The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-22
FINANCIAL AND COMMERCIAL
money AND STOCKS.

The New York Market Irregular and the
Business Confined to Half a Dozen Stocks.
NEW YORK. March 21.-Money, la Ii per cent
offered at the close at per cent
Prime mercantile paper, 405 per cent
Sterling exchange dull; sixty days, $483.;
sight, $4.s6
Government bonds quiet, firm. four-and-a half
per-cents., showing an advance of in price bid;
others unchanged.
Railroad bonds quiet, except few active spec
ulatiEe issaes. Prices this afternoon were gen.
orally irner.
State securities quiet and generally strong
The stock market was active, feverish and ir-
regular to-day, and, for some stocks, very weak.
Prices at the opening showed only slight
change from che closing quotations of last even.
ing, except for Pacific Mail which was quoted
first at decline of {, opening at 40. A decided
weakness almost Immediately developed in this
stock and in Union Pacific, while the remainder
IF the list continued firm throughout most of
The forenoon. On rumor that the Central
Pacific company was about to issue new mort
gage for 100000, the price Of that stock
broke, before IL o'clock, to 29a. The
''bullsp in the general market claim that
Pacisc Mail and the Pacific railroads will
assume position in the market somewhat SINH
lar to that which has existed for some time be-
tween New York Central and West Shore, and
that Pacific Mail will probably break away from
the rest of the list. At a meeting of the di-
rectors of Pacific Mail late this afternoon, a
resolution was adopted directing the president to
take such steps as could enable the company, on
and after the 1st of May, to secure its full
share of transcontinental business.
In the afternoon the market was less active,
but irregular Union Pacific touched Al, before
noon sold again at AZ and Az, and closed at Ala
a loss OF !. 1t was stated that effort is being
made to secure the consent of Mr. Astor to serve
as member of the board of directors in phase
OF Mr.. Gould.
w. White, leader of the 'bull" party in Laeka-
wanna bought 10, 900 shares in one block, seller
sixty days, at 99a, and bid for any part of So
900 shares more at the same price.
President Huntington, of the Central Pacific,
was not in the city to-day, and no official infor-
nation regarding the reported issue Of bonds
could be obtained The statement is made,
however, that the issue will be for $40, 000, 600
either debenture or collateral trust bonds, and
that the mortgage will contain provision by
which the bonds can be exchanged for stock,
under certain conditions 1t is also reported that
Huntington, Stanford, and others, who have
loaned money to the company, through the
Southern Development Company have agreed
to take half of the new issue at about par.
The report was renewed, this afternoon, that
the ST. Paul dividend would either be passed. or
materially reduced, and the stock fell from 72s
to 7O4 bat closed at III Some idea of the range
of the market may be obtained from the state
ment that the total sales Of six stocks amounted
to rs per cent of the days business, which was
larger than usual of late. Western
Union, while remaining comparatively quiet,
was also weak, selling from 56s to
553s but closed on rally unchanged, at SGT. The
market closed excited and weak, at prices some
what better than the lowest of the day. Compar-
ing prices this evening with the closing quota
tious one week ago, the only active stock on the
list which shows any gain is Missouri
Pacific, which is up Ii per cent. The declines
range between II and Ia per cent, the latter
for Pacific Mail. Union Pacific is down
90 per cent Western Union, 81 Chicago Bur
lington & Quincy q; Northern Pacific preferred
q; Lackawanna, 2; and others for smaller
amounts. The total sales fer the week were !,
$4,000 shares, an increase over last week of
$4,000
Transactions, $50, 900 shares, towit 50, 600
LacRawanna, 80, 600 Northwestern, 10000 New
York Central 81, 600 Pacific Mail, 6, coo ST. Paul,
Al, 600 Union Pacific, $4,000 Western Union, Il,
900 Northern Pacific preferred