The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-28
FINANCIAL AND COMMERCIAL
MONEY ANp sTocKs.

Ehe New York Market Weak and Irregular
Because of Disquieting Rumors.
New YORK, Feb 27-Money, easy at II per
cent
Prime mercantile paper, 405 per cent
Sterling exchange quiet; sixty days. 81 s31.;
SIGHT, $4.sG!.
Governments weak and quiet, with the ex-
seption of registered four and a-half per cents,
which are per cent. lower, at Ills
State bonds are unchanged, except North Car
Sliaa special tax bonds and South Carolina nom
sundab.e, which are lower.
Various disquieting rumors we're in circulation
On Wall street by the opening of the Stock Elk
change this morning. There have been rumors
for the past day or two that one of the national
banks of this city was in trouble, and these state
ments finally took sufficiently definite form to
locate the bank. There was also good deal Of
talk about the failure Of the silver
bill in the House yesterday, and an
unsettled condition of affairs generally
was predicted ON that account and old stories
Shout Erie's troubles were renewed. AS to
these rumors, it is proper to say the reports in
regard to the bank were emphatically and une-
guivocally denied by some of its officers and
directors. The reports in regard to Erie were
neither confirmed nor denied.
The stock market was again weak at the omen
ing, and, with the exception of a moderate re-
action in the forenoon, was weak and declining
all day After the remarkable strength dis
played in final dealings in Lackawarna, yester
day, that stock opened this morning II per cent
lower, and in the first fifteen minutes declined
another half, making loss Of Il; at 1927 An
impression rapidly spread through the board
hot ri had h1raxx from
this stock, but after touching the price
mentioned it rallied in the forenoon to 1899, re-
NAMED comparatively steady until nearly P. NJ,
and then persistently declined until it sold at
1911. From this point there final rally to
1927, and decline to 102 at which it closed-a
net loss of q. The course of Lackawanna, in
which the trading amounted to "a, S29 shares, in
dcates the general drift of the market through
out the day. In early transactions st. Paul was
also pressed for SALE and declined from 739 to
72s, rallied to 49, and late in afternoon fell to
III, from which it recovered l. closing at IL
with decline of Il. Northwest fell from 96s to
"a, and closed at 9s-al loss of %. The total sales
of these three stocks amounted to more than so
per eent-of the days business Reports were
circulated early in the day that the Omaha
company would pass its next dividend, and be-
fore the day was over it was stated that the
board had already acted and the dividend had
been passed The latter rumor was officially
denied, and a statement made that the annual
meeting of the company for declaring dividend
WOuIu not We noIu uAI1l next month"; OUT no one
is disposed to take the risk Of foretelling what
would then be done. The stock was extremely
weak all day the preferred declining from 80 to
sc and closing at SCI, q loss from yesterdays
closing price of A.; common is 3 per
cent lower. at 254 There was
active trading in New York Central and Lake
Shore, and the latter fell in the afternoon to
64a and closed at 65s. decline of 2 per cent,
while New York Central is down to SO, after sell
ing at 925 net loss of Il per cent. On small
transactions Delaware & Hudson is also down
II, at 49,, after selling at rs. Northern Pacific
stock shows a loss of14. at III, for common and
of /, at 42B, for preferred. Other declines
were less than l per cent Louisville & Nash
vile was an exception to the general rule. and
active trading shows ar advance of per cent,
at 3la, although it sold down to 30s a 305 and as
high as 334. Manhattan Consolidated is up :, at
III, on light dealings. The total sales of stock
today amounted to 1921 shares an increase
over yesterday of over So 300 shares.
There weI-distributed business for small
amounts in railway bonds to-day, and more
active speculation than for some time past in
Erie seconds, new, which, following the unfavor
able Pumors as to the financial condition of the
company after opening at 81 and selling at so
in the morning, steadily declined in the forenoon
until the price reached Sc, frouhwhich there was
a reaction to 564, at which they closed in the
regular way, with the subsequent sales at Sc
seller thirty days-a net decline of ]. West Shore
frsts were lower, at 36, after opening at 36k,
and Nickelplate frsts show a decline of =, at
9la. selling during the day between 9la and 81.
Prices for other issues regular.
Transactions, 427 900 shares, to-wit.: 70, 600
Lackawanna, 10000 Kansas e Texas, 45, 600
Lake Shore, 81 600 Louisville e Nashville, To- 900
Missouri Pacific, 72.000 Northwestern. $4,000
New York Central. 10000 st. Paul. IA, 600 West
ern Union.