The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-11
THE CONDITION OF TRADE.
The New York Stock Market Strong and
Active Throughout the Day.
Ehe Grain Markets on the UPGRADE Wheat
Ruling Strong and Closing at Nearly
the Outside Quotations



Honey Easy i'm New York-The Stock Market
Strong and Active.
New York, May 9.-Money on call was easy
Ut per cent.
Prime mercantile paper IA 5 per cent.
Foreign exchange unchanged.
Governments were strong, quotations showing
an advance of per cent for the United States,
and per cent. for the currency skies.
State bonds have been more active for some
time past, especially for some of the Tennessee
issues, and prices are strong.
Railroad bonds have been very active, with a
large business in Erie seconds new and West
Shore frsts, and good business in other issues.
Prices are generally strong.
The stock market opened strong this morning
for almost everything except New York Central,
which was heavy, and during the forenoon de-
veloped no other feature than that an active
market, with steady buying by both bulls and
bears, the latter covering their shorts, while
there was a fair amount of business done for the
long accounts. After midday prices became
more quiet and weak. In some cases. the lowest
quotations of the day were reached, but this was
followed by rally during the last hour, which
continued until the close Of the board, the
market finally closing steady at the advances
made, and generally within a small fraction of
highest prices reached The intere st of the
street was conferred in the news from
Chicago regarding the meeting of the railroad
officials in session there to-day, and the
final rally was made after it had
been announced that the settlement of every
thing in the West and Northwest was complete
and that rates would probably be restored on
Monday, the plan adoped being satisfactory to
all roads. The continued repetition of the state
ment that Mr.. Vanderbilt was acting with some
leading bears in depressing prices, and that he
was a heavy seller of short stock led to his
authorizing the publication of a statement III
which he says: There is not word of truth in
the stories that am operating with Mr. Cam
mack / am not interested in any way,
N bearing the stock market I have
sold $4,000 shares to the syndicate in November.
1879 have not sold share of Lake Shore,
directly or indirectly for months Do you
think would sell Lake Shore at these prices|
The statement of the New York Central for
thequsrter ending March 81, to be submitted to
the Railroad Commissioner, it is announced
will show a decrease in the gross earnings Of
$3.50 600, decrease In the net earnings Of $780,,
Oce, and a deficiency after paving per cent.
dividend of 1920 000 Also, that the statement
will show that only little over 4 of the per
cent was earned on the stock for the first quar-
ter of the current fiscal year.
The result of the days operation on the Stock
Exchange is net advance of to II per cent.
for the active stocks, the greatest gains being
made by Northwestern and Michigan Central,
but New York Central, Lake Shore, Pacific
Mail and Lackawanna are each up ;, St Paul
and Delaware q Hudson each /, and Western
Union !.
The total sales were 22S. ISL shares, but of this
about % per cent. consisted of Northwestern,
and loo, 600 shares of that stock, ST. Paul, Union
Pacific and Lackawanna. One half of today's
business was done during the forenoon. Northwest
opened ct 933, sold at 94s, touched 93s just be-
fore o'clock and then rose to 951 and closed at
%. st. Paul sold first at 50, dropped to 6ss and
rallied to 69s before midday sold in the af-
ternoon down to 6Sl and rallied to 69l,
at which it closed. New York Cen
trail opened at S6s, sold as low as 1863 early
in the day. its lowest price, and then at 81 in
the forenoon, broke to 66s later, and in the
final rally reached s7s, but closed at
87a Lake Shore was strong at 52s 053s
during the forenoon, fell to SO about o'clock,
and in the last hour rose to "a, closing at 53s.
About the only weak stock on the list in which
there was any trading of Importance, was Cen
trail, of New Jersey, which is down Z, at 80, after
selling as low as $50. Notwithstanding the de-
eided rally during the past two days, almost
everything on the active list is lower this even
ing than ii was week ago, the exceptions
being Northwestern. which is unchanged,
and Union Paci6c, which shows an advance of
per cent Among the inactive stocks Chicago,
Burlington q Quincy also shows gain of Ii,
and Manhattan Consolidated Ii. The greatest
declines are in Lake Shore, AZ; New York Cen
trail, q; Michigan Central, 81 Lackawanna, Ii,
and other stocks for less than per cent.
Tho total sales for the week were LOCO or,
or more than double the previous weeks bust
ness, but of this weeks transactions Northwest
srn, st. Paul. Lake Shore, Lakawanna New
York Central and Union Pacific contributed L.
200 600 shares
The railway bond market has s,oen unusually
active the t9taI sales amounting to 81. l01, 900,
but of this sum Erie seconds, new, contributed
over ST, 600, 900, and West Shore sac, 000 Prices
are generally higher this evening than the last
previous quotations.
The transactions on the Stock Exchange were
900 900 shares: Delaware Lackawanna & West
ern, q co., Lake Shore, $4,000, Northwestern,
1000, New York Central, 17,000 ST. Paul,
$4,000, Union Pacific, $4,000
The market closed with the following prices