The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-16
FINANCIALAN COMMERCIAL
MONEY AND SECURITIES.

High Rates for Bank Accommodations
Strong European Demand for Stocks.
New YORK, May 15.-Money was more active,
and rates advanced to - per cent. per diem,
offered at the close at 1-1G per cent per diem.
Prime mercantile paper, nominal.
Sterling exchange, weak at $3.50 4sG for sixty
days and 4S5 a 4S7 for sight.
There was a much better feeling in Stock Eek
change circles early in the day. due to the action
OF the clearing house and to the resumption OF
the Metropolitan Bank. Prices opened az per
cent higher, the latter Michigan Central, which
sold up to II. Shortly after the opening slight
" weaker feeling prevailed, owing to the an
nouncement of the failure of A. Y. Dimmock d
Co This was succeeded by strong buying for
foreign and home account, and there was gen
eral improvement At the clearing house the
new certificates were ready for delivery at an
early hour, and the banks awaited themselves to
the extent of 81. OOO.0 600. The resumption of the
Metropolitan Bank also had very favorable eff
feet inasmuch as it completely sets at rest all
fears that the suspension was of the Marine Bank
character.
Buying for European account was special
feature of the market, and every house with for
eign connections had liberal orders to purchase.
At times during the day, when the market
sagged these purchases turned the course of
speculation. The extent of this foreign buying
movement was plainly shown by the foreign eX-,
changes. There was a larger supply Of bills
than for along time, and the pressure to sell
caused sharp decline in rates Twice during
the day prime drawers reduced their rates, the
last time to 1856 IL and ASS -. The high rates
of money at this ceuter attracted foreign capital
and leading English and German institutions
telegraphed their agents here TO draw on them
for any amount. Buying OF stocks
for home account was also very
large, the brokers' offices being
crowded with investors. This is usually the
case after disturbance like that OF the past few
days. Stocks so bought, it should be under
stood, are paid for in full, and taken out of the
street This operation, aside from reducing
the amount of ste cks to be carried on the street.
brings in so much fresh capital TO aid the money
market. investment purchases naturally had an
important influence in the direction Of improve
ment.
Speculation was strong till near 2 o'cloc K,
when report was circulated that there had been
dedication in the Louisville d Nashville OF
fee. This President Baldwin emphaEcahy de
MED and denounced as false all stories of defal-
cation other Irregularities in the company S
finances. 1t was, also rum9red that
a leading stock house in Wall street
was in trouble, but this proved
as untrue as the Louisville & Nashville story.
Again purchases for foreign account turned spec
ulatiop and the market became nrln JUST pc
fore the close the suspension of Fisk q Hatch
was announced and the market sold off
points for Central Pacific, for Pacific Mail,
and IL to 2 for other active shares. There were
evidences Of strong support in finsl dealings
Railroad bonds we're irregular to-day, some is
sues sheNipg,-a decided decline and others
marked improvement
Transactions, 474, 900 shares, towit Central
Pacific. he GEO Laekawana, 7l000 Rio Qrapde,
5000 Erie, ITO 600; Kansas & Texas 5000; Lake
Shore, q, 600; Louisville 4 Nashville 3, 600;
Missouri Pacific, D, 000 Northwestern, $1,000;
New York Central, 6 600; Pacific Mail, 5000;
Reading, % 0e9; St Paul, 81, 009; Texas Pacific,
5000 Union Pacific, 10000; Western Union,
30 O00; Canadian Pacific, 5000; Northern Pacific,
10000; Oregon d Transcontinental, $4,000.