The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-18
FIRMNESS In TIE MARKETS,
A Moderate Volume of Business, with a
Tendency to Higher Values.
Discouraging Reports from the Winter. n neal
Belt-A Very Light Trade in Pre-
visions at Unchanged Prices.
MONEY AND STOCKS.

Stocks Very Strong.
NEW YORK, May 16.-Money on call was easy
at per cent.
Prime mercantile paper 4a5 per cent.
Foreign exchange was quiet and unchanged
The total sales of stocks today were 199, 1863
shares, including the following Delaware, Lack
awanna & Western 90, AGO. Lake Shore, 1900;
Louisville G. Nashville, 16600 Northwestern,
1920; New York Central, 1925; Pacific Mail,
$500; St. Paul, 10000; Union Pacific, 1000;
Western Union, 400.
In government bonds there was an advance of
! per cent in quotations for the tours and the
four and halls, coupon, in the currency skies,
and decline of in the threes. There were
sales of threes at 1884, and of the registered four
Rnd-a-halfs at 115s
State securities have shown renewed activity,
and quotations are generally higher, with sales
of Louisiana consols, ex. matured coupons, at
650651; North Carolina tax at s. and Alabama,
class G, at 49,
The stock market has not been active today,
bnt it has exhibited astrong undertone for nearly
everything except the VanderDilts, which were
weak. The Gould stocks, Louisville & Nash
vile and Long Island. are the most prominent
for the inherent strength developed. A pub
hshed interview with Mr.. Vanderbilt, in which
he admitted indirectly that he had been a heavy
seller of his speculative holdings of New Yor
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 a
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 loss Of I,
and Lake Shore on fluctuations of only
per cent, is down /. While there
are diversified views as to the cause of the pres
emit and prospective strength of the market,
the general sentiment this evening is in favor
of higher quotations for most of the list espe-
eially the Gould stocks. The more confident
''5ulls" 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 d 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 is 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
floating debt might so on unchecked, and large
OF naHrn hoy hna
applied to this object. The floating debt having
been reduced to an amount which can easily be
banded, 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
lngs which legitimately belong to them 1t
Is urged that these measures will be
sarried out at an early day. In view
Its stocks more on q dividend basis, it having
been clearly proven that the road could earn
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
1nly to pay off the floating debt The course
of Tuion Pacific has been steadily upward all
day, resulting in an advance of q per cent
Louisville e Nashville is also Il higher
and Long Island. on sales of over
1000 shares shows a gain of
q per cent The other advances
ere for fractional amounts. Consolidated
Gsorgias are Il lower. The Louisville & Nash
vile officials make the following statement
'"rhe recent decision of the United States
Supreme Court in the Tennessee bond cases re-
leased to the Louisville & Nashville company
$500, geo of Henderson division bonds, which
has been locked up under option since 1874
The delivery of these $500. 600 bonds by the
company reduced the loans of the Louisville &
1sv<~
In view of the improved condition OF
the property the directors have thought
It advisable to recover q portion OF last year $
ten forty bonds, and have completed negotiations
for the return to the company OF $1,000, coo of
these bonds, which would not have terminated
TIL October next" The total sales to day were
nearly 200, 900 shares, bat Of this amount Union
Pacific contributed $1,000 shares. The total
sales for the week have been 1,4l6, l45
shares, decrease from last week of
business over 81 per cent. consisted Of sales of
Lafkawanna, 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,
81 in Louisville & Nashville, "a in Manhattan
Consol, and IL in Consolidated Gas New York
Central is down 3. Lake Shore i, Laekawanna
q, and Delaware and Hudson q. The grangers
hhow only slight changes.
The railroad bond market has been unusually
active and the business has been remarkably
well distributed. There was some activity in
Erie seconds, new, the Metropolitan Elevated and
Atlantic q Pacific issues, but not enough to mo-
n0polize, TO any extent the business of the day,
Prices are generally higher this evening than al
the last previous calls The total sales for the day
we're 81, $50. 900, an increase over yesterday Of
$4,000, The total sales for the week were ST.
SOC, 600, decrease from last week, when Erie
seconds and Western Shore frsts were unusual
~ active, of g., 22l 500
The market closed with the following prices
bid:
ghFee per cent. bonds. lo3sl Lake shore--;;.. 81
United states 4ss. 2Ss Louisville Nashville a.
United States 4s.l2iA T., N a. C......,.... q
Paeihe &c Of s5.....I2 Mar a Gin. frsts pref -.
Central Pacific frsts i'm Mar 4 Gin. seconds.
Erie seconds 5I>s Mem. Charleston. &c