The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-03
CONDITION OF THE MARKETS
Wheat Opens with Bullish Tendency,
Which Is Checked by Heavy Offerings.
Light Business in Corn and Oats, but Prices
Very Pirm-Provisions Decidedly Steady,
but Not Higher
MONEY, BONDS AND STOCKS.

Railway Bonds Generally Higher--Stocks Ir-
regular and Feverish.
NEW YORK, Oct, Money on cali was easy at
10li2 per cent.
Prime mercantile paper, 4S5 per cent.
Foreign exchange dull at 81. 1854 for 60 days.
and $4.85sl for demand.
The total stock sales to-day were 423 1877 shares,
including the following: Delaware, Lackawanna &
Western SO, 40; Erie, 16,050; Kansas & Texas,
1850; Lake Shore, SO, 612; Louisville s. Nashville,
1866; Northwestern, 81 O7O; New Jersey Central
1898; New York Central. %, 500; Pacific Mail,
1886; Reading 1920; st. Paul, Al ,05o Texas Pa
ci6c, 5.5s5; Union Pacific, IL 900; Western Union,
50,675; Northern Pacific, preferred, 6,517; Oregon
u Transcontinenta il, OPT.
Government bonds were dull but steady.
State bonds were fairly active and strong.
Erie second consols continue to nonopolize large
percentage of the business in railroad bonds. the
transactions amounting to 81 500 O0O out of total
of all bonds dealt in of So 000 These securities
sustained net loss of 80 per cent Prices of other
bonds generally somewhat higher
Perhaps never before in the history of Wall street
have there been such important failures that were
Immediately followed by such slight changes in quo
tations as those which have taken place this week
Although prices this evening lower than they
ware this morning, the changes compared with last
Tuesday evening, before there was any gen.
important, number of stocks being fractionally
higher tonight, and few immaterialy lower. Fol-
lowing failure such as that of William Heath & Co.,
which occurred this morning and in which there
enormous short interest to be settled the first
result is always supposed to be advance in prices
out of the necessities of the brokers who had accounts
with Heath & Co., to protect themselves by immediate
purchase of the stocks involved Yet the market, to-
day which opened somewhat irregular and rather
fevsrsh and took decided in either direction
prior TO tho announcement OF the suspension. which
made shortly before midday, advanced only frac
tional amounts and all the advances and something
more were lost. There apparently
limited amount of stock on hand at cur
rent quotations, and when the prices had been
made that closed the accounts there a
activity, until late in the afternoon During the last
hour quotations sank to figures little above the
lowest points of the day. Louisville & Nashville lost
1le Omaha common, l, and Denver e. Rio Grande,
Ia and with these exceptions not single stock
the acee list lost much per cent 1t is probable
that some of the friends of the suspended firm
cognizant of the impending failure and before it be-
came known on Change had bought in their stocks.
1t is generally understood the house of Heath & Co.
short about 100 900 shares but the transactions
under the rule foot up only A 600 shares, including
$500 Western Union, 1900 Lackawanna, 1000
Delaware & Hudson, $500 st. Paul 5000 North
western 2 500 Lake Shore, z, 100 New York Cen
trail 400 jersey Central, 1000 Reading,
Omaha preferred 400 Union Pacific,
800 each Rock Iss ad and OregonlRailway, 200 each
MICHIGAN Central and Louisville & Nashville and 100
Canada Pacific. The difference between the amount
bought In under the rule and the total amount OF
which Heath & Co was short was made up by pur-
ehases in the ordinary way add supposed to be upon
orders given by Heath & Co. The total business of
the day was unusually large being ABB 900 shares;
trail with 70 800, and Northwestern, Western Union,
Lackawanna, and St. Paul. with Al 900 to 81 900
shares each contributes BOT 900 shares leaving only
900 shares to be distributed among the rest of
The list The failure of HI. N. Smith, which the
of that of Heath Co., removes from the
Operators ono known in Wall i''s street 0s for
many years. If to the account that bought in for
Heath & Go. be added the short accounts of other
bear operators it is probable that the purchases to-
day fer the short &C cunt between $50 600 and
200 600 shares. OF course, this furnished the
bulls with market for that amount of stock, thus
placing them in position to purchase again at any
material decline that might follow. The railroad
situation, they claim. is favorable than it has
been for some time past, and they are tonight pre-
dieting the result of the failures of the week
will be decidedly favorable to future operations.
The market closed with the following prices bid: