The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-03-21
FINANCIAL AND COMMERCIAL


The New York Markets Opens Strong, but
Becomes Weak in the Afternoon.
New York, March 20.-Money, all per cent /;
offered at the close at per cent.
Prime mercantile paper, 405 per cent.
Sterling exchange quiet; sixty days, 81 S3ii;;
sight, $3.50
Government bonds quiet and unchanged.
The railway bond market was quiet. with linn
tied business in all, except West Shore frsts,
Nickel-plate firsts and Erie seconds, new, the
transactions in which amounted to about 67 per
cent Of the days business
State securities were inactive but strong
feature of today's market has been the
heavy trading in Pacific Mail, accompanied by a
further decline in the stock of A per cent. Com
plicatAons growing out of the fight of the Pacific
railroads and the notice of the Union Pacific to
the steamsh company of its intention to dis
continue the subsidy paid by the rail-
roads TO that company, were further COM
plicated today by notice from the
Central Pacific. This settles the question
as to the formality of the notices to the steam
ship company and unless a readjustment of the
arrangement between the different companies is
effected it ends monthly payments of about $685.
900 by the railroads to Pacific Mail, after the ex-
piration of the time required in the old contract
a new agreement, with reduction in the sub
sidy, was limited at to-day, but President Hous-
Ton, of Pacific Mail, is credited with the state
ment that no proposition looking to a reduction
Of the amount to be received by his company
would be considered. There has been heavy
selling for short" account but it is believed to-
night that the insiders, including some of the
directors, who were heavy holders of Pacific
Nail stock, have also unloaded. Late in
the afternoon the stock sold down to 49,, and
III 1T o~x1D h.
This is decline of about IL per cent in the past
three days. The trading in the stock to-day
amounted to over sc, 600 shares, or 20 per cent
of the total days business.
The general market opened strong, and in the
first hour made slight gains, the bulls being
aided in their efforts to support the market by
che disposition of the "bears" to realize profits.
With this check to the general decline, the
market became duh, and prices remained steady
after the first hour until after midday. when
considerable weakness was developed in Union
Pacific. During the afternoon a statement was
published that Gould had sent a letter to Presi-
dent Adams, of the Union Pacific, de-
Ginning reelection as a member of the
board of directors of the company
This and the general impression which prevailed
that the complications between the Union and
Central Pacific companies were daily assuming a
more serious character were the cause for the
break in Union Pacific. which sold down TO Al 3
and closed feyerish ut 42A a loss of / per cent.
A drive was made at Lackawanna late in the af-
ternoon, which fell TO 1922 and closed at that
price, loss of per cent, after selling earlier
as high as 1882. Texas Pacificis also down J. at
III, and Missouri Pacific is lower, at 91s. on
light transactions. In the face of the weakness
Of the stocks above mentioned the Vanderbilts
and the grangers were remarkably strong, al
though they yielded fraction during the last
hour.
Transactions. 271, 900 shares, to-wit: %, 600
Lackawanna, 26, 900 Northwestern, $4,000 New
York Central, 90, 600 st. Paul, 46 600 Union. Pa
eigc, IL, 600 Western Union.