The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-24
AVERYDULLDAY ON CHANGE
The Markets All Lag, bat the General
Feeling Is One of Steadiness.
A Belief that the Time Is Near at Hand When
There Will BE Radical Change in
the Temper of Traders.
MONEY AND STOCKS.

MONEY AND STOCKS
Ehe New York Market Dnn but Strong ON q
Small Volume Of business.
NKw York, May 23-Money on call was
sasy at II per cent
Prime mercantile paper, AIS per cent
Foreign exchange was quiet at 81. S63 for sixty
days and S. Ssa for demand.
The total sales of stocks to-day were 134, 787
shares, including the following: Delaware,
Laekawanna g. Western, 13, 600; Lake Shore,
10000 Louisville g Nashville, $1,000; North
western, 5225; New Jersey Central, $3.50; New
York Central, 1875; Pacific Mail, 1925; ST.
Paul. 1890; Union Pacific, A.575; Western
Union, 1920.
There is no change in the quotations of gov.
eminent bonds, which rave been quiet
State bonds are strung, showing, in many
eases, an advance Of Ito per cent. in quotations.
There was sale Of Nortn Carolina consols at
nj.
The railroad bond market has been quite
active this afternoon, and prices were generally
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-
dsy, from which there was a 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 no material change until after /
o'clock. A general though somewhat vague,
idea was developed in in the the, afternoon
70 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 was moderate reaction, and
highest figures, but ] to above the first quota
tions. The dullness in the market is indicated
by the statement that the total sales were 1885,,
600 shares. The only stock that showed any &C
tivity was Union Pacific the dealings in which,
however, amounted to only "a 600 shares. In
no other case did the transactions equal Ia, 900
shares. In the afternoon, there was a squirt in
Jersey Central, which rose to 37s, after selling
IN the morning at Sc, and closed with gain of
] per cent, at 3744, on small sales Consolidated
Gas is also up per cent, at 81, and Manhattan
Consolidated L. at 96s. Among the active stocks,
those which developed the most strength were
Western Union Union Pacific and Pacific Mail,
Che last Of which closed at the highest quota
t1ons reached. The grangers were only steady.
The Vanderbilts were firm
a dispatch received from Boston this afternoon
and circulated here, says that the statement that
the Union Pacific had to borrow $500. 600
to pay 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
IL discloses the fact that most of the companies
we're 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
HI .~.A ~E H.
spires the "bulr leaders with con fdence 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 discomforting to the sbears" The
Hbulls" claim. however, that leading bears have
not hquidated any considerable portion of
their short interest There is a very good Dor
rowing demand, though rates are generally easy.
1t is believed there has been considerable Dor
where they can 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
~ published, was only approximate. Comparing
prices this evening with last Saturday, the
changes are generally for fractional amounts,
Union Pacific and Central of New Jersey, each
LII, and Western Union IL. The total sales
this week have been /, 0S3, 800 shares decrease
of 379 900 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. 221 000 decrease from yesterday of
1885, 600, but the falling of due principally
10 the reduced trading in Erie seconds. new.
Prices this evening generally show only slight
changes from the last previous quotations. but
the market in the afternoon was strong
and the business to-day was very well distrib
uted, showing good investment demand The
only change of Importance was an advance of +
n the c., b. IL Q. debenture fyes, to 1907;
Albany & Susquehanna firsts consolidated, were
up !, at 1881: Louisville & Nashville trust
bond, !, at 9l Lake Erie a. Western frsts, Z,
ut 654c Metropolitan Elevated seconds, Il, at
101; NJ, K & T. general consolidated skies. J, at
Ts; New York Elevated firs.s, !, at 1911; Nickel
plate frsts i. at 12s; Union Pacific frsts J. at
1163, and the registered Fights, H. at 99a. There
was decline of ] per cent in the Chesa-
peake & Ohio skies series, coupon off, at 60, and
the T., b. O., Iowa division, fours
are down /, at 94s: Louisville & Nashville
New Orleans & Mobile firsts, J. at 81: and the
South North Alabama sinking fund skies, /, at
80; Metropolitan Elevated railroad frsts, /. at
1121; West Shore frsts, !, at 30s; Missouri Pa
oria & Western frsts, l, at ~; and Toledo &
Wabash seconds extended. I, at 904. The total
sales for the week were SO, Sol, 900. an increase
over last week of 81 I'll, 000
The market closed with the following prices
bid:
Three per cent bonds .l03 Lake Shore. 523l
United States AS. 1924 Louisville Naehv lie 334
United States As. l2i5a L., N. A X C....... %
Pacific 60 of 1922 Mar. Gin. frsts pref
Central Pacific irsts. li33s Mar x Gin. seconds =.
Erie seconds. 497s Mem. Il Charleston &c
Lehigh W'k be- ...... 94A Michigan Central... 40
Louisiana Consos... 751a Mimi. & St Louis. IL
Missouri 6s. .......l04 Mimi. St L. pref d. 20
ST. Missouri Pacific $50
St Pa s. G. rsts. 100 Al obi le & Ohio.
Tennessee 6s, old..-.. % Morris Essex-......l23
Tennessee 6s. s3 Nashville IL Ehat...... 81
Texas Pac I'D grants. asa New Jersey Central. 3T4
T. p Rio Grande 52t9i Norfolk w prefd. 7t4
ETTvfon paci 6r first