The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-23
FINANCIAL AND COMMERCIAL
MONEY AEa STOCKS.

The New York Market Irregular and the
Business Confined to Half Dozen Stocks.
NEw YoRK, March 2l.-Money, all per cent;
offered at the close at per cent
Prime mercantile paper. 405 psr cent
Sterling exchange duh; sixty days, S. 634;
sight, $4ss6.
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
ulative issues. Prices this afternoon were gen
orally friner
State securities quiet and generally strong.
The stock market was active feversh and ir-
regular to-day, and, for some stocks, very weak
Prices at the opening showed only slight
change from the closing quotations of last even
ing except for Pacific Mail, which was quoted
first at decline of {, opening at 49, decided
weakness almost Immediately developed in this
stock and in Union Pacific, while the remainder
of the list continued firm throughout most of
the forenoon. On a rumor that the Central
Pacific company was about to issue new mort
gage for $4,000 000 the price of that stock
broke, before IL o'clock, to 29l. The
''bulls" in the general market claim that
Paciac Mail and the Pacific railroads will
assume a 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-
Tectors 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 transcontnental 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 AS
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 place
of Mr.. Gould
w White leader of the ''bull'' party in Lacka-
wanna, bought IL, 600 shares in one block, seller
sixty days, at 99s4, and bid for any part Of So
600 shares more at the same price.
President Huntington, of the Central Pacific,
was not in the city to- day, and official infor-
could be obtained The statement is made,
however, that the issue will be for $40, 000 000
either debenture or collateral trust bonds, and
that the mortgage will contain a provision by
which the bonds can be exchanged for stock,
under certain conditions. It 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 70a. but 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 70 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
65A but closed on a rally unchanged, at So. 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
tons 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 144 per cent. the latter
for Pacific Mail. Union Pacific is down
s. per cent; Western Union, 81; Chicago Bur
hngton & Quincy, 81 Northern Pacific preferred
d; Lackawanna, q and others for smaller
amounts. The total sales for the week were !,
$4,000 shares, an increase over last week of
229, 000
Transactions. 1000 shares to-wit: SO, 600
Lackawanna, 80, 600 Northwestern, 10000 New
York Central 81, 600 Pacific Mail, 5000 st. Paul,
A.. 600 Union Pacific, Is 900 Western Union, IL,
600 Northern Pacific preferred.