The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-24
A PANIC IN THE WHEAT PIT
Cash Grain Driven Below Eighty Cents
for the Second Time This Year,
Caused by the Posting of Hot Wheat in New
York and Reports of an Easier
Market in LIVERPOOL.
MONEY. BONDS AND STOCKS.

Good Business i'm Railroad Bonds-A
Sharp Reaction in Stocks.
NEW YORK, Aug 22-Money on call was easy
at II per cent
Prime mercantile paper, 4a5 per cent.
Foreign exchange was dull and unchanged.
The total sales of stocks to-day were 22l, 1872
shares, including the following: Del
aware, Lackawanna and Western, 80,
740; Erie, $3.50; Lake Shore, 16620
Louisville & Nashville, sO75; Northwestern
lI,7lO; New Jersey Central, $3.50; New York
Central II, 5l5; Reading, TO- 600; St Paul. Is, 500;
st. Paul G Omaha 5000; Texas Pacific, 1926;
Union Pacific, 1926; Western Union, 1850;
Northern Pacific preferred, 8.175; Oregon &
Transc Continental, lob.
Government bonds are dull and firm.
State bonds have been dull but strong.
There was better business in railway bonds
today, the sales amounting to $3.50, 900, of
which Erie seconds contributed $797, 600 and
West Shore irsts $50, 900. Prices are
pretty evenly divided between ad-
vances and declines. Erie second con-
soils opened at 683 and rapidly declined
until they sold at Co. and then gradually sold up
to 67s and closed with net loss of per cent. at
67k. West Shore irsts are unchanged. The
total sales of bonds for the week were $40, 49,
OOO
There was q very sharp reaction at
She Stock Exchange this morning. AL
though transac ions were rather limited
prices opened trife higher than
they closed last evening but room traders soon
sold out and support seemed lacking. In the
first half hour prices fell off from to per cent,
the leaders of the decline being Lake Shore,
Lackawanna. St Paul, Louisville & Nashville,
and Northern Pacific preferred. The decline
,hOCt 1.D0 haY tho lict hn RI
rally and soon became strong, and grew
stronger and stronger to the close when the
majority of stocks were from to = per cent
higher than they closed last night The ex
were: Delaware & Hudson, ?; Western
Onion and New York Central each
II; Lake Shore 1s; Northwest and
St. Paul. each, l; Jersey Central, .; Lacka-
wanna. Is; Louisville & Nashville, IL Missouri,
Kansas & Texas, L. Manitoba, II; Reading, IL
Chicago Burlington 81 Quincy. D. Minneapolis
& St Louis common, !, and the preferred, p
At the close Pacific Mail and Erie were lower
Omaha preferred !, and the Northern Paclfics
!. All other stocks on the active list were
unchanged higher. The sha1pest advances
from last evenings closing figures were: Della
ware & Hudson, Is; Jersey Central, .; Manhat-
tan Consolidated, II; Reading II: Chicago
Burlington e Quincy, p; Central Pacific, L.
and Manitoba Il. The other advances were gen
orally for small fractions. The traders who were
sellers in the morning were the buyers in the
afternoon. There were but few rumorS to-day
affecting prices. and the extreme fluctuations
appear to be the work of traders principally.
Jersey Central made sharp advance of 3 per
cent, and the old rumors of some party in
control of the property were revived. but moth
ing official could be obtained. The Omahas
were quiet to-day, although rumors of consolida
ton with Northwest were repeated. A state
ment that there were legal obstacles in the way
of such consolidation denied by Senator
Sherman, formerly general counsel for the
,rff IN Nnnfh
western executive committee will be held at
Saratoga next Wednesday, when it is said the
Omaha matter will be considered. The total
sales for the week were 2, 156, 256 shares Prices
this evening are generally higher than a
weekago, tLackawanna and Chicago Burlington d
Quincy showing gains of 81 per cent, Delaware
& Hudson g. and Union Pacific ., while Omaha
common was up %, and the preferred l04. The
other stocks up fractional amounts. Lake
Shore and Northern Pacific however, are l. per
cent lower, Louisville & Nashville II, and Mis-
Eouri, Kansas & Texas !.
The market closed with the following prices
bid: