The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-13
FINANCIAL AND COMMERCIAL
MONEY AND sEcuRIrIEs.
Lower Prices in New York Caused by sepsa-
tional Rulnors.

Lower RrlceS III new fOfh NstuseN W f9ShHts-
.se tional Rulnors.
NEW YORK, May 12-Money, 3l-244 v cent,
closing at 1928 Y cent. Prime mercantile
paper, 1915 y cent
Sterling exchange, sixty days, 4S7; sight, 4S9.
Railways weaker for West Shore, which sold
Gown to 81 IL.
State securities dull and weak.
The market opened with lower prices on an
nouncemeat that Union Pacific had cut passen-
ger rates from Denver to Chicago; it was also re
ported that the Standard Oil Company was in
trouble, but this statement was met by aprompt
denial from the treasurer Of the company.
Prices dropped 1-2 to W cent, the latter Central
Pacific, which fell off to AZ IA; the other weak
stocks were Northwestern, St Paul, Lackawanna
and Union Pacific. Before the first call it was
officially announced from the Union Pacific Office
that rates between Chicago and Denver were be-
ing strictly maintained On this, sharp borrow
ing for stocks set in, ard Jersey Central lent at
Pol p cent. per diem for USE Missouri Pacific
at 1912, l4aekawana at l|p4&1' -, heading
at 1-39 Lake Shore and Western
Union at 164, New York Central and Northern
Pacific preferred at fat to l64 other shares gen
orally fat, The denial by the Union Pacific
officials and the scarcity of the stock for borrow
ing purposes led to heavy purchases to cover
cent. Lackawanna advanced 2, to ia IL;
Northwest IS to IOS Missouri Pacific ! 5-S. to
81; Jersey Central ~, to So Northern Pacific
preferred ! IL, to 53s-s; Reading l, to % IS;
liz to 81 Ia. subsequently Northwest
broke 10 lQ5 rs, and St Paul to &c 58 This
unsettled speculation once more, and gen
eral decline took place; Bafere ! o'clock
to II 3-s, and Union Pacific to 81 -. Later the
market became irregular, but at r. NJ. Union
Pacific became very weak, and broke, under large
offerings, to 49, st. Paul was again freely pressed
hour better feeling prevailed, and number of
shorts were bought in under the rule for
pon-delivery. About 2, 600 shares of Missouri
Pacific, Reading Lake Shore, Jersey Central
and Lackawanna were brought in for this ae-
count. There was difference of 1-4Gl-2 per
cent. between sales regular and cash Prices
rose l-S TO per cent, butnear the close weaker
feeling set in and the market left OFF
steady Compared with Saturdays closing
for St. Paul. 8 for Union Pacific and Quincy,
21-4 for Central Pacific 2 for Omaha preferred
! So for Wabash preferred, l l-4for Reading Is
for Oregon & Transeontinental ] for Louisville
s. Nashville. Lake Shore, Michigan Central and
Wabash. and is To rs for the other active
shares. Denver is IA higher, at II IA
The Western Union transfer books show that
for the week ending May 10, investors bought
0063 shares and sold 283 shares, showing
gain of $3.50 shares for the week
The Stock Exchange reelected President
Hatch.
Transactions, $50 coo shares, to-wit: Central
Pacific, 6,ee0; Delaware, Lackawana & Western
eg09R Erie, II, 900; Kansas & Pexas, 590e Lake
Shore "a 600; Louisville u Nashville. 10000
Missouri Pacific, 1s,e9o; Northwestern, G0000
New York Central 7,e0e. Reading, $4,000; st
Paul 81 600 Union Pacific, s., 600; Western
Union. Is, 600; Chicago, Burlington & Quincy
5000 Northern Pacific, s 0Q0 Oregon & Trans
continental 1000; St. Paul Minneapolis s. Man
itobas 6.90Q