The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-25
FINANCIAL AND COMMERCIAL
MONEY AND STOCKS.
The New York Market Continues Active
Feverish and Irregular


The New York Market Continues Active,
Feverish and Irregular.
New York March 2d-Money, la II per cent; ;
offered mt the close at per cent
Prime mercantile paper, 405 per cent
Sterling exchange higher sixty days, $4.84;
sight. s4.s7
Governments higher for four and a half per
cent. coupons; unchanged for other issues.
The railroad bond market was quiet bat ir
regular for everything except Nickelpate frsts,
the total sales of which [$Cs2 000) over half
Of the total business in all bonds traded in dur
ing the day. They opened at IS, rose early to
76, broke in the forenoon to "a, and rallied IN
the afternoon to 75s, at which they closed The
break today was aided by reports that steps
would be taken to place the company in the
hands of receiver. West Shore was also
weak, declining from "a to 80, aud closing with
loss of per cent, at 33a.
State securities were quiet, but steady.
The stock market was again irregular, active
and feverish. The street was well supplied with
rumors throughout the day, some of which,
upon investigation, proved to have more or less
foundation in fact. The first quotations were
irregular, but the general market soon developed
considerable strength, and the best prices were
generally made in the first hour. The early
trading was marked by heavy sales of
Pacific Mail 1t is believeds that holders
of this stock are selling on each rally
The rumors which have been industriously cir
culated for the past few days to the effect that
the differences between Pacific Mail and the
Pacific railroads had been practically settled; APP
pear to have TO foundation in fact. Pacific Mail
officials claim that they will not consider any
proposition which does not increase the subsidy,
while the railroad officials are equally positive in
their assertions that they will not pay as much
as heretofore. 1t is claimed by persons who are
in position so know that the next dividend will
probably not be paid, the company keeping all
its money fer the purpose of carrying on its
fight with the railroads.
After midday the market became weak, and
later in the afternoon there was heavy selling of
st. Paul. following the announcement that the
executive committee had failed to meet to-day
to recommend what should be done
in regard to declaration of the
dividend, and the stock declined or
the growing impression that the dividend would
be very small, or possibly passed altogether.
There will be meeting of directors tomorrow,
when the question will be decided. Jersey Cen
trail also developed great weakness, account
of the troubles in which the company finds
itself by failure Of the Reading to meet the pay
ments provided for under the lease The strong
stocks on the list have been Northwestern, the
Vanderbilts and the Gould stocks The last
mentioned, with the exception of Union Pacific,
have been very quiet Mr. Gould is expected
back tomorrow, but his friends say he will
probably have little to do with the stock market
at present The trading in ST. Paul and Pacific
Mail amounted to 115,000 shares, leaving less
than lSl 900 shares to the remainder of the list
The third most active stock was Union Pacific,
which appears to have lost all its friends
among the old "bull" party. A good deal is
heard on the street about the probabilities
of thorough investigation by the department
at Washington, and the probable discoveries
that will follow. A synopsis of the annual re-
port given out at the Boston meeting was made
public here before the close of the board Lack
awanna is the only stock in the active list that
shows q gain--s per cent The directors will
meet this week and declare dividend. While
it is known that some of them favor reduction,
pending the present troubles among the rail
roads, the majority of the board. headed by the
president, is earnestly opposed to any change;
and it is generally believed by insiders that the
dividend will be 2 per cent for the quarter.
Jersey Central shows net decline of p per
cent. The strongest stock on the list was New
York Central.
Transactions, 295, 600 shares, to-wit: 1900
Lackawanna, 1000 Lake Shore, %, eco North
western Id, 600 New Jersey Central. $4,000
New York Central, 68 900 Pacific Mail, AZ, 600 st.
Paul, 10000 Union Pacific, 11,O0O Western
Union, l3, 600 Northern Pacific preferred.