The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-17
FINANCIAL AND COMMERCIAL
MONEY AND SECURITIES.

After an Irregular Opening the New York
Market Closes Very Buoyant.
New York, May lG.-Money was active. and
loaned up to l ID per cent. per diem, closing at .
at per cent. per annum.
Prime mercantile paper, nominal.
Sterling exchange was demoralized; sixty days,
4S1 a4S3; sight, 492 a 484.
Dry-goods imports for the week, $l,37s,000
Government bonds were frmer in the after
noon, and at the 2:30 call the four-and -a-half per
cents. were quoted higher at III dip l2,
and the four per cents. at us 12d1l9, with
sales at lis I2d1l9. The three per cents. were
quoted a fraction lower, at 80.
The market for railroad bonds was not special
ly active this forenoon, except for a few Special
features, though prices were generally lower
and in a few cases the declines were important
State securities were dull and neglected.
The stock market opened irregular. and in the
main, weak, on account of the failure of Fisk &
Hatch, on Thursday. The first sales were made,
for the most part, at a concession Of II to
1l-2 per cent. Western Union Wabash,
preferred Union Pacific and Texas
before the first call, there was a sharp upward
turn, in which Lake Shore rose 2 per cent. to
SO; Pacific Mail l.. to 81 IL Western Union
= s !, to ~ ~ New YORK CENTRAL L 90. TO ITO 30,
Erie l. to 10 12; Northwestern / IA, to 1902 81;
st Paul , 12, to 20; Quincy !, to 1l6; Central
Pacific 2l4 to 40; Lackawana l, to 10 81,
Louisville & Nashville l II to "a, and Missouri
Pacific l, to 70. Speculation was favorably af
fected by the weakness of the sterling exchange
market The pressure to sell exchange was I'M
commonly great, owing largely to the increased
supply of bills made against purchases of secur-
tiles for European account, and part
" because of the desire of foreign houses
to employ {heir funds in this market at the high
rates obtainable. Buying of stocks for foreign
account was again quite heavy, it being esti-
mated that between 40, 600 and so, 600 shares
We're taken for the other side. After the failure
of Hardy & Sons was announced, there were
frequent reactions and at times a feverIsh feel
ing, and under a fear of further failures, the
market showed a hardening tendency. AS 3
o'clock approached, and there were not only no
further failures. but favorable conditions multi
piled, there was a great improvement in prices
and an active demand for stocks, and the day
closed in a whirl of b~uoyancy such
as has not been witnessed for some time past
The upward movement was stimulated
by the fact that the Bank of New York had
loaned 50, 600. 600 on government bonds, and was
willing to lend more on the same security: that
the clearing house had issued So, eco, 600 in certi-
fcatas and expected to issue more, and that a
considerable sum of gold had been ordered
from the other side. An additional important
factor in favorof improvement was the easing of
the money market, call loans having declined
from l 10 per cent per dienn to 3 and 5 per
cent per annum, with a liberal supply of money
offering. The change from depression to
buoyancy. late in the day, was
very marked. During the day considera-
BILE money was received from nearly
all points. and investors also brought heavy
amounts into the street to buy stocks, and it
was regarded that the backbone of the money
stringency was broken.
Transactions, 436, coo shares. to-wit Central
Pacific. 9.O0o; Laekawana, As, 600; Rio Grande.
3.OO0; Erie, l 10000: Kansas & Texas 1000: Lake
Shore, 46, 600; Louisville 81 Nashville. 10, 900;
Missouri Pacific, II. 900; Northwestern. Is. 900;
New York Central. u, 600: Pacific Mail, 10, 600;
Reading, 1000; st. Paul. 80, 600; Texas Pacific,
49, O0; Union Pacific, IS, 900; Western Union,
80 600; Oregon & Transcontinental l3, 900;
Northern Pacific. II 900; Chicago, Burlington d
Quincy. ). 200.