The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-06-21
FINANCIAL AND COMMERCIAL
MONEY AND SECURITIES,

Lower Prices for Stocks, Caused BY the Gar
rison Failure and Unfavorable Reports.
New YORK, June 20-Money, 1402 per cent;
offered at . per cent. at the close.
Prime mercantile paper, 506 per cent.
Sterling exchange, sixty days, ST. 81; sight.
$4S52.
Dry goods imports for the week, $1,546,0 600.
Governments weak and lower.
Railways lower.
State securities quiet.
Share speculation to-day has been heavy and
low.r, with breaks in the Vanderbilts, North
west, Lackawanna and Rock Island. Unfavor-
able rumors were widely circulated. 1t was re-
ported that dividends on Lake Shore, New York
Central and Lackawanna would be reduced; that
Lake Shore had a floating debt of So, 600, 600,
and that the Vanderbilts were free sellers of
Lake Shore and Rock Island. The report con
corning the Lackawanna dividend was subse-
quently denied by President Sloane. These ru-
moRs and the assignment of Commodore Garrison
were made the basis for a general raid on
the market, and in the absence of bull" sup
port prices yieldedreadily. Commodore Garrison
has no speculative interest in the street, and his
assignment is not regarded as shaving any relation
to the stock market. Speculation was weak
throughout. and some shares sold at the lowest
figures in years. Prices broke l to per cent.
Rock Island dropped 8 per cent, to ld2; North
west, q, to SO; Northwest preferred, 81, to
100; st. Paul, 81, to 644; st. Paul preferred. q,
to 1911; New York Central, 3, to 98; Lake Shore,
q, to 754; Canada Southern, 1, to 333; Reading,
9. to 90; Canadian Pacific, il, to Az; Contra
Pacific, /, to 80; Quincy, % to 1851; LaeS&wanna.
Z, to 96ss; Michigan Central, Il, to CA;
Delaware q Hudson, 81 tool; New Jersey Cen
trail, II, to 30; Northern Pacific preferred, II, to
43S; Pacific Mail, Is, to 37s; Union Pacific, II, to
353. and Western Union, q, to $50. At the
close there was a rally of to : per cent. on
some shares, but the market closed weak. West
ern Union sold at 5644 0554 a 55s ex. dividend this
afternoon. Compared with last nights closing,
prices are / to AZ per cent. lower. New York
Central sold at 96a a 95, seller co." and 98,
''seller 30" when prices in the regular way were
994 a 9S3a. Chicago, Burlington q Quincy sold at
I08 107, when prices in the regular way were
1090 109k; Illinois Central at Il29@1134, when
the regular prices were 11440115; Missouri Pa
cifc at So, when the price in the regular way
was 90s, and Lackawanna at 9b, when the price
in the regular way was 961.
James r. Keene states that he is giving his
notes in accordance with the terms of his agree
ment. Parties holding claims can receive them
by making application at his office.
President Z. S. Scott, of the Richmond q
Danville: George H. Baker, of the First National
Bank of New York city. and H. G. Fahnestock,
of Winslow. Lanier & Co., have resigned from
the board of directors of the East Tennessee,
Virginia q Georgia Railroad Company. Presi-
dent Thomas, of the East Tennessee, will act as
executive of his company until the election of a
new president, which is expected at an. early date.
The Milwaukee & Northern Railway Com
pany has applied to the Stock Elk
Change TO list 81, 59s;OOO of its 6 per
cent bonds; the Oregon g California rail
road has. applied for the listing of $60o,0 600
frst-mortgage 6 per cent, gold bonds; and the
Cleveland. Columbus, Cincinnati 81 indianapolis
railway to list 81, 600, coo more of its $l2. 900; 600
general mortgage 6 per cent. bonds; 81 500, 900
of.the $12, 0O0,0 600 remain in the company's treas
ury.
transactions, 4e2. 900 shares, to-wit: Lack
awanna, 1870, GOO; Lake Shore, AZ, 600; Louisville
& Nashville. 1000; Missouri Pacific, 10, 900;
Northwestern, Sc, 900; New York Central, 80, 900;
Reading, G, 1000; st. Paul, 1000: Union Pacific,
$1,000; Western Union, $4,000; Chicago, Burling-
ton & Quincy, 10, 600; Northern Pacific preferred,
1900; Rock Island, 10000; Western Union, G, 600.