The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-14
FINANCIAL AND COMMERCIAL
MONEY AND SECURITIES.
After Day of Excitement, the New York
Market Closes Weak.

After a Day of Excitement, the New York
Market Closes Weak.
New YORK, May 13.-Money, after loaning at
-412 % cent closed at a. ID " cent
Prime mercantile paper, 405 - o. cent
Sterling exchange, sixty days, 4s7; sight, 489.
Produce exports for the week, 81, SOC, 600.
Government bonds weak.
Railway bonds lower. Erie new seconds, after
advancing to &c. broke to Go, and rallied to 63 Ia
These bonds were sold on reports that the Erie
company would lose about 81, 500, 600 by the Je-
cent failures, and that a large loan, with bonds
as collateral, had been called. West Shore fives.
fell of IA, to 501-2 Chesapeake & Ohio cur
rency SKIES sold down ID, to A, and rallied to
As. Chicago, Burlington & Quincy (iowa) fours
sold down 1-s, to SO; Central Pacific IL, to
100, and Denver consolidated to l6.
In State securities Louisiana consols sold at
rs Ia, and North Carolina tours at "a.
The stock market opened weak and depressed,
and prices dropped IL to q cent Central
Pacific, Chicago, Burlington Il Quincy Union
Pacific, ST. Paul. Oregon & Transcon-
tnental and New York Central
were the weakest Central Pacific broke
per cent, to 40-the lowest price ever made for
that stock About IL o'clock there was sharp
demand to cover short contracts, DrOuSIlI ABOUT
by a scarcity of leading shares, both for cash
and lending purposes. Holders generally mott
fed brokers not to lend their shares hereafter.
All active stocks commanded a premium, and in
many cases as high as 800 day was paid Tor the
use Of 100 shares. There was marked differ
ence in cash and regular, amounting at times to
per cent The Vanderbilt brokers called in
their Northwest stock All this exerted favor
able effect on values, and prices rose l ~ to
25-S. This was succeeded by g slightly weaker
feeling.
In the afternoon rumors were circulated of
defalcation in q city national bank. and that the
Erie company had lost 81, 900, 900 by recent fail
nres. The officials of the bank emphatically de-
MED the reported defalcation. Reports were also
current that a number of leading institutions
and firms were in trouble. At the same time
vigorous attacks were made on Canadian Pa
cife Western Union, Louisville &c Nashville,
and Union Pacific and Canadian Pacific broke 6
per cent, to 40; Western Union 9, to "a; Louis
Vile & Nashville 5-S, to 40. Union Pacific raj
lied to % 10. Near the close Canadian Pacific
rallied to As, Western Union to 80, and the other
active shares IA to "a per cent. There was
good buying of St Paul in late dealings The
market closed weak and unsettled.
Compared with last night, the
closing prices arc II per cent;
for Union Pacific, for Canadian Pacific and st.
Paul IA for Central Pacific and Kansas &
Texas, for Quincy IA for New York Central
Northern Pacific and Missouri Pacific, l IL for
1eAdS Faclncs 1 o-ofor NortHerHI dclhc PREFERRED,
for Oregon e. Transcontinental and Pacific Mail,
and Is to rs for others the list, except North
Western and Delaware Hudson, which are
IA to l-S higher
Transactions. 5O4, 600 shares, to wit: Central
Pacific 6 600, Erie 10000. Kansas and Texas
1000, Lake Shore 10000 L. & N. 32000
Missouri Pacific $4,000, Northwestern $4,000
New York Central 10000 Reading $4,000 St
Paul 65 0O0 Union Pacific $4,000, Western
Union 5000, Chicago Burlington & Quincy
1000, Northern Pacific II, 600, Oregon & Trans
continental 5000, Canadian Pacific 5000.