The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-25
AVERY DULLDAY ON'CHANGE
The Markets All Lag, but the General
Feeling Is One of Steadiness.
There Will Be Radical Change in
the Temper of Traders.
MONEY AND STOCKS.


The New York Market DnlI but Strong ON a
Small Volume of Business.
New YORK, May 23.-Money on call was
easy at II per cent
Prime mercantile paper, las per cent
Foreign exchange was quiet at s. s64 for sixty
days and 81 e8a for demand.
The total sales of stocks to-day were 134. 787
shares, including the following: Delaware
Lackawanna & Western, Is, 900; Lake Shore
10000, Louisville & Nashville, $4,000; North
western 5225 New Jersey Central, 6, 100; New
York Central, IL ,375; Pacific Mail, II. 235; ST.
Paul. H. 1870; Union Pacific, "a, $50; Western
Union, 13, go.
There is no change in the quotations of gov.
eminent bonds, which have been quiet.
State bonds are strong, showing, in many
cases, advance of to per cent in quo tations.
There was a sale of North Carolina consols at
III
The railroad bond market has been quite
active this afternoon, and prices were genera
strong. although Erie seconds, in which there has
been large business, were barely steady.
The stock market has been dull but strong
all day. Prices at the opening were
generally ] to higher than they closed yester-
day. from which there was further advance of
small fractions, followed by slight reaction, in
which the early gains were lost and then very
quiet market, with strong undertone, which
developed material change until after l
o'clock. A general, though somewhat vague,
idea was developed in the afternoon,
to be restored, upon which the
market advanced somewhat, reaching the high
est prices of the day shortly after o'clock. In
the last hour there Has moderate reaction, and
the closing prices are generally to below the
highest figures, but to above the first quota
tons The dizziness in the market is indicated
by the statement that the total sales were 1885,
900 shares. The only stock that showed any
Int De- l.
however, amounted to only "a, 600 shares In
no other case did the transactions equal a. 900
shares In the afternoon, there was squirt in
Jersey Central, which rose TO 37s, after selling
in the morning at &C. and closed with gain of
] per cent, at 3741, on small sales. Consolidated
Gas is also up per cent, at 81, and Manhattan
Consolidated Il, at 96s. Among the active stocks,
those aaieh developed the most strength were
Western Union. Union Pacific and Pacific MAIL
the last OF which closed at the highest quota
irons reached The grangers were only steady
The Vanderbilts were firm.
A dispatch received from Boston this afternoon
and cTey lated hare, says that the statement that
the Union Pacific had to borrow $500 900
TO LAY its May interest is without the
slightest foundation in fact. The correspond
ence between Mr. Gould and the officers of the
trunk lines was made public during the day, and
1t disclosts the fact that most OF the companies
were willing to restore rates, providing they can
be satisfied that they will be maintained when
restored, and that other minor points shall be
conceded. The final answer from the New York
Central was, however, not received before the
closing of the Stock Exchange.
The extreme ease in the money market with
q decided increase of the surplus revenue in
spires the "bulT leaders with confidence in their
ability not only to maintain, but gradually to ad
vance quotations of their private stocks, and the
fact that investment holders of securities are
not throwing them upon the market at present
quotations is discofnfortng to the "bears" The
bulls" claim. however, that leading bears have
not liquidated any considerable portion of
their short interest. There is very good bor-
rowing demand, though rates are generally easy.
1t is believed there has been considerable Dor
rowing of certain stocks on the London market
where they be obtained more easily than
here. 1t was announced, late this afternoon
that the Rock Island statement, recently
published, was in some respects in
correct, as complete returns have not
yet been forwarded to this city The statement,
as published, was only approximate Comparing
prices this evening with last Saturday, the
changes ars generally for fractional amounts,
Union Pacific and Central of New Jersey, each
this weak have been 1858, s0o shares, decrease
Of 37S, 600 shares from last week.
Railway bonds continue comparatively active,
especially when the present condition of the
stock market is considered. The sales to-day
were 81, 90. 900, decrease from yesterday OF
$685. 0O0 but tfss falling off was due principally
to the reduced trading in Erie seconds, new.
Prices this evening generally show only slight
the market in the afternoon was strong
and the business to-day was very we'll distrib-
uted, showing good investment demand. The
only change of Importance was an advance of
in the c., B. e. O. debenture fves, to 1909;
Albany & Susquehanna frsts. consolidated, were
up l. at 1854: Louisville g. Nashville trust
bond, !, as 81; Lake Erie g. Western firsts, :,
at csc; Metropolitan Elevated seconds, Il, at
101; NJ, K & I. general consolidated skies. J, at
plate frsts. Il. at l25; Union Pacific frsts, J. at
116a, and the registered Fights, Il, at 99b. There
was decline of l per cent. in the Chesa
peake 81 Ohio skies series, coupon off. at CO. and
the g., b. & O., Iowa division, fours
are down {, at 81. Louisville & Nashville
New Orleans 81 Mobile firsts, /. at 81: and the
South North Alabama sinking fund SKIES l, at
1123; West Shore frsts, !, at 30a; Missouri Pa
eiHc frsts consolidated /, at 99l; Toledo, Pc
oria & Western frsts, l, at ~; and Toledo &c
Wabash seconds extended !. at 904. The total
sales for the week were So SCI, 000 an increase
over last week of So, I'll, 900.
The market closed with the following prices
bids
Three per cent. bonds. lo3 Lake Shore s2a4
United States 49s. Ivy Louisville NashV lie s3A
Central Pacific hrsts Mar. 4 Gin. seconds. -.
Erie seconds: 4s3s Mem. Charleston. 36
Lehgh W'k'be: e4A Michigan centraL..... 40
Missouri ss. ......-les MINI st. l. prefd .
St. Missouri Paefc........ s57s
C. p. 4 5. O. drsts. .l2e Mobile ohio.......
Tennessee 6s, oid...-... 43 Morris Essex.
Tennessee S. new...... 43 Nashville Chat......
Texas Pac I'd grants 3sa New Jersey Central. s74
r. p. Rio Grande...... 52.lNorfok w. pref d.. ia
UnioG Pacific rsts.. li62 Northern Pacific IGN
u p. land grants... loe4 Northern Pac. prefd 3g4