The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-17

Stocks Very Strong.
NEW YORK, May l6.-Money on call was easy
At per cent.
Prime mercantile paper, 405 per cent
Foreign exchange was quiet and unchanged.
The total sales of stoeks to-day were 199, 1863
shares, including the following: Delaware, Lack
awanna & Western, 80, 400; Lake Shore, 1900:
Louisville G. Nashville 1860, Northwestern,
1920; New York Central, 1925; Pacific Mail,
$500; St Paul. 10000; Union Pacific, $1,000;
Western Union, 400.
In government bonds there was advance Of
1per cent. in quotations .for the tours and the
four-and-a halls, coupon, in the currency skies,
and decline of in the threes. There were
gaesof threes atlo34, and of the registered four
snd-arhalfs at 1853.
State securities have shown renewed activity,
and quotations are generally higher, with sales
of Louisiana consols, ex matured coupons, at
650654; North Carolina tax at S, and Alabama,
class C, at 49,
The stock market has not be en- active to-day,
but it has exhibited astrong undertone for nearly
everything except the Vanderpilts, which were
weak The Gould stocks, Louisville & Nash
for the inherent strength developed. pub
Eshed interview with Mr.. Vanderbilt, in which
ne admitted indirectly that he had been a heavy
seller of his speculative holdings of New York
Central and Lake Shore, and in which he
stated that he had been very much disappointed
rs to the prospect of future dividends by those
companies, and also declaring that he could not
tell when the outlook would be better, had
depressing effect upon New York Central and
upon Lake Shore. There has been some talk
of proceeding legally in an effort to stop the
heavy cutting Of rates that is being INDUCED in
by trunk lines on the northern routes New
York Central touched its highest point shortly
after the opening, from which it declined per
cent, and closed with a loss of !,
and Lake Shore, on fluctuations of only
j per cent, is down I. While there
are diversified views as to thecause of the pres
the general sentiment this evening is in favor
Of higher quotations for most of the list, espe-
cially the Gould stocks The more confident
"buls" declare that the market has only started
on an upward movement that will carry quota
tlons very much higher in the near future.
They declare that Manhattan was the
first stock to advance, and that Union
Pacific, Western Union, Pacific Mail,
and Missouri, Kansas g Texas are
to follow in the order named. They claim that
the ''short" interest is still very large, and that,
in fact, it was increased during the past week,
the "bears" fighting the advance by selling each
] per cent advance. An address to the directors
of Union Pacific in being circulated for sigma
lures, in which it is stated that during the last
half Of 1884, and the expired portion of 1885, the
stockholders have been deprived of their divi-
dends that the liquidation of the company S
floating debt might go on unchecked, and large
amounts from net earnings have been
applied to this object The floating debt having
been reduced to amount which can easily be
handled, and important questions at issue with
the government having been adjusted
the stockholders feel justified in request
ing the board to take measures to
clear off the remaining floating debt
that they may again receive the net earn
ings which legitimately belong to them. 1t
is-nrged that these measures will be
carried out at an early day. In view
of the ability of the company to place
its stocks more on dividend basis, it having
been clearly proven that the road could earn q
per cent. on its capital during period of I'M
precedented depression in railway traffic, it is
confidently claimed that enough bonds now be-
longing to the Union Pacific can be solo before
of Union Pacific has been steadily upward all
day, resulting in an advance of q per cent
Louisville & Nashville is also IL higher.
and Long Island, on sales of over
ii per cent The other advances
are for fractional amounts. Consolidated
Georgias are Is lower. The Louisville e. Nash
vile officials make the following statement
s'Thc recent decision of the United States
Supreme Court in the Tennessee bond cases re-
leased to the Louisville & Nashville company
$780, 600 of Henderson division bonds, which
has been locked up under an option since 1879
The delivery of these $500. 600 bonds by the
Company reduced the loans of the Louisville e.
Nashville company outstanding to $3.50, 600.
In view of the improved condition of
the property the directors have thought
It advisable to recover a portion Of last years
ten-forty bonds, and have completed negotiations
for the return to the company of 81 600, 900 of
these bonds, which would not have terminated
till October next" The total sales to day we're
nearly zoo, 900 shares, but of this amount Union
Pacific contributed $1,000 shares The total
sales for the week have been LAG, 145
$4,000 shares, but of this weeks
business over 81 per cent. consisted of sales of
Lackawanna, st. Paul. Union Pacific, New
York Central, Northwestern and Lake Shore, in
the order named. The principle changes in
prices this evening, as compared with last Sat
urday are an advance of 81 in Union Pacific.
"a in Louisville & Nashville. "a in Manhattan
Censol, and III in Consolidated Cas- New York
Central IL down 3, Lake Shore L. Lackawanna
81 and Delaware and Hudson q. The grangers
show only slight changes.
The railroad bond market has been unusually
active. and the business has been remarkably
we'll distributed. There was some activity in
Erie seconds, new, the Metropolitan Elevated and
Atlantic q Pacific issues, but not enough to mo-
nopolize, to any extent the business of the day.
Prices are generally higher this evening than at
the last previous calls The total sales for the day
were 81 $4,000. an increase over yesterday of
$457. 00o, The total sales for the week were 81.
400 600, decrease from last week, when Erie
seconds and Western Shore frsts were unusual
" active, OF So, 22l, 500
The market closed with the following prices
bid:
Three per cent. bonds ,a es shore s2s
United states fxe.. Louisville Nash lie 34ss
United States new ss.i2iA H., N. A. C....... q
Pacific IS of 1924 Mar. Gin. frsts pref
Central Pacific hrsts.l l2A Mar. Gin. seconds,
Erie seconds 5fsk Mem. Charleston. S6
Lehigh WIKI ..... 95s Michigan Central...... so
Louisiana Consols.. rs MINI. a st. Louis. ii
Missouri 6s -. ........lO4 Mimi st. j.. prefd %
St Missouri Pacfc....... 9J<
st. p, as. e. frsts....n9 Mobile Ohio ~
Tennessee e., old ~ Morris Essex f22 S
Tennessee Gs, 80 Nashville Chat..... 39ts
Texas PEc. I'd grants. IS New Jersey Central 35Ss
ID II n - w