The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-02-13
COMMERCIAL
MONEY AND STOCKS.

The Stock Market Weak and Lower-Prices
or IA to / Per Cent.
NEW YORK, Feb. 11.-Moneyis easy at 1912
per cent.
Prime mercantile paper, 4a5 IL per cent
Sterling exchange strong; sixty days at So "a;
FOR sight SO IA.
Produce exports for the week, S., $4,000.
Governments were weaker for fOurs.
Railways continue firm.
State bonds were steady. Tennessee com
promise rose to AZ.
Speculation at the Stock Exchange opened
slightly lower on talk of liquidatiens by various
pools, exports of gold, ETC., but before u:30 this
morning buying orders made the market become
strong and higher. The strength then continued
almost throughout the entire day; and on pur-
chases for long" account and to cover ''shorts,
an advance of IL to Is per cent was recorded.
There was little, if any, bull news, except ad-
vices from London announcing that the shorts"
IN Louisville & Nashville had been caught at
the center. Borrowing rates for stock advanced
to 14a34 per cent.
Earnings of the st. Paul & Omaha, Manitoba,
Chicago & Alton, and Canadian Pacific, for the
first week in February, show an increase, and
this with the heavy gains of the Northwest and
st. Paul, yesterday stimulated purchases Late
in the day the old bear party made vigorous
raid on the market. Union Pacific and st. Paul
were the favorite points of attack, and were
forced down 3-S, to 70 1-2, for the former and
j Ia, to 92 for the latter The severity of the
raid hurt the general list. and decline of IA to
] "a per cent took place. The market closed
weak. As compared with yesterdays closing,
prices are down IA TO l per cent. except for
Northwest preferred, Rock Island, Louisville and
Nashville and Oregon & Transcontinental,
which fraction higher. Northwest com
mon and Lake Shore are unchanged.
The Posts financial article says: ''It is well
understood that Vanderbilt having largely di
unfinished his holdings in eastern trunk line
stock year ago, is now reinvesting his capital
in Northwest Rock Island, and other west
ern stocks and in short time will be more large
ly interested in Iowa, Wisconsin, Illinois, and
Minnesota roads and in Pennsylvania coal prop
critics than in anything else. AS far as Pacific
railroad properties are concerned, We have pri-
vate and trustworthy advice from Washington
to the effect that the Pacific railroad public
land committee. to which has been referred sew
eral bills hostile to all Pacific roads, are
not inclined to deal unjustly with those proper
ties 1t is believed the temper Of both Houses
has experienced decided change since the
questions of land grant forfeiture, etc, have
been examined and both sides heard. The opin
ion of disinterested and unpreiudiced persons is
that no hostile legislation will be enacted by
Congress. All these general features favor the
restoration of confidence in railroad property
generally, while immediate influences in the
shape Of buying for control of certain roads,
etc, are in the same direction"
Transactions the Stock Exchange, to-day,
aggregated 1000 shares, as follows: Della
ware, Lackawanna & Western, 43, 900; Erie, g.,
600; Kansas & Texas, 5000; Lake Shore. H.,
900; Missouri Pacific, 10000; Northwestern,
16, 900; New York Central, 1000; Reading,
5,OO0 St Paul, Al ,OOO Texas Pacific, 5000;
Union Pacific, 1900; Western Union, L., OOO
Northern Pacific "a, 600; Oregon 81 Transcon-
Gnental, 43,000 Rock Island 1000.