The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-18
New York Financial Market.

New YORK, Jan. I7.-Prime mercantile pa
per, sac per cent
Money easy at 11-2021-2 per cent; closed
offered at IL per cent.
Sterling steady at 81 IL; sight, Sc 81
Governments were strong,
In railroad bonds, West Shore fves were in
better demand, and moved up to "a IA. Tran
saetions were So, 10000.
State bonds were quiet.
Speculation ON the Exchange opened weak,
with decline in prices of 1-4a5-S per cent for
the general list and l 3-8 for Oregon & Trans
continental, which broke. Subsequently there
was a rally of A a per cent and the market was
quite firm for half an hour. About 1l3O it was
rurnored that President Sloan had determined to
fight the trunk lines, and refused offers of ar
bitration. This led to an attack on Lake Shore
which broke / Ia Western Union, however,
was the weakest spot and broke from
73 3-8 to II IL one enormous transaction.
Tho ''bears" concentrated their efforts for mo
ment against this stock. Subsequently they trans
ferred their attacks to the Wabash, which broke
from IL la to Ia for the common and from IS "a
to q for preferred. The general market,
although it did not decline much, was unsettled.
All sorts Of unfavorable rumors, none of which
could be authenticated, were put afioat to accel
crate the decline in prices and false reports were
sent to many leading cities stating that various
firms and individuals were in trouble. At one
time Louisville q Nashville was the special OBJ
ject of attack, and it was rumoured on the eX-
change that large transactions IN this stock were
accounted for by prominent operator, formerly
Unidentified with the property, selling 10000
shares, and leading bear" speculator buying
the same. The operation evidently for
the purpose of inducing sales of long stock
1t was understood that it mutually agreed
upon by the spectators in question. The same
tactics were resorted to in other stocks. During
the last hour there was sharp and active buy
ing movement in the entire list by leading ope-
rators which carried prices up IL to per cent
from the lowest point of the day.
After the close of business the executive com
mittee of the board of directors of the Della
ware. Lackawana Il Western Railroad Company
this afternoon authorized Jay Gould to present
Commissioner Fink a proposition to arbitrate
the matters in dispute between that company
and the roads comprising the Eastern trunk-line
pool Commissioner Fink accepted the PROPOSE
ton, and withdrew by telegraph the order
previously sent Western roads in regard to the
Lackawanna company This road is to enter
the pool, and the allotment of percentage will be
settled by arbitration 1t is understood the
Laekawanna will name one gentleman aud Com
missioner Fink another, and these two a third
This practically ends the trunk line troubles
and removes the disturbing element which the
bears have set against the market with consider
able effect for seme days past.
Northern Pacific securities advanced after the
election of Mr. Harris as president. The situa-
ton of the Ontario & Western road improved
and the motion for a receiver was postponed until
Saturday pending negotiations for settlement
Officials of the road express confidence in being
able to pull through. Illinois Central was the
feature of the market, and rose to 1876, on the
declaration of an extra cash dividend of 2 per
cent In the final dealings there was general
advance.
The market closed strong. Compared with
last night, the closing prices are IA to IL per
cent. higher, except for Wabash, which is IL
lower. Oregon Improvement dropped 10 points,
to 40, and closed at Al bid; Nashville, Chattanoo
ga & st. Louis declined IL, to 49 10; Colorado
Coal 2, to IL IL, and New York & Texas Land
"a, to 1873
Transactions aggregated 497 600 shares, as fol
lows: Delaware Lackawanna & Western 81
600, Erie 10, 600; Lake Shore, a. 900; Louisville
&. Nashville, $4,000; Missouri Pacific, $1,000;
Northwestern, II, 900; New York Central, IL, 000
Northern Pacific, 100000 Ontario & Western,
5000; Reading, 10000; st. Paul, $4,000; Union
Pacific 10000; Western Union, 60, 200; Oregon
q Transcontinental, 5000.