The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-23
A PANIC IN THE WHEAT PIT.
Cash Grain Driven Below Eighty Cents
for the Second Time This Year,
Caused by the Posting of Hot Wheat in New
York and Reports Of an Easier
Market in Liverpool.
MONEY, BONDS AND STOCKS.

Good Business in Railroad Bonds-A
Sharp Reaction in Stocks.
NEW YORK, Aug 22-Money call was easy
IT II per cent
Prime mercantile paper, 4a5 per cent
Foreign exchange was dull and unchanged.
The total sales of stocks to-day were 22l, 1852
shares, including the following: Del
aware, Lackawanna and Western, 30,
TAO; Erie, $3.50; Lake Shore, 1662o;
Louisville & Nashville, 500; Northwestern
Il, no. New Jersey Central, $3.50; New York
Central, II, 5l5; Reading, 10000; St Paul, $780,
St. Paul & Omaha, S3,075; Texas Pacific, 1926;
Union Pacific, Il, 295; Western Union, 1885,
Northern Pacific, preferred, 8175 Oregon &
Transcontinental, 11,0l5.
Government bonds are dull and firm.
State bonds have been dull but strong.
There was a better business in railway bonds
to-day, the sales amounting to 81 $4,000, of
which Erie seconds contributed $797, 900 and
West Shore frsts $52 OOO Prices are
pretty evenly divided between ad-
rances and declines. Erie second CON
soils opened at 68a and rapidly declined
until they sold at 65 and then gradually sold up
to 67s and closed with net loss of per cent, at
67s. West Shore frsts unchanged The
DOC.
There was very sharp reaction at
the Stock Exchange this morning Al
though transactions rather limited,
Srices opened trife higher than
they closed last evening, but room traders soon
sold out and support seemed lacking In the
frst half hour prices fell off from to per cent,
the leaders of the decline being Lake Shore,
I.ackawanna, St. Paul, Louisville & Nashville,
and Northern Pacific preferred. The decline
lasted until about 1l:30, when the list began to
rally and soon became strong, and grew
stronger and stronger to the close, when the
majority of stocks were from to p per cent
higher than they closed last night The ex
sreme advances from the lowest prices
were Delaware, & Hudson, 2; Western
Union ab H9d s SoT fGFh N cS4fF1 s%sh
St. Paul. each, l; JERSEY Central, %; Lacka-
wanna, Is; Louisville & Nashville, !! Missouri,
Kansas & Texas, l. Manitoba, p; Reading, Il;
Chicago, Burlington & Quincy, p; Minneapolis
At the close Pacific Mail and Erie were lower,
Omaha preferred !, and the Northern Pacifcs
z All other stocks on the active list We're
unchanged or higher. The shalpest advances
from last evenings closing figures were Della
ware e. Hudson, Il; Jersey Central. % Manhat-
tan Consolidated, Il; Reading. Il; Chicago
Burlington & Quincy, % Central Pacific, H.
and Manitoba, Il. The other advances We're gen
orally for small fractions The traders who were
sellers in the morning were the buyers in the
afternoon. There were but few rumors to-day
affecting prices, and the extreme fluctuations
appear to be the work of room traders principally.
Jersey Central made a sharp advance OF q per
cent, and the old rumors of some party IN
control of the property revived. but moth
ing official could be obtained The Omahas
were quiet to-day, although ramors of consolida
ton with Northwest were repeated. A state
ment that there were legal obstacles in the way
of such consolidation was denied by Senator
Sherman, formerly general counsel for the
Omaha company. The meeting of the North
western executive committee will be held at
Saratoga next Wednesday, when it is said the
Omaha matter will be considered. The total
sales for the week 2, l56. 258 shares. Prices
this evening generally higher than a
weekago Lackawanna and Chicago Burlington q
Quincy showing gains of % per cent, Delaware
& Hudson 3, and Union Pacific p, while Omaha
common up 81, and the preferred l02. The
sther stocks are up fractional amounts. Lake
Shore and Northern Pacific, however are Il per
cent lower Louisville & Nashville J. and Mis-
souri, Kansas & Texas !.
The market closed with the following prices
bid: