The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-04-10
TURMOIL IN THE MARKETS.
The European War News Causes Great
Excitement at Trade Centers.
Jump of Five Cents in Wheat Brings Out
the Big Operators Cereals and
Provisions Also Advance.
MONEY AND STOCKS.

MONEY AND STOCKS.
Inc New York Market Opens Strong and Ex-
cited, and So Continues All Day.
New YORK, April 9.-Money on call continues
Easy at per cent, closing at l.
Prime mercantile paper, 495 per cent.
Bar silver, $L06!.
Foreign exchange is quiet and steady, Actual
business is done at 81. s4s and "a. s6s.
Government bonds are quiet and quotations
unchanged, except for the three per-cents.,
which are up /.
State bonds are quiet and Alabamas were
generally shade lower; others steady.
The railroad bond market was strong, and the
business was pretty well distributed. The total
sales were 81, 1863, 600, but of this Erie seconds
new, contributed $4,000. leaving 500. 900 for
the remainder of the issues traded in. Prices
are generally higher.
The stock market opened strong and excited
this morning, on the European war news, and in
the early dealings there was rush by the shorts
TO cover. First prices were generally from to
per cent higher than the closing quotations
last evening, and a further gain of 3 to per
cent. was made during the first half hour. This
was followed by slight reaction and some hest
tation, the yanderbits and Pacific Mail showing
the greatest weakness, while the grangers re-
NAMED strong.
The street was very much puzzled over the
somewhat conflicting reports from London,
which showed that British and Russian
consols were very weak, while the gov
errors of the Bank of England, who
met to-day, failed to make any change in
the rate of discount-3a per cent 1t was claimed
that if the situation in fact serious, one of
the first acts of the governors would be to in
crease the discount rates but against this was
the admitted fact of the heavy decline in British
government securities, with an advance at the
same time of the better class of American secur
tiles. The only potent influence throughout the
day on the market was the news that was re-
eeiEed from Europe regarding the prospects of
war, and, as this news continued to indicate the
probabilities that declaration of war was iney-'
table, prices rallied soon after midday
and continued strong, with active trading
in some of the leading stocks. The total
sales for the day were 337, AL shares, and
increase over yesterday of IL, 600 shares, but of
to-day's business seven stocks monopolized 10
per cent in the order named: Northwestern,
Pacific Mail, st. Paul. Lake Shore. Lackawanna,
New York Central and Union Pacific.
Prices this evening are within a small fraction
of the highest Of the day, as rule, and general
ly from to % per cent higher than they closed
yesterday, not single stock on the active list
showing decline. Later in the afternoon
changed the rate of discount, and also that a
formal declaration of war between England and
Russia had been made. The argument of the
street is that declaration Of war will cut off
grain, petroleum and other supplies from Russian
ports, which must thereafter be obtained largely
from this country, and that conservative invest
ers will also seek the better class of American
securities in preference to those of country en-
gagged in war.
New York Central opened up ls per cent at
49, and in the early dealings touched 80, but
sold down to 49, regular way, and So for sixty
days. Lake Shore sympathized with the move
ment by selling at 80 and then at 59!, from which
it declined to SO, rose, closing at Coz
but II per cent. higher than yesterday. The
point was very freely circulated that the grang-
ers would be among the first to feel the effects Of
an improvement following the European war,
and Northwestern. which opened per cent
higher, at 95 was strong during most of the day,
selling at 96a. In the last hour it declined to &c.
but closed at 96a-a gain of Il per cent ST.
Paul is q per cent. higher, at III, after
opening with an advance of per cent,
at 694, and selling as high as III Pacific Mail
sold first at 81, declined during the forenoon to
Sos and then advanced steadily to 52a, and
closed q per cent higher, at 52a. Union Pacific
shows gain of ! { per cent at 43s, after selling
as high as Az Central Pacific is up Il per cent,
at 80, the highest price of the day. Northern
Pacific common gained ! per cent, at 17s, and
the preferred Il, at 40. Lackawana is Il higher,
at log, which is within ] of the highest price
reached. Western Union rose to 57s, and closed
Is per cent higher. at 57s c., B. & @. is up %
ut S94; Missouri Pacific per cent, at 96s: Louis
vile & Nashville, IL, at 3ls; Delaware & Hud-
son, Il, at 500; Central of New Jersey, Il, at
351 and Oregon & Transcontinental, Z, at II.
Transactions. 337, 900 shares, to-wit: "a. 900
Lackawana, 40, 600 Lake Shore, $4,000 North
western, 1000 New Jersey Central. 10000 New
York Central, $4,000 Pacific Mail, $4,000 ST.
Paul, $4,000 Union Pacific, $4,000 Western
Union, and 13, 600 Northern Pacific.
The market closed with the following prices
bid: