The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-28
COMMERCIAL
MONEY AND STOCKS.
Government Bonds Lower, While Hallway
Stocks Are Stronger.

Stocks Are Stronger.
New YORK, Jan. o6.-Money, easy at - a
per cent; closing offered at at l II per
cent
Prime mercantile paper las 10 per cent
Sterling exchange, bankers bills 485 IA for
sixty days and 487 "a for demand.
Bar silver $ll1.
Government bonds were lower for lbs.
There was stronger tone to the market for
railway mortgages to-day, the leading features
being Northern Pacific West Shore, Texas Pa
cific and Lake Shore issues; prices advanced IL
az per cent, the latter on Lake Shore firsts,
which sold up to 127
State bonds were quiet.
Speculation at the Stock Exchange opened
quiet In the first sales prices declined 1884
per cent. for the general list, and per cent for
Northern Pacific preferred and Oregon & Trans
continental. Oregon Navigation, however, opened
at 81 "a against so 5-6 at the close yesterday,
and fell off to 81 12. Before the first call the de-
cline was recovered, and at noon the market was
strong with Lake Shore as the feature, that
stock having sold up to 96 IL. After midday
sharp raid was made on Canadian Pacific. the
price being forced down from 81 3-S to "a "a.
Northern Pacific was also heavy. The decline
in other active shares was unimportant. In the
afternoon the market gradually hardened until
the last hour Of business, when great activity
prevailed and large blocks of all the leading
stocks changed hands at rapidly advancing
prices. The change in the temper of specula-
ton took the bears completely by surprise, and
the market was considerably higher before they
were able to buy many stocks to cover. The
advance from the lowest point of the day ranged
from l-203 IL per cent. outside of Oregon Aavi-
CATION which rose IL per cent, from IS IL to
Sc. The heavy buying movement in the after
noon was due to dispatches that the representa-
tives of the Chicago, Burlington & Quincy, st.
Paul, Union Pacific, and Rock Island, at a
private conference in Chicago, last night,
had practically settled all questions in
dispute, and also that the passenger
and freight war Utah business had been ter
minated and that rates would be restored Mon
day. These advices impaired buoyant tone to
speculation and gave great confidence to the bull
account. The sharp rise i'll the stock of the
Northern Pacific system was due to the an
nouncement that the Oregon & Transeontinen
tai Company had completed arrangements for
all the money needed. prominent railway CAPT
talists and bankers agreeing to furnish the
amount After receiving this financial aid the
Oregon a Transcontinental Company offered to
take up a number of its loans which are with the
Germans, but these parties are largely ON the
bear side, and rumor has it that they have sold
the securities lodged with them by the Oregon
q IfaDScOntmental company as collateral Tor
money loaned In this way it is believed that
enormous short interest has been entrapped,
which may have important bearing on the
general market next week. Pacific Mail adj
vanced reports that dividend would shortly
be declared Every stock in the list shows an
advance. The advance, compared with the
closing quotations yesterday, is: Oregon Navi-
igation sold up IS per cent, Oregon Improve
ment3 IL Oregon & Transcontinental IA,
Northern Pacific preferred "a, Lake Shore
and Union Pacific / 3-S, Missouri Pacific and
Kansas & Texas ] IA Louisville & Nashville
Chicago, Burlington Il Quincy. and st. Paul
is and Western Union, Northern Pacific
common, the 0mahas and Northwestern per
cent C. & 0. firsts, preferred. rose l 10 to
90 "a, and Colorado Coal IA, to 1912. Total
sales of stocks for the week, 2627, IA shares
an increase of III, 207, compared with the previ-
Gus week.
Transactions aggregated 492, 600 shares, as fol-
lows: Delaware, Lackawanna & Western, A.,
600; Denver & Rio Grand, 1000 Erie, 5000;
Lake Shore, 3D. 600; Louisville & Nashville,
10000; Missouri Pacific, u, 900; Northwestern,
5000; New York Central, 1000; Northern Pa
eifc, 11S,00O; Pacific Mail, H. 000 Reading, ~.
000 st. Paul, $1,000; Union Pacific, 50 600;
Western Union, 10000; Oregon & Transconti-
mental As. 600: Chicago, Burlington & Quincy,
5000: Canadian Pacific IA, 900, and Oregon Navi
CATION $1,000