The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-15
FINANCIAL AND COMMERCIAL
MONEY AND SECURITIES.
Extraordinary Prices Demanded for Money
wide Fluctuations in Stocks.

wide Fluctuations in Stocks.
New York, May l4.-Money was stringent,
loaning as high as per cent. per diem, closing
at per cent. per diem.
Prime mercantile paper, 4a5 Upper cent.
Sterling exchange, dull; sixty days, 4s7; sight,
49,
The complications arising from the alleged
stock speculations of the officials of one of the
national banks caused panic in the stock mar
ket to-day, Yesterday it was developed that A.
Dyett & Co IS checks had been refused certfca-
ton by the Continental Bank. The firm, it was
said, was affected by the inability of the bank
official in question to live up to his contracts.
At the Continental Bank it was stated that A.
Dyett & Co. S customers would be taken care of
by VIM Heath G. Co. This was subsequently
corrobofated by an official notification to the
Stock Exchange that Vim. Heath & Co. would
settle with the members of the Elk
change for all stocks bought sold,
honored OF loaned previous to this
date. After the opening of the board the sus
pension of Nelson Robinson & Co., COTE &
Randall o. NJ Bogart & Co., J. C. Williams,
and Hatch & Foote were read from the rostrum
of the Exchange, and, under sharp pressure to
sell, prices broke l TO II per cent, the decline
being accelerated by lquidations and by sales of
thousands of shares under the rule for account
of the suspended firms. The decline was subse
quently checked by the action of Secretary
Foger in ordering prepayment of the 18th call
for 100000 of bonds. The Secretary also ex-
pressed himself willing to do everything in his
power to prevent a stringency in the money
market and, if necessary, he would issue a call
for $40, 900 900 additional.
Bank Examiner Serbia, who had been
requested to investigate the affairs
of the Second National Bank, reported the
institution solvent The effect of this on the
market was favorable, and rally Of Id to per
cent. took place. Soon afterward rumors were
circulated that the Metropolitan Bank was in
trouble This story was denied for time, but
after II O'Clock the bank stopped payment and
closed its doors. This brought in renewed offer
ings, and there was fresh break. Compared
with the highest price of the morning there was
decline in Missouri Pacific Of 10 II, 70 81 IL;
Central Pacific 6 "a to "a; Quincy IA, to 112;
Northwestern IA, to "a; do. preferred s, to l25,
st. Paul 4, TO So; Rock Island6 1-2 to 100 ID;
Lackawanna ga, to los; Delaware q Hudson
IL, to so l-2; L. d n Ia to ~ IL;
New Jersey Central 4, to 20; New York Central,
IL, to 105 "a; Northern Pacific preferred Is;
Oregon Transcontinental 10, to 10 IL; Pa
cifc Mail IL. to 50; Omaha preferred IA, to
81; Union Pacific 6 7S to 80; and Western
Union 6, to 40. These phenomenally low fig
ures attracted purchasers and there were fitful
rallies until nearly 2 p. NJ, when the market
developed comparative strength on belief that
the banks at their meeting would COMBINE Tor
mutual protection. This was later found to be
the case. Canadian Pacific advanced 2, to 40;
Central Pacific a to 3S; Quincy a. to ZIG; North
west s, to 1e4 st. Paul 4 TO SO; Rock Island,
41-2, to ia; Lackawana- 2 to lie;
Louisville & Nashville 2, to IS; Lake
Shore / IA. to 81; Missouri Pacific IL, to 20;
New York Central 3, to los "a; Northern Pacific
preferred g. to As; Oregon &; Transcontinental
PA, to IL "a; Pacific Mail H. to 81 IL;
Omaha preferred ) IL, to 81 1-2; Texas Pacific
ga, to ii IA, and Western Union l-2, to
1912
Near the close money became very active &C
commodations being refused in many cases. The
rate was suddenly advanced to the extraordinary
figure of 3 per cent. per diem. The failure of
Hotehlziss e Burnham was also announced dur
ing the afternoon. This unsettled affairs once
more and some stocks ran off ID to 3 l2. The
market closed irregular, with some stocks quiet
and firm.
Compared with lasl nights closing prices are
II per cent. lower for Michigan Central, 10 IA
for Missouri Pacific, for Northwestern preferred,
rs for st. Paul, 6 IL for Pacific Mail, IA for
Omaha preferred, 6 is for St Paul preferred,
"a for Louisville & Nashville and Northwest
ern, 3-S for Northern Pacific preferred, rs
for Union Pacific, 1-2 for Western Union, for
Delaware & Hudson, 80 for Omaha and Jersey
Central, 2 rs for Oregon & Transcontinental,
3 "a for Rock Island, 2 IL for New York Cen
tral, 3-S for Lake Shore, rs for Texas Pa
cifc "a for Central Pacific and Quincy, 1-2
for Northern Pacific and about per cent. for
the other active shares not mentioned.