Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-17
MARKETS BY TELEGRAPH.
FINANCIAL

NEW YORK. May l6, noOn.-StOcKs better.
MOney-no quotation. EXchange-long, "a 81
"a "a; short, 81 SAGA $50. State bonds nom-
nal. Government bonds lower.
500 p. m.-Excnange, 81 SO. Money, 6 per
cent. per diem; per cent per annum. Sub
Treasury balances-GOld, Sl2S, 07l 600: curren-
cy, S., 43S.000. Government bonds firm; four
per cents, ISL; three per cents, 80 bid. State
bonds neglected.
The stock market opened 4rregular and in
the main weak, on account Of the failure of
Fisk Il Hatch--annOunced late Thursday.
The first sales were generally at a concession
of 12(gl12 per cent. St. Paul opened 4 per
cent. lower, Northwest a, Lackawanna "a,
Lake Shore 81, Missouri Pacific q, New Ork
Central IS, Northern Pacific preferred "a, Pa
cific Mail %, and Omaha u, On the other
hand, Western Union, Wabash preferred,
Union Paclne, and Texas Pacific were higher;
Before the first call there was sharp upward
turn, and Lake Shore rose per cent, Pacific
Mail 20, Western Union "a, New York Cen
trail l9s, Erie l, Northwest "a, st. Paul 213,
Chicago, Burlington and Quincy !, Central Pa
cific ~, Lackawanna l, louisville and Nash
vile IL, and Missouri Pacific l. Speculation
war favOrably affected by the weakness of the
sterling exchange market. The failure of the
Newark Savings Institution was announced.
and drive was made against Lake Shore and
New York Central. The former broke s per
cent. and the latter 31s. Among the other ac-
tive shares Canadian Pacific fell off 81 per
cent, Central Pacific ~, Canada Southern 3,
st. Paul 334, Rock Island ia, Lackawanna
Al, Delaware and Hudson 2, Louisville and
Texas IA, Northern Pacific preferred 3, Paci-
fic Mail 3, Reading IA, Union Pacific q 4 and
Western Union 20. Subsequently, while
there were frequent reactions and at times a
feverish feeling under fear of further furOre
the market showed a hardening tendency, and
as D. m. came and there were not only no
further failures. but favorable indications
continued to multiply, there was a great i'm
prOvement in prices, the day closing with a
whirl of buOyancy. The change from depres-
sion to buOyancy late in the day was marked,
and at the close there was great feeling Of
relief, and the opinion gained ground that the
worst was over. During the day considerable
money was received from nearly all points,
and investors also brought heavy amounts to
buy. At the close il looked as if the backbone
OF the money stringeney had been broken. In
the late advance Canada Southern rose 3 per
cent, Canadian Pacific 33s, Central Pacific
40, Chicago. Burlington and Quincy a.
Northwest 80, ditto preferred 4, St. Paul AZ,
Louisville and Nashville 81, Lake Shore s,
Michigan Central 5, Missouri Picifc 50, Kan
sas and Texas ~, New York Central 81,
Northern Pacific preferred 5, Oregon Trans
continental 20, Pacific Mail 81, Omaha pre-
ferred 80, Texas Pacific ?. Union Pacific a.
and Western Union 80, Compared with last
nights close, Central Pacific is per cent.
higher, Quincy 3, Pacific Mail and Western
Union ~, Wabash rs. Kansas and Texas 23I,
Texas Pacific ,. Canadian Pacific ~. North
west. Louisville and Nashville and Oregon
Northern Pacific preferred ~, Erie and North
ern Pacific common "a. st. Paul Is. and
Northwest preferred, Denver and Rio Grande
and New York Central l.; while Michigan
Central is per cent. lower, Canada Southern
and New Jersey Central IA, and Lake Shore
l. Bankers and MERCHANTS Telegraph closed
at 50. Sales 435, 900 Shares. the market closing
at bn oil ~rr,r fafr