The morning news., 1892-03-26
MARKETS BY TELEGRAPH
FINANCIAL.

FINANCIAL.
NEW YORK. March Is, noon.-Stocks opened
quiet but firm. Money easy at 11s02 per
cent Exchange-long, 81 s574@S4 s6; short,
81 S734G14 So. State bonds neglected. Gov
ernment bonds dull but steady.
Erie .....:.:..;:.. SS19 Richm'd & W. Pt..o
Lake Shore. 49,. 10! Western Union. ... s794
NEW YORK, March 25, 500 p. m.-Sterling ex-
change closed quiet and d.s steady at y s7@
easy at l1b@2 per cent; closing offered at Q
per cent. Government bonds closed dull but
firm; four per cents 1l6%. State bonds neg
lecte1.
Sub-Treasury Balances-Coin, S109, ,460, 900;
currency. SEQ, m. 000
News of the result of the action of the House
on the free coinage bill caused a rush to buy at
the opening of the stock market, in which for
eign houses, both English and German were
conspicuous. materially higher quotation
resulted, and in few instances further i'm
provement was made in the early dealing. To
counteract this influence the rumor which was
put out last night after the close of business
that Olcott, the chairman Of the Richmond and
West Point reorganization committee, had re-
signed from the committee caused bad break
in the securities of the company, and common
lost per cent. and preferred dropped 5h per
cent. This drop put wet BLANKET upon the
buying for long account in the whole list, aud
the decline becoming so marked, finally dragged
the rest Of the market down, only the strongest
stocks succeeding in holding any portion OF their
opening dQVAhCo. All buppOEI was
from Lake Shore, and that stock became
leader in the downward movement, even when
Richmond and West Point shares reacted quite
sharply. A counter movement In industrIals
failed TO help the list much. though Reading
displayed for O time marked activity and
strength The bears again circulated rumors
rejecting on the credit of the Northern Pacific
Company, and material help was derived from
them in their attack upon preferred stock,
which was made one OF the leading weak stocks
of the afternoon. The losses In two leading
stocks, Lake Shore aud Northern Pacific pre-
ferred, were about per cent. from the best
price Of the forenoon. but the general list was
still traded in within the narrowest limits, and
the undertone OF strength which prevailed
throughout the day prevented any marked de-
cline, though prices were brought in at most
cases below the level of the opening figures.
Low-priced shares furnished no marked move
ment, except sharp reaction OF about per
cent. In Ohio Southern. Pressure TO sell was
lifted from time TO time during the day, and at
such times the price ranged better. In the last
hour there was an effort to cover shorts put out
earlier in the day, aud a more substantial inn
provement was made in Northern Pacific pre-
ferrsd especially, moving up ABOUT per cent.
The activity In Reading was again one OF the
most prominent features Of the trading and IL
also made a material rally toward the close,
which carried 1t to point which enabled it to
close with q substantial gain for the day. The
market closed quiet and for the moment firm,
but generally at small fractional losses for the
day Northern Pacific is down II, Richmond
and West Point !, prererr,esdi ~. but. on the
other hand, Reading Is up lS per cent, Distil-
lers ~ and New England large fraction. The
sales OF listed stocks were $4,000 shares; I'M
listed. 1900 shares.
The following were the closing quotations OF
the New York Stock Exchange: