The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-14
NNANCIALAND COMMERCIAL
MONEY n sTOCKs

The New York Stock Market Strong and
Higher-Causes of the Rise.
New YORK, Jan. 11.-Money easy at l 1-20
21-2 per cent: closing offered at 2 per cent.
Prime mercantile paper, 506 10 per cent.
Sterling exchange, bankers bills are steady at
4S3 12 for sixty days and 1856 FOR demand.
Bar silver 81. 10 12.
Governments were firm.
Railroad m mortgages We're frner. West Shore
1iyes rallied to So - but closed at57 IL. The
transactions in these bonds reached the enor-
nous total of So, O08, 900 to-day, which makes a
grand aggregate of SIS, z53, 900 for the week; the
total issue is $50, 600, 900. The bonds were again
heavy to-day, and a leading capitalist is said to
be liquidating. The Commercial Advertiser says
it is still asserted by persons in a posi-
ton to Judge that Vanderbilt is using vigorous
efforts to get control of the road. One of the
stories said to have the greatest effect in
depressing the price of bonds to-day was
that the company proposed to issue a
sort of mechanics lien on the road, to
take precedence of the frst-mortgage bonds.
This was quickly pronounced impossible, as the
company cannot go ahead of the first mort
cages. There is good reason for believing that
negotiations are in progress by which the West
Shore company expects soon to be placed in pos
session of the money necessary to complete the
road. Leading bankers said this could be done
by means of second mortgage or income bonds.
The impression prevails that a bear party has
been operating in bonds during the week for the
purpose of demoralizing stock speculation. The
bonds fell off from 60 "a to 81 Is, rallied to
b8 10 and closed at 81 3-8057 5-S. A meeting of
the directors of the company was held to-day, at
which plans to secure financial relief were dis
cussed. No definite action was taken, but it is
stated on good authority that the company will
probably issue $25, 900, 900 of income bonds, non
cumulative, bearing either5 or 6 per cent. interest.
State securities We're quiet.
The stock market opened strong and higher on
the announcement that the trouble over Utah
business had been settled by the formation of a
new pool, and prices advanced 1-40l Is per
cent. Shortly after 1890 O'clock the failures in
the grain trade had a depressing effect. The de
cline, however, brought in buying orders, and
tho market became firm. After 2:15 Union Pa
cifc was purchased freely up to II "a, which
affected the general list favorably. Buying be-
came quite spirited toward the close, and a conf
dent tone characterized the dealings. The i'm
provement was based on the official confirmation
of the reported formation of a pool by the Union
Pacific, Chicago, Burlington & Quincy, and
DeuNef q MO 0Tduue rOduS, anu ny Jhe all
nouneement that the Chicago, Burlingt on &
Quincy directors, at their meeting to-day. had
appointed a committee to meet the committee
representing the reads forming the new Western
alliance, with a view to effecting a settlement.
The rise was further assisted by a reported ad-
vance in steel rails to $37 a ton, and by q belief
that the decline in wheat will stimulate the eX-
port movement some. The short interest was
largely increased during the morning, especially
in the cases of Louisville & Nashville, Union Pa
eific, Delaware, L~ackawanna & Western and
Milwaukee d st. Paul. In the final sales the
market fell off 1898 per cent. and speculation
closed firm. AS compared with last night the
closing prices are 1-4U5-S pei cent. lower, except
for Denver & Rio Grande, Missouri Pacific,
Northern Pacific preferred, Union Pacific and
Western Union, which are 1912 higher.
Oregon Navigation broke to SO IL
regular and "a seller sixty days.
Pullman Palace-car fell from ia to
to Ill and rallied to 112 IL. The decline in this
stock was brought about by reports that NJ. Pull
man was a heavy seller of West Shore bonds to-
day. c., c., c. & |. dropped l liz, to So, and
Oregon Short-line 5 1-2, to Is. American Express
rose 2, to 90, and Texas land l "a, to 139 bid.
from the syndicate to-day, and securities were
lodged in the Farmers Loan and Trust Com
pany. Sales of stocks for the week were l, 521,
OBJ shares.
Transactions aggregated 235, 00O shares, as fol-
lows: Delaware, L-ackawanna d Western, IL, 900;
Erie, 5000; Lake Shore, 81. 900; Louisville &
Nashville, IA, 600; Michigan Central, 5000: Mis-
souri, Pacific, 5000; Milwaukee g st. Paul.
81 1000; Union Pacific, GO, 900; Western Union,
5000; and Oregon & Transcontinental, %, 900.