The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-07
ACTIVE TRADING In GRAIN.
The Markets Generally Buoyant, Despite
the Peace News from Europe.
Wheat Develops Surprising Strength. Which
Is Supposed To Be Due to the Bad News
from the Grain-Growing Regions.
MONEY AND STOCKS.


~ Reaction In tho New York Market-Cause
OF the Western Rate Wars.
NEW YORK, May 6-Money on call was easy
at 101a per cent
Prime mercantile paper IA per cent.
Foreign exchange unchanged
The sales of stocks to-day amounted to 242, 932
shares, including Delaware, Lackawanna 81
Western, @, 1000; Lake Shore, Is, 300; Northwest
ern, $4,000; New Jersey Central, $500; New
York GENITAL, $1,000; Pacific Mail, 1900; ST.
Paul, $4,000; Union Pacific, 1880; Western
Union. 10, 600; Northern Pacific, $50.
Government bond quotations are unchanged,
excepting decline of in the threes. There
was considerable business done at current quo
tations.
The only sale of State bonds at the Exchange
was of North Carolina special tax at 5 per cent
Quotations are steady
There has been decided reaction in the stock
market to-day. At the opening of the board the
"bears7 were treated to surprise by the
strength displayed throughout the list, but es-
pecially in New York Central and Union Pacific
and this was followed by an advance in the
leading rates in the former, which did not cul-
inmate until as much as of
i per cent was paid for the use
Of the stock for the day. Lackawanna also
loaned at 1-64. The rally was also accompanied
by decided improvement. in the amount of
business done, and the advance was not checked
until after o'clock. Late in the day an effort
was made to depress prices but the decline was
checked before o'clock, and the market closed
strong at quotations, which show advances in
almost everything the list, the gains being
from TO per cent. The power of the bulls
was forcibly illustrated in to days transactions
The belief spreading that the unreasonable war
in freight rates among the Western roads is be-
ing carried on principally for speculative pur-
poses, and the sentiment of the street to-day is
tiNt this will continue until the officials who are
interested in the stock have sufficiently supplied
themselves with 'long" stock which they sold
some time ago at a high rate. 1t is evident that
some Of the leading 'bears" have been more act
lively in the market again, during the past day
OF two. than for weeks previous. Of to-days
business II per cent consisted OF transactions
IN New York Central, Northwestern, st. Paul,
Lake Shore, Lackawanua Union Pacific and
Western Union, the sales of which ranged be-
tween LOO and $4,000 shares each. In
leader as well as being one of the
strongest stocks the list, although it opened
unchanged, but it rose in the first hour above 49,
and at O'Clock touched 894, from which it de-
Gllned later to SIs and closed at sos, gain or
per cent Lake Shore rose from 53a to 81 in
the forenoon sold later at 54a, but broke to 534,
its lowest price, and then rallied in the last hour
to $50, and closed at 53z. Union Pacific was not
active. but was very strong, selling up to 40 and
closing at 484-an advance of !. Western Union,
Lackawanna, Delaware & Hudson, Missouri
Pacific and two or three of the less active stocks
are up per cent. St Paul scores gain of J.
and Northwest of {. Erie is also up ],
while Michigan Central shows a gain
Is I'D (laz -, &1. n1lxr nnk
i've stock on the list that is lower,
at a decline of ]. Pacific Mail, however made
no rally in the last hour but closed at the lowest
price of the day, with a net gain of J. The low
est prices were generally at the opening The
highest prices were made after o'clock in most
cases. and the closing prices are little the
highest Of. the day The total footings of the
transactions in railway bonds indicate an active
market, tho sales amounting to 81, 49, 000 but
of this sum, the trading of Erie seconds con-
tributed $53l,OOO Comparing prices this even
ing with previous sales, there is decline in
many cases. Chesapeake 81 OHIO, frsts B
series. are down per cent; st. Louis. jackson
vile e Chicago irsts are also l per cent. lower,
at 117A; Central of New Jersey irsts CONSOLE
dated assented, coupon off, are down :, at SO; and
the adjustment bonds l. at 1861 ST. Paul frsts,
Wisconsin and Minnesota division. fives, ], at 94a
Northwestern coupon gold bonds J, at 1903; New
York, Lackawanna 81 Western frsts, IL, at 1909
Denver 81 Rio Grande Western frsts, l, at 80;
Missouri, Kansas e. Texas consolidated SKIES, Ia
at TAI; Oregon Railway & Navigation frsts, !, at
1114: Oregon Short Line skies, 81; Texas & Pa
cifc, Rio Grande dividend skies, coupon off, :, at
4S4 Fort Worth & Denver firsts, l. at Ca and
Colorado Coal and Iron SKIES 2, at CD. Among
the bonds which show gains Northwestern sink
ing fund skies are up II per cent, at ia; Erie
thirds. extended :, at l044, and seconds, new J.
at 52, after opening at 524 selling at 52aa, down
20 52s, back to 52s again at 524 and closing as
stated. West Shore tirsts early in the day, de-
veIoped decided strength selling up from 29a to
3OE, from which they declined to 304, and closed
quiet at 30s net gain of Ii. Union Pacific
frsts are up J. at lis, and Rome, Watertown s.
Ogdensburg frsts T. at Ill.
The market closed with the following prices
bid: