The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-10
LOWER PRICES FOR GRAIN.
The Wheat Market Opens in an Unset
tied and Nervous Condition,
And So Continues Through the Day, Finally
Closing at Slightly Lower Figures-Pro-
visions Show No Material Change
MONEY AND STOCKS.

Activity in Stocks.
New York, July 9-Money call was
easy at per cent
Prime mercantile paper, 405 per cent
Foreign exchange quiet and unchanged.
The sales of stocks to-day were 270, 289 shares,
including the following: Delaware, Lackawanna
& Western 80, $50; Kansas & Texas, $500; Lake
Shore SO 045; Louisville & Nashville. S.095;
Northwestern, 1S OBJ; New York Central, %, 534;
Pacific Mail 1926; st. Paul. &C. 030; Texas
Pacific, 1885, Union Pacific, 17.5l5; Western
Union, H. $780, Northern Pacific. preferred 3. 262.
Government bonds are quiet and firm at
changed quotations.
State bonds have been quiet and generally
strong.
There has been very heavy trading to-day in
West Shore frsts and Erie second consols, the
total sales of the former being S. 295 900, and of
the latter 1917 600. while the total transactions
were So, 1896, 0O0. There has been, both yester
day and to-day, unusual amount of trading in
some of the NJ, X. & T. issues. Friends of the
Huntington and Gould systems of roads claim
that Texas will probably show this year more
improvement than any other State in the Union,
which will operate directly to the interest of
their properties.
The stock market has been decidedly more
the total sales for the first two hours exceeding
yesterdays business for the entire day by IS coo
shares. The activity was accompanied by
decided advance in prices, the market opening
strong; and, with the exception of slight reac
ton in some stocks, continuing strong until
nearly 10 o'clock, when the highest prices of the
day were made, generally from to Il
per cent above the closing figures of
last evening. st. Paul led in this advance,
but New York Central gained H. and others of
the most active list made fractional advances.
Pacific Mail was the weakest, gaining only J. In
the afternoon the market became more quiet.
and on considerable realizing, slowly declined,
in many cases the advance being lost However,
st. Paul, Northwestern. New York Central,
Union Pacific, Western Union and Louisville IL
Nashville did not sell in the afternoon below the
closing prices last evening. while Lackawanna,
Pacific Mail, Jersey Central and Lake Shore sold
down / to per cent. below those figures.
In the last half honr there slight recovery
in the general list, although the upward move
ment was somewhat irregular, and the market
finally closed about steady at prices which, for
the majority of the list fractionallv higher
than last evening, the gains in a few
ceeding per cent Half a dozen stocks
from to ] per cent lower, the latter including
Delaware & Hndsen, Lake Shore, Central of
New Jersey, and Missouri Pacific. Exceptional
strength manifested in ST. Paul, which
closed with net gain of II per cent.
and New \ ork Central is up ! per cent. The to-
tai sales for the day were 10000 shares an in
stocks. ST. Paul, Lackawanna and Lake Shore,
contributed nearly half of to days business, the
transactions in St. Paul alone aggre gated &C. 600
shares. The afternoon reaction is not generally
regarded on the street as more than the natural
course of healthy market, following the decld
ed advance of yesterday and this forenoon.
The weakness in Pacific Mail is ascribed to the
circulation of a rumor that opposition line
was about to be started. Investigation proves
that there was no foundation in fact for such a
statement.
Receiver Humphreys, of the Wabash company
says that the Cairo & Ohio, and the Toledo
Peoria e. Western divisions have appealed to
the courts for their property, on the ground that
they can be operated to better advantage in
dependent of the Wabash. The court has
declared that these divisions could be operated as
desired yet they must be subject to all equities
under foreclosure of the Wabash property. The
Omaha division of the st. Louis, Kansas City e.
Northern has applied for the same privileges,
but action has yet been taken. The Louis
vile & Nashville company advertises
to buy $s5o,ooo city of Louisville
bonds, which mature April l.
1856, Oct l. 1886. and April /, 1887. These
bonds were loaned to the railroad company by
the city in 1856, the company agreeing to pay
the coupons and principal of the bonds. The
company deposited when the bonds were issued
$3.50. 600 of Louisville & Nashville stock and
when the stock was doubled the sinking fund
commissioner Of the city Of Louisville required
additional security upon which the company took
up it's stock and substituted $3.50, 900 government
and Al per cents. The company will now buy
any part of the city Of Louisville bonds, cancel
ing SO much of its debt, and will sell the gov
ernments at the present satisfactory premium.
The market closed with the following prices
bid: