The Indianapolis journal., 1885-02-01
FINANCIAL AND COMMERCIAL.
MONEY AND STOCKS.
The New York Market Opened Weak. but
Closed at Better Prices.
NEW YORK, Jan 31.-Money easy at per

The New York Market Opened Weak, but
Closed at Better Prices.
NEW YORK, Jan 31.-Money easy at l per
cent
Prime mercantile paper. Ans per cent
Sterling exchange steady 60 days, 1891; sight,
ASST
Governments quiet.
Railways steady.
State bonds fairly active; Alabama, GLASS A,
sold at 88; Georgia gold sevens at 1l2s and North
Carolina consols at 82s.
There was q weak tone to the stock market at
Che opening Of business this morning when the
Gears raided the coal stocks on reports that
the Pennsylvania railroad intended to reduce
prices of Anthracite coal. Great pressure was
brought to bear against Lackawanna, and the
stock dropped II per cent from last nights clos
ing price, to 87s, with large sales on the way
down. The Delaware & Hudson made still
larger decline. selling off II to 6s but the trans
actions were smail. Jersey Central went off IT,
to S2S, and Reading declined only !, to 15a
simultaneously an attack was made on
st Paul and some of the Pa
cifc roads, all of which yielded for
a time. st. Paul went off 1, to 70s; Canada Pa
l.,
Central Pacific :. to 26a. Outside the shares
mentioned the decline was fractional and within
s0s per cent. This decline was followed BY
some heavy buying FOR '1ong" account, which
started some of the ''bears' to covering. and an
advance of 402 per cent ensued, the latter in
Delaware & Hudson Lackawanna followed
with rise Of Ii per cent, and the remainder of
the active shares advanced 1 al per cent In
this rise Western Union and Union Pacific were
conspicuous, selling up to 58s and 49s, respect
lively During the afternoon the market be-
came quiet, and prices sagged off aGs per
cent, but in the last half hour Of business
there was renewed frmness, and prices generally
advanced, which carried quotations higher than
before for some stocks, and about up to the best
figures previously attained for most others The
late dealings were characterized by considerable
spirit and there was an improved feeling gefef
ally, which was stimulated by advices from
the West that the east bound tonnage
from Chicago this week, had reached the unu-
sualy large total Of rs, 600 tons, and that east
bound freight rates were being firmly main.
tanned. Erie declined to 12a on London reports
that the stock and bondholders would be asked
to pay an assessment for the purpose of liQuidat
ing the floating debt The market closed firm.
Illinois Central lent at 1-32; New York Central.
Lackawanna, Uliicn Pacific and Delaware q
Hudson at 164, and the others fat to 1-128 per
cent Compared with last nights closing, prices
are to per cent higher for Central Pacific,
Northwestern; ST. Paul preferred Lackawanna
Delaware & Hudson, louisville & Nashville
Lake Shore; and Western Union, and to per
cent lower for Canadian Pacific, Canada South
ern, ST. Paul, Missouri Pacific, Kansas 81 Texas,
Erie, and Union Pacific; Oregon navigation
fell off !, to cog, and advanced to 62. The sales
of stock for the week were ]. .426 $50 shares
Transactions, 231, 600 shares, to.wit: 100000
Lackawanna, $4,000 St Paul 1900 Union
Pacific, Il, 900 Western Union.