The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-06-03
FINANCIAL AND COMMERCIAL
MONEY AND SECURITIES.
The Stock Market Closes Higher, Except
Reading and Louisville s. Nashville.

The Stock Market Closes Higher, Except
Reading and Louisville & Nashville.
New YORK, June Money easy at 2
per cent; closing offered at 2per cent.
Prime mercantile paper, 506 per cent.
Sterling exchange steady; sixty days, 4S3 IL;
sight, ass IA.
Government bonds were irregular.
Railway bonds were strong.
State securities were quiet. South Carolina
Brown consols sold at l05 rs.
The Stock Exchange opened for business at II
o'clock to-day. Before the opening the street
was flooded with reports concerning Reading.
1t was stated that the company was unable to
meet the interest on its consolidated mortgage
bonds due to-day, that the dividend Jersey
Central stock would be passed, and that an APP
plication for receiver for the Reading com
pany would be made to-day 1t was also stated
that considerable St Paul and Erie
new seconds and other securities would be sold
ont for account of Jere Millbanks and j. G.
Mills, consequently the street was prepared for
a lower market at the opening, and was not dis
appointed in this respect. In early trading the
bears made sharp attack on values and eX-
tended their lines materially, and prices dropped
l-2 to 1 IA per cent, the latter on Reading,
which broke to D. Laekawanna sold down 3, to
5
2 10, to 40 "a ST. Paul IA, to r. Louisville &
Nashville IL, to "a "a; Union Pacific 2, to AZ,
and the remainder of the list declined IL to
per cent 1t was subsequently, announced from
Philadelphia, that A. J. Drexel & Go. We're
buying at par the coupons of the Reading
consolidated mortgage and simultaneously IL De
came known that the Jersey Central dividend
was being paid at the company's Office. At this
time it was also stated that the New York Cen
trail directors would this week declare quar-
terlV dividend of 2 Der cent. lit was further
stated that the Western Union directors would
meet on the 18th inst and declare the regular
quarterly dividend, and that the statement to
be presented would be very favorable. The
shorts then attempted to cover, and found the
floating supply of stock smaller than
pected. Prices rose rapidly l-2 to 3S per cent,
the latter. Union Pacific, which rose to AZ Is.
In the afternoon the resumption of Fisk Il Hatch
was announced at the Stock Exchange, and
this had a buoyant effect. Near the close there
were sales to realize, and prices reacted Ia to
1-2 per cent, except for Missouri Pacific, which
continued strong and in demand. Reading,
however, was weaker, and fell off to . on the
appointment of receivers. Compared with Sat
urday the closing prices are ID to 3 3S per cent.
higher, except for Reading which is IA per
cent, and Louisville a. Nashville,
! 12 lower. American Gable rose 34
per cent; to 80 IL; Oregon Improvement
z to 10; Pullman Palace !, to 1913 IL; West
Point Terminal l, to n; Manitoba 2, to 80; st.
Louis & San Francisco preferred |, to 81; Long
Island IA, to 60 "a, and Memphis & Charles
ton 4, to 90
Transactions. 455. 600 shares, to-sit: Delaware
q Hudson 81, 900; Hannibal & St Joseph, 5000;
lake Shore, II, 900; Louisville & Nashville.
II, 900; Missouri Pacific, As 600; Northwestern,
$4,000, New York Central, IA, 900; Pacific Mail,
5000; Philadelphia & Reading, 46, 900; Milwaukee
g. ST Paul. 10000; Texas Pacific, 1900; Union
Pacific, TO- 600; Western Union. AZ, coo; Northern
Pacific, 5000, and Oregon & Transeontinental,
10, 600,