The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-03-03
FINANCIALAND COMMERCIAL
MONEY AND STOCKS.
Heavy Transactions the New York Ex-
Change Squeeze in LacItawanna.

GeaEy AranSacItOnS on Une new HOfR I&-
change-A Squeeze in Lacsawanna.
NEW YORK March Money easy at l IL
per cent, closing at l al IL per cent.
Prime mercantile paper 4a5 IL per cent.
Sterling exchange is steady; sixty-day bankers
bills 497 and demand 400.
Bar silver 81. Ia.
Governments were quiet.
Railway mortgages were firm; West Shore
fves rose to 81, reacted to &C. and rallied to
Sc SIS The transactions in bonds continue on a
large scale.
State securities were steady
The sensation Of the day in stock circles was
the activity and advance in Lackawanna. Early
in the day the brokers for the bull pool called in
their loaned stock, which commanded 1872 for
use during the first fifteen minutes; the rate,
however, soon advancing to 5per cent. The open
ing price was 12S regular and 12S IA cash 1t
subsequently advanced to ]3l regular and 1876
cash. From midday until the delivery hour the
difference ranged from 31-2 al per cent 1t be-
came known about o'clock that round amounts
of stock would be brought in for non delivery
AT 2:l5 the purchases for non-delivery began
The price Oped at 1877, ran off to 134 IL advanced
to l39 IL, and dropped to and closed at l30'7-S
The nSSS5er of shares bought in under rule
at these prices was $500; the sales of regular, in
the meantime, were at 13l, 129 "a 40 10
stock were heavy, footing up to 1S9 10 shares,
of which 80, $50 were cash, $500 under rules
and 600 ''selleF sixty" The excitement was in
&ense and the losses of the bears enormous
During the squeeze the street flooded
with runaors of Contemplated twists" on other
heavily-oversold stocks The effect of the re-
ports was to drive the shorts into the market as
buyers, and an advance of 1-4G3 per cent fol
lowed. Union Pacific, Northwestern st. Paul,
Lake Shore, Western Union, Central Pacific,
Missouri Pacific Michigan Central, and LOUIS
vile and Nashville made the greatest advances.
Northwestern was exceptionally weak in the
early dealings, breaking IL per cent, to 116 1-2
subsequently the stock rose to 1872. This ad
vance was followed by a reaction of 1-401 IA,
the whole list participating. Compared with
H@st nights closing prices are generally IA a
ia nor cent higher. Lackawanna is l 7-8
biabeIP Of ~ IS; Michigan Central 3, at 90.
CHICAGO. Burlington - Quincy, Northwestern
and Omaha preferred are I-C%''p per cent
lower.
The Post says: 1.-THE squeeze in Lackawanna
to-day was Surprise to the great majority OF
SPECTATORS in the market, it was not believed
there was so large short interest outstanding in
the stock, though it is quite well known there is
still large one in Union Pacific, st. Paul, Lake
Shore, Missouri Pacific and several others: us +s1
confidence shown by the bears yesterday. 1t is
known that few days ago bear pool was
formed by three we'll known spectators, whose
headquarters is near the junction of Broad
street ard Exchange Place. Yesterday they sold
between 600 and 0e0 shares each of Laeka-
wanna, Union Pacific and st, Paul. and to-day
they were buying their LackawaIlna, but not
their other stocks. 1t is reported that call tor
1000 Lackawanna at l91 went begging last
night at IS. The call was good to-day, and
makers of it compromised early for 600,
There were also plenty other incidentSJto show
the bears We're very confident that to-day
would show lower prices. The experience of
to-day, however, has narrowed down to Mr..
Gould and Mr.. Vanderbilt on one side, and a
well-defined bear party on the other 1t also
shows that the latter pretty sure to get ter
ribly punished whenever they get out enough of a
short interest to make it worth while to squeeze
them"
The steamers for Europe to-day took out ST.
600, 900 in gold. The Saratoga, for Havana took
$3l20 900 Spanish gold coin.
The East Tennessee, Virginia G. Georgia Rail
road Company paid to the Treasurer of the
State of Georgia, at the Fourth National Bank
this city, $3.50, 900 in Georgia bonds the balance
due On the purchase of the Brunswick & Macon
railroad
Sales of stock for the week, 2,579, All shares,
an increase of 100, 1913 over last week.
Transactions aggregated $4,000 shares and in
Guided 1000 Central Pacific; 146,0 600 Delaware,
5Iackawanna & Western 81, 600 'cash" and g.
900 under the rule" 5000 Oregon & Trans
continental; 5000 Northern Pacific preferred;
5000 Erie; ~, 600 Lake Shore; 5000 Louisville
& Nashville G, 900 Missouri Pacific; A. 900 North
western; 5000 New York Central; IL, 900 Read
ing; 60 900 Milwaukee e. ST. Paul; 5000 Texas
& Pacific; $4,000 Union Pacific, and 10, 900 West
ern Union.