The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-26
G PRICES FOR WHEAT.
The Small Increase in the Visible Sup
ply Causes a Firm Opening,
But Large offerings Result in a Decline,
Which Is Followed by a Rally-No Ma
terial Change in Provisions.
MONEY, BONDS AND STOCKS.

OeCFcaseu ACTIVITY IN halfway EOnOs-A Ocb-
eral Decline in Stocks.
New YORK, Aug. 25.-Money on call was
easy at II per cent.
Prime mercantile paper, 405 per cent.
Foreign Exchange was quiet and unchanged.
The total stock sales today were 321, 628
shares, including the following: Central Pa
cifc. 1000; Delaware, Lackawanna q Western,
25,776; Erie, 6, 160; Kansas e. Texas, 1855; Lake
Shore, 80, 100; Louisville & Nashville, IL, 375;
Northwestern, 81. 49,; New Jersey Central, g.
23O; New York Central, %, 730; Northern Pacific,
4,I68; Northern Pacific preferred, 1854; Pacific
Mail, 3,6SS; St Paul, {, $780,; st. Paul & Omaha,
II, 900; Texas Pacific, %, $780,; Union Pacific,
1920; Western Union, $4,000; Oregon Trans
continental, 16, 400.
Government bonds have been very dull, but
firm.
State bonds have been quiet, but strong.
The railway bond market was less active than
the average for some time past, the sales
amounting to only ST. 616, 900, of which West
Shore frsts contributed $6l8. 900. and Erie
second consols, $485. 600, leaving $5l3, 600 for the
rest of the list. Nickel-plate frsts are down j..
There were rumors today that a flaw had been
discovered in the Nickel plate first mortgage,
but it was stated that as the Ohio law forbids
Lake Shore guaranteeing Nickelplate bonds.
there was a possibility Of New York Central
Dner1ng TO make the guarantee as mucl as ) per
cent. West Shore firsts are dowD J, at 42ss.
Messrs. Drexel, Morgan e Co. gave
notice to the Stock Exchange, this morning, that
responsible parties who were unable to deliver
West Shore bonds today would have the privi-
lege of signing an agreement to deliver them
whenever the bonds should be called for. In the
general list there are more declines than ad-
vances. The most marked decline is 6 per
cent. in Chesapeake 81 Ohio SKIES of 1911, at Sc.
Today's stock market has been decidedly more
active than VaStpPdaV Dut there has baen q cOp-
tinuation of the weakness of yesterday from the
opening to the close. First prices were generally
lower than the closing last evening, but
were at or near the highest reached to -day, and
there was early developed a decided weakness,
particularly in the Omahas and NOrthwesterns.
There were various rumors aAoat, all tending to
show serious damage had been done to the corn
crop in the Northwest by frost, which, it was
alleged, was severe last night. Later dispatches
said that the frost belt cid not extend as far
south as the corn fields, but the contradiction
had, at most, only a slight effect upon
prices. The whole list continued weak
until about 2 o'clock, when the
lowest prices were reached. the decline ranging
generally from l to 81 per cent, the latter the
Omahas. In the last hour the common recov-
cred : and the preferred 2 per cent. but the
common is still b and the preferred 2 per cent.
lower than they closed last evening. Northwest
did not reach its lowest price until later in the
day, and in the final dealings i: rallied : per
cent. but closed with a net loss of II. st. Paul
was unusually quiet, and its fluctuations were
within a range of II, the final price, which
Is 9 higher than its lowest, showing a
decline of : Other heavy declines were
in Denver & Rio Grande, 2 per cent, O. t., and
Minneapolis & ST. Louis, both common and pre-
ferred, /; Manitoba, Texas & Pacific, Lake
Shore and Western Union, each, !; Pacific
Mail, Union Pacific, c., B. & @. and
Northern Pacific common. each, I; and the rest Of
the list smaller fractions. There is not a single
active stock that shows any advance. 1t is
claimed that the recent advance in the Northern
Pacific was for the purpose of assisting
the syndicate i'll disposing of about
BIS, 600 900 of second mortgage bonds taken
by it some time ago, and that
the profits on the recent heavy shipments of tea
to this country which came over the Northern
Pacific road were little or nothing, for the reason
that the Pacific Mail cut the ocean rates about
80 per cent.
A special dispatch from Chicago was circulated
stating that an agreement had been made by
which the Kansas City, Springfield & Memphis
railroad is to get Go 23 per cent. of all the business
from Kansas City and beyond, destined to points
east of the Mississippi river. and south of the
Ohio river, the remainder of the east-bound
business to be divided between the Chicago &
Alton and the Wabash lines.
The market closed with the following prices
bid.