per quarter. Oregon
Improvement rose points So 1-9, and reacted
to a. Albany q Susquehanna rose 1-2 to 1873
and Memphis & Charleston 1,1-2 to Sc 1-2 New
York & Texas land sold up from 122 IL to 1877
bid. AT the close l35 was asked. Colorado Coal
declined "a, to 10 IL, and Evansville g. Terre
Haute l. to 80.
An official of the Northern Pacific said to-day
that the company had idea of making r. F.
Cakes president of the company
lows: Delaware. Lackawanna & Western, g.
900; Erie, 9000 Lake Shore, 90 900; Louisville &
Nashville, 10000; Missouri Pacific, 16 900; North
western, 8, 900; New York Central 5000; Pacific
Mail, 10 900; Reading, 1900; Milwaukee & St
Paul, $1,000; Texas Pacific, 6OOO Union Pacific
81, 600; Western Union. 5000; Northern Pacific
q, 200! Oregon & Transcontinenta 43, OOO