The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-28
GREAT DAY FOR THE BEARS.
Their Predictions Of a Decided Break in
Wheat Are Finally Realized.
q Downward Movement Which Brought
Large Quantities of Wheat on the Market
and Resulted i'm Large Sales.
MONEY AND STOCKS.

q Fair Business in Railway Bonds, but the
Stock Market Continues Very Dull.
New YORK, May 27.-Money on call was
easy at per cent.
Prime mercantile paper, 465 per cent.
Foreign exchange unchanged.
The total sales of stocks to-day were 8z078
Iharea. including the following Delaware,
Laekawanna 4 Western, 13, 020; Northwestern,
q, 1850; New York Central, 1l,545; St Paul, r.
Bis; Texas Pacific, 5, 40; Union Pacific, $780,
Western Union. 1890.
In the government bond market the three per
cents were strong, and showed a slight advance
on moderate business The others were dull
and unchanged.
There were no sales Of State bonds.
There continues to be good business demand
m railway bonds, and prices this evening are, in
majority of cases, shade higher than yester
DAY. The changes. however, are only for small
fractions The feature of the market was the
very large trading in Erie seconds consols ac-
eompanied by further decline in prices The
sales of these bonds during the forenoon alone
we're ST., 900 900, and for the day ST. 779 600,
during which the price fell to AZ, and closed
ut 474, decline from yesterday of II.
The general impression is that there have
been some heavy sales of these bonds during the
past two or three days by old investment hold
ers. The total sales were So, 749,500
Day by day the stock market continues to
grow duller and more lifeless. To-days total
sales were only 81, 600 shares, and in no single
stock did the transactions exceed 5000 shares.
The market was absolutely featureless all day.
At the opening there was q decline of q small
fraction, which was soon checked, and then the
market became dull and steady, and so contin-
ned throughout the remainder of the day.
The listless character Of the market is indicated
by the statement that the extreme fluctuations
were, in most cases, only from TO 4 per cent.
Che average losses being shade
greater than yesterdays gains. 1t is estimated
by the friends of the Pacific Mail that the earn
cent. on the stock The friends of the Union
Pacific are claiming to-day that the surplus
earnings of that company for the current year
win amount to "a, 600, 900, and that the company
viii be- able to pay off the floating debt by the
lst of January next, without resorting to the
sale of any more bonds, thus intimating that the
scheme of selling enough of the bonds in the
treasury to pay the floating debt may be aban
doned. In addition to this, they estimate that
the land sales will enable the company to retire
of the bonds. The most active stocks were
Lackawanna, St Paul, New York Central,
Northwestern, Union Pacific, Western Union
and Texas Pacific, in the order named. There
has recently been considerable strength devel-
oped in Texas Pacific, on increased trading, the
stock selling fraction above H. but it closed to-
day with loss of /. Transactions in Missouri
Pacific were limited to 200 shares, at gain of
I per cent.
The governing committee of the Stock Elk,
change to-day listed LOGS, 900 Of the st. Paul,
Minneapolis & Manitoba Railway Company's
consolidated bonds; $4,000, 0e0, Louisville &
Nashville 1910 6's of 1924; 81 $50 900, Manhat
tar Railway Company's second mortgages bonds,
and $607, $50 second preferred stock Of the Ches-
apeake q Ohio railway.
The market closed with the following prices