The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-27
FINANCIAL AND. COMMERCIAL
MONEY AND STOCKS.

The New York Market Feverish and Irregu-
lar, with Downward Tendency.
New YORK Feb. 26.-Money, la2 per cent
offered at the close at II per cent.
Prime mercantile paper 4a5 per cent
Sterling exchange quiet sixty days, 81 49,;
sight, 1885,.
Governments firm, with an advance of . in
three-per-cents.
ness.
The stock market has been feyerish and irreg-
ular, but with tendency towards lower quota
tions. 1t is generally understood that two of
the most prominent bull and bear houses recent
" changed positions. Leading brokers for
months past have been earnest advocates of the
idea that the condition of the country was slowly
improving, and that the time has arrived when
the effect of that improvement should exhibit it
self in Wall-street quotations. Recently these
firms took the position that the rise in prices
since the beginning of the year had been fully as
great as the circumstances warrant, and for the
past week they have been talking about healthy
reaction, claiming that the market ought to fall
off at least to per cent. They say, however,
that some prominent bears here became inter
ested for time on the long side of stocks, and
the latter are not yet ready for decline This
view of the present condition of affairs in Wall
street has many advocates and the trading,
aside from manipulation going on, they say is
limited Nevertheless. the total sales continue
large, the transactions to- day amounting to &c.,
535 shares, but of to days business three stocks
contributed over 46 per cent-Lackawanna, To-
165; St Paul. 81, $50; Northwest A, GO shares.
at the opening prices were ! to per cent
lower than they closed last evening and in early
dealings there was further decline of about per
cent. This was followed by reaction, in which
the early losses were recovered. and at the end
OF the first hour in most cases, quotations were
higher than at the opening. Although the mar
ket did not move regularly, the tendency of
prices was downward for the next two hours,
and the lowest prices of the day We're made be-
fore o'clock This was followed by reaction,
which carried quotations to the highest figures
of the day. for the most active stocks. the ex
treme advances being reached, in many cases,
about p. NJ In the last hour portion of the
advance was again lost, but the market finally
closed steady to strong, prices being generally
to per cent lower than last evening.
Railroad bonds were less active than for sew
eral days past the total sales amount
ing to only ,006. 600, falling off
from yesterday of about 100000 Prices
were somewhat irregular, but, IN the majority,
closed higher. OF the speculative issues, Erie
seconds, new. were less active than yesterday,
aud declined from 57l to &c., rallied to aud closed
al 574--a loss of ! per cent. West Shore bonds,
IN which there was only a small business and
Oregon Improvement frsts opened unciL.s ped At
80, and decliied per cent, to 10. Houston s.
Texas Central frsts, MAR Lne. coupons off, drop
pea per cent. to 9la, and seconds,
snsln line, to 70. Toledo d Wabash
consolidated convertibles were also down l per
cent, to 81 The largest advances we're in Min
nesota & st. Louis firsts. which 3, to 1921;
Ohio Southern incomes, 2, to 24aa, and tirsts. Il,
to &C. Keokuk & Des Moines frsts were ] high
er. at l07, and New York Central extension fves,
u, at l05 The several st. Paul issues were
traded in, and prices remain steady, except for
southwestern division skies, which are ii lower, at
1l01. st Louis & Iron Mountain ives, gained /, at
II. Nckel-plat firsts opened at 90s, rose to
90, and closed with a gain of s. at Oh.
Only slight changes were made in the prices Of
Northwestern bonds, and Louisville Il Nashville
issues were generally shade higher Lehigh
& Wikesbarre consolidated assented bonds
gained l. selling at par and Chesapeake d Ohio
firsts, series A, Il, to 1e4a. while series b,
at &C. and currency skies at 26s, were unchanged.
Transactions, 600 shares to-wit: Is 600
Lackawanna, 10000 Kansas & Texas, $1,000
Lake Shore, 16 900 Louisville e. Nashville, As 600
Northwestern. $1,000 New York Central. 54, 900
St Paul, y 900 Texas Pacific, 10, 900 Union Pa
chc, 1000 Western Union, II, 900 Northern Pa
chc preferred.