The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-28
FINANCIALAND COMMERCIAL
MONEY AND STOCKS.
The New York Market Irregular, with High
est Prices in the Forenoon.

The New York Market Irregular, with High
est Prices in the Forenoon.
New YORK. March 2I-Money, per cent
Prime mercantile paper, 405 per cent
Sterling exchange quiet; sixty days, $4.s43;
sight, $4s6i.
Governments quiet and unchanged, except =
advance Of per cent. in coupon fours.
Railways quiet and prices generally higher.
State securities dull and about steady.
The stock market was very sensitive to the
European war news all day. the disposition be-
ing to buy on reports that further complications
between England and Russia were probable, and
to sell more pacific statements in regard to the
trouble between those two countries. The fact
that spectators have faith in an advance in
prices in case war should be declared is shown
by the number of kilograms received
during the past two days by leading
commission houses ordering purchases of
stocks on an open declaration of war.
At the same tine conservative operators, includ-
ing some leading financial men of the city, do
not hesitate to express the opinion that the first
effect of European war would be to depress
prices of nearly all securities dealt in on the
Stock Exchange and they c ito the experience
Of this country following the Franco Prussian
theory. There were also some local circum-
stances which tended to influence the course of
special stocks, including the declaration of a
dividend OF per cent for the current omar
ter blythe directors of the Iackawanna company,
which was followed by decided advance in the
price of that stock, although 1t was gener-
ally understood that there would be
nc change in the amount of dividend to be de-
clared. The Lake Shore directors to-day for a
second time passed the quarterly dividend, and,
although it was also very generally stated, prior
to the meeting, that no dividend would be de-
clared, the action of the directors had depress-
ing effect on the price of that stock. The last
dividend was paid Nov 1, 1884 and was II per
cent The Michigan Central directors also
passed the dividend but it has been SO long since
that company paid anything to its stockholders
that this action had effect on the price of the
stock. In fact there was not sale of the
stock to-day on the Stock Exchange.
The market at the opening was
somewhat irregular. Early dealings,
however, developed considerable strength,
which was quickly followed by lower
prices, and in a majority of cases the
lowest quotations of the day were made before
noon. Stimulated by the news from abroad, the
market began to advance about midday and,
although irregular and feyerish many of the
stocks made decided gains during the afternoon,
and the final sales were in most cases, very near
the highest prices reached. The leading commits
sion houses continue TO complain of the dull
condition of the market. Northwestern opened
at 81 and sold down to 934, and in general
rally again touched 94s, at which it closed at a
additional bonds were to be issued By the North
western company at 90 early date. In
quiry at the companys Office ELECTS
the statement that tho Northwestern
company has no intention of issuing any more
bonds, but new bonds will probably be issued
soonson some of the extensions built recently,
including, particularly, the extension to the
Black Hills. The next cash dividend on 10, 600
shares of Northwestern common was Sold this
afternoon, for per cent; the regular dividend
has been 81 per cent representatives of the
Pacific Mail say there is no truth in the state
ment that the matter of settlement of the sub
sidy has been left by agreement, to President
Houston, of the Pacific Mail, and Vice president
Huntington, of the Central Pacific.
Transactions, 24l, 600 shares, to-wit: Lacka-
wanna 48, 600, Lake Shore $1,000, Northwestern
1900, New Jersey Central 1900, Pacific Mail
27,690, ST. Paul Al 900, Union Pacific 10000