The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-19
Mr.. Wards Explanation of the Business
Methods Pursued by His Firm.
How a Brooklyn Man Invested $500 and Drew
Out $700O-Mr. Beecher on the
Panic-NOtes of the Furry.
THE STOCK EXCHANGE.
a Comparatively Quiet Day, with Good Buy
ing and Wide Fluctuations.

A Comparatively Quiet Day, with Good Buy
ing and Wide Fluctuations.
NEW YORK, May 1.-THE stock market to-
day was comparatively quiet, and the close much
higher At times there was some excitement,
but at no time was there any approach to the
feverishness which has characterized the dealings
during the last few days. AS might be expected,
the fluctuations were wide. There was no
marked pressure to sell, and there was good buy
ing at various times, both for foreign and home
account. Tho chief interest in the morning was
ia the coal stocks, which were weak on several
vague stories rejecting on the credit Of the Read
ing company.
Another report, that the coal combination had
disbanded, was absurd. The presidents of the
carrying companies were never more in harmony
than at this time, and it is we'll under
stood that disruption of these relations
would be fatal to the railroads and producers,
collectively and individually. The proposed
extra three days restriction this month has been
abandoned, and it will probably take place in
June This fact gave rise to the rumOrs of
trouble. as it was expected that the restriction
would be ordered next week The reasons why
this was not done are that some of the compa-
MES were opposed to the change after notifca-
ton had gone out that there would be nine days
restriction in May.
1t was thought such course would have bad
effect upon the miners and the trade. Through
out the whole discussion there was the best feel
ing among the coal men, who are DESTROYS only
of advancing the interests of the trade. Buyers
of coal are still holding off on account of a be-
lief that prices may be brought down before fall,
and this has caused some dullness. The strin-
geney in money has rather aggravated the situa-
ton. but well-infomed people insist that the
year as a whole viii be fairly good. Both Read
ing and Lackawanna were sold freely, and the
former reached the lowest price of the week,
SQ14
The vanderblts, led by Lake Shore, were
also somewhat depressed The arrival of Mr.
Vanderbilt in Queenstown on Monday will be a
great relief to the junior members of the family
and the brokers who do their business 1t was
discovered to-day that one of these firms was
greatly pressed for money yesterday, and it is
believed the selling of Lake Shore was for the
account of some close representatives of the
Vanderbilt interest, who were the temporary
victims of the squeeze in money started the
other day by the New York banks
A curious fact was that the bears arrested this
decline. At the lowest point stocks were from
to 2 20 per cent below yesterdays closing prices
A decidedly better market followed. first on the
news of an improvement in London, and then on
a sudden in money. AS high as 3-8 per
cent. premium had been paid but suddenly
money was offered at 6, and then as low as ? per
cent There was Immediately a good deal of
buying. and the market became strong and
buoyant. The announcement was also made that
the Treasury at Washington had made ship
ments Of a large amount of legal tenders to
New York and that foreign bankers were ready
10 ship gold if necessary.
All danger of trouble seemed to dissolve, and at
the close active stocks were from IL to Is
higher than last night. There is good deal of
anxiety as to the arrival out of the Baltic. the
steamer on which Mr.. Vanderbilt sailed. She is
due in Queenstown early on Monday morning
and it is expected that some communication
which will benefit the market will be received
from him at about the time of the opening on
Monday Some of his friends need a good deal
Of aid and comfort