The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-12
AND COMMERCIAL
MONEY AND SECURITIES.

The New York Money Market Weak and De-
pressed, the Result of False RumOrs.
New YORK, May 1O.-Money loaned at 304
per cent, closing at az IL per cent.
Prime mercantile paper, 4G5 1-2 per cent
Sterling exchange is dull and weak; sixty day
bankers bill 49,, and demand 49,
Government bonds were quiet.
Railway bonds continued weak until the last
noted Erie new seconds sold to g. 1-S and raj
he'd to SO.
State securities were dull.
Speculation at the Stock Exchange during the
greater part of the day weak and depressed.
The unfounded reports circulated late yesterday
for speculative effect had some influence on weak
holders this morning. To-day the same prac-
tees were continued, but the bears changed their
base to other fields. Bankers and operators re-
eeived dispatches before the opening of business
of most alarming and sensational character.
Firms and institutions here were freely men
toned as being in bad way, and there were re-
ports of impending failures, but the days doings
proved them to have been as untrue
as the reports circulated yesterday af
ternoon. The bears, however, succeeded in
so 3-S Central Pacific from 45 to 43 Is, Mil
waulee and st. Paul from 81 3S to rs Is, North
western from I09 II to l07 "a Delaware. Lack
awanna and Western from ia Ia to Ill ~,
Louisville and Nashville from 46 to 45, Lake
Shore from "a rs to SO 3-S, New Jersey Central
from 70 1-2 to 10 "a, Erie from 10 to ID 5-S,
Northern Pacific preferred from 81 rs to
50 7-s, and Reading from 30 IS to 33 IA. The
objects of the attack, however, Missouri Pacific
and Western Union, were but little affected,
Notwithstanding the announcement before the
opening of business that these shares would lie
attacked to-day. Missouri Pacific ranged be-
tween rs 0-8 and so 1-2 and Western Union be-
tween 50 II and 60 I-9 In the afternoon Free
man & Co. gave notice TO parties holding New
Jersey Central as collateral for Reading that
they would take up the loans Monday. This was
considered by the street as meaning
that Vanderbilt had determined to pro.
tect his New Jersey Central and
Reading properties from further bear attacks,
and caused sharp rally of l to 6 per cent. in
prices, the latter New Jersey Central which
rose to 70 "a Reading advanced IA, to 36 IL,
Northwestern / IA, TO 100, Milwaukee and st.
Paul "a to 10 rs Delaware, Lackawanna e.
Western IA to 112 81 Central Pacific !, to
A IL Lake Shore /, to "a IA, Erie "a to IA 3S,
Northern Pacific preferred l-2, to so ID Pacific
Mail, l, to A. and Union Pacific Is, to 81 5S.
Inc improvements was NOT iutA3 AT
the close The market is heavily oversold, and
stocks are very scarce for delivery. Dehnquents.
this afternoon, were bought in at difference of
IL to per cent. The borrowing demand was
active New Jersey Central loaned at IL, Mis-
souri, Pacific at IA, and other shares at 1-64 to
1882 per. cent. per diem for use Compared with
last night the closing prices are per cent lower
for Union Pacific, ] rs for Central Pacific for
Chicago, Burlington & Quincy, Is for
Union Pacific, / IA for Delaware, Lackawauna
& Western "a for Lake Shore, So for Canadian
Pacific Milwaukee & st. Paul and Denver &
Rio Grande, Is for Northwestern IL for Can
ada Southern Rock Island, Louisville & Nash
vile. Oregon & TranseontiHental and ST. Paul
e Omaha preferred, 3S for Wabash, IA for
Missouri Pacific, Kansas & Texas and lS for
Texas & Pacific. Delaware & Hudson is 3-S
higher, Reading IS and New Jersey Central
3 So per cent.
The sales of stocks for the week were 3, H.
3G5 shares. The Denver & Rio Grande railway
made net earnings in March of $1S, 900, and there
were heavy snow storms and slides.
Transactions 645, 600 shares to-wit: Central
Pacific 9,000 Delaware, Lackawana & Western,
IlS,000; Erie, as 600; Lake Shore 10000;
Missouri Pacific, %, 900; Northwestern "a, 600;
New Jersey Central, II 900; New York Central,
5000 Reading, 9,O00 Milwaukee & ST. Paul,
$4,000; Union Pacific 123,0e0; Western Union,
$1,000; Northern Pacific, l2000 Oregon &
Transcontinental, 5000.