The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-12-15
CONDITION OF THE MARKETS.
AWeak Feeling in Wheat, Accompanied
by a Steady Decline in Prices,
Caused by an Expected Increase in the Visible
Supply and Heavy Offerings-Provisions
Weak and Prices Slightly Lower.
MONEY. BONDS AND STOCKS.

Railway Bonds Generally Lower-stocks Act
i've, Weak and Feverish.
NEW YORK, Dec 14-Money call was
easy at 2q2l per cent
Prime mercantile paper, 405 per cent
Foreign exchange was dull at S. 81 for sixty
days. and 81 Sc for demand.
The total sales of stocks to-day were 70S, Ss2
shares including the following: Delaware,
Lackawana & Western, 66.S20 Erie. 35, 1875;
Kansas & Texas, 26,447; Lake Shore, 1000;
Louisville g Nashville, 1881; Northwestern,
q $780, Northern Pacific, 6,725; Pacific Mail, "a,
$40; Reading, $3.50; st. Paul, 119000 st Paul &
Omaha, g. 1885, Texas Pacific, %, 179; Union Pa
cifc. q, 900; Western Union 25,7l0; Northern
Pacific preferred, 81, $50; Oregon & Transcon-
tinental, 27,462; New York Central, %, 275.
Government bonds were dull and steady to-
day.
State bonds were neglected
The total sales of railway bonds amounted to
%, 564. 900. Erie second consols contributed
sl,174, 900; Texas & Pacific $519, 600, and West
Shore trust receipts $23S00 Prices are gener-
. ally lower. Nickel-piate firsts opened at 95l
and, although the movement was feverish and
irregular sold up to SO, closing at SO. The Sec
0nds up per cent, small business. The
strength of these bonds is attributed to a belief
that Lake Shore will become responsible for
them.
Stocks were active but weak, and at times fe-
versh. The general idea is that a strong 'bear"
party was formed last week, and is operating
with growing vigor. They have so far met with
comparatively little resistance from the late
leading bull" operators The cause of this is
variously interpreted By many it is claimed
that the backbone of the bull party was broken
by the death of Mr.. Vanderbilt and that much
lower prices must necessarily follow. Others
think the bulls who favored by plenty of
sufficiently long line of "shorts" are
out when they will come in and
give the market boost The opening
this morning showed only slight changes in the
prices of the active list and in the early dealings
there Was some display of strength, the general
list advancing fractional amounts. A vigor-
GUS raid upon Lake Shore and Northern Pacific
preferred was started however, in a short time
after the opening. Lake Shore, which had
opened at "a and advanced to 84a broke in the
forenoon to 80s. and Northern Pacific preferred,
which sold early at 60 q 60a. yielded TO 58s. The
whole list sympathzed with this downward
movement, which eliminated, however, during
the first hour. Thereafter the market was less
active, and prices were more steady with
Q tendency upward, which continued until about
! o'clock, when another onslaught by the bears"
was begun and continued with occasional inter
fuptions during the remainder of the afternoon.
In most cases, the lowest prices were reached
late in the afternoon, but Pacific Mail, Erie,
Canada Southern, and Missouri Kansas and
Texas dropped slightly lower. In the late deal
ings there was slight reaction, and the market
closed somewhat irregular and unsettled at small
fractions above the lowest figures of the day.
The declines are from fraction to over
2 per cent, Northern Pacific preferred showing
aloss of 81 while the common stock is down
per cont. Lake Shore is off L. New York Cen
tral ], Michigan Central l, Northwestern H. st.
Paul Il. Reading is conspicuous for an advance
OF I, and the other inactive stocks show gains on
small fractions The announcement, early in the
day, that the Louisville 6 Nashville directors had
tenn for the maintenance of rates for period of
completed an arrangement with the Erlanger sys
five years, gave the stock considerable strength,
and 1t closed unchanged at 43a. The sales of
Lake Shore and st. Paul alone amounted to 243,-
200 shares, and these with Lackawanna and
Northern Pacific preferred, contributed over
half Of the days business.
The market closed with the following prices
bid: