The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-24
FINANCIAL AND COMMERCIAL
MONEY AND STOCKS.

Aho new Aofh market irregular, with Large
Transactions In Leading Stocks.
Nav York. March 23-Money, ! a II per cent;
offered at the close at per cent
Prime mercantile paper, 405 per cent
Sterling exchange quiet; sixty days, 81 49,;
sight, 1886
Government bonds strong, tours and four
and-halfs being higher; threes, higher. Pa
cifc skies, Of 1895, restored to 125 bid.
State bonds shade lower for some issues.
Tine railroad bond market was quiet and
irregular. but in some eases decidedly lower.
The stock market was feverish, very irregular,
and active for few leading stocks all day.
Prices were influenced largely by manipulators.
who circulated rumors which, when contradicted,
were followed by others equally potent for the
time being, and this mode of manipulation was
kept up until late in the afternoon. Pacific mail
led the list, both in point of activity and advance
in quotations, and the prices moved persistently
upward, without any regard to the rest of the
market, from near the opening, when it sold at
Az to the close, at 52s, the highest price of the
day, and gain of 4s per cent. A report was
started IN the morning that the Union Pacific
company had decided to withdraw its notice dis
continuing its subsidy to the Pacific Mail. AS
the executive Offices of the Union Pacific compa-
ny are IN Boston, no speedy denial of this report
could be obtained, and though the Pacific Mail
officials frankly stated that they had received no
such intimaton, and further made the statement
that they would not consider such proposition
II made, the report found many believers.
When denied by telegraph from Boston, substan-
TALLY the same statement, in modified FORM
was started, and the bah thus kept rolling until
the close Of the board This evening the Pacific
Mail officials say they have not received any
communication in regard to the matter from the
AT~sA~ e. IN fnfo cAIa
of Pacific Mail were $1,000 shares.
or over &c per cent of the days
business in all stocks. The leading weak stock
wss st. Paul, which opened at 70a. and, after
10, sold again at 500 and back to 70s before noon
In the afternoon the stock was less active, at 70a
@70, until the last hour, when j rallied to l0a
sold again at 70s and finally CLOSED at 70l, loss
Of per cent, with sales of g., 700 shares There
were no new developments In regard to the divi-
dend to be declared this week by the st, Paul
company President Mitchell said, late this af-
ternoon, that question had not been decided
The directors will meet here on Wednesday
The break in St Paul had modified influence
upon Northwestern, which closed at loss of
per cent The only other very active stock on
the list was Union Pacific which showed gain
of 2 per cent. The total sales of the four stocks
mentioned amounted to 252 700 shares, leaving
less than no. 900 shares for the remainder of the
list
Western Union was quiet, making gain, how
ever, of per cent. The Vanderhilts were very
strong and dull The presidents of the trunk
lines held meeting at Commissioner Fink's
Office, this afternoon, for the purpose of consid-
ering the present condition of business on their
lines and connections, the result of which was
not known before the closing of the Stock Ex-
change. Memphis & Charleston was up per
cent, at 80; Missouri Pacific was / per cent
lower, at 904; Central Pacific was up per cent,
at 31s; Northern Pacific preferred was down
per cent, at 40s; Kansas 81 Texas was / per
or and fe
lower, at liz. Louisville & Nashville is up
per cent, at BOZ; Omaha common is down
per cent, at Ia, and the preferred
per N cent higher .,a at 50; &c Central
per cent, at 3laa. The directors of the New
Jersey Central company met this afternoon, but
the representative of Reading failed to appear
and the Central directors decided, finally, not to
wait any longer, but to make immediate applica-
ton to the courts for return of the property, the
necessary papers having already been prepared
serious complication threatens to grow out of
the failure of the Reading company to comply
with the terms of the lease Of the Central to
that company The Lehigh & Susquehanna
railroad, which is owned by the Lehigh Railway
and Navigation Company. was leased number
OF years ago, to the Jersey Central for long
term Of years, but when Reading took
control of the, Central this lease was
modified, by consent of all parties and Reading
assumed the payments provided for under the
lease. Friends of Central say it is now a serious
question Wnetner the Lenlgn q Susquehanua has
not passed beyond control of the Central. AS
the Lehigh & Susquehanna ia profitable road.
they fear the Reading will insist upon retaining
control oft, which would cut Central off from
its connection. not only with Philadelphia, but
with the coal fields of Pennsylvania
Transactions, 362, 900 shares, to.wt: "A. 900
Lackawanna 1000 Northwestern 100 600 New
York Central. $1,000 Pacific Mail, $4,000 St.
Paul, 46, 600 Union Pacific, $4,000 Northern Pa
cife preferred
STOCK QUOTATIONS..
nor hnnda I0f ouisvilla NaShv,Ia