The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-04-16
A BAD. DAY FOR THE BULLS.
4 Decided Change IN the Temper of the
Gamblersin Wheatand Other Grains.
A Decline Of Nearly Five Cents in Wheat
Causes Panicky Dumping of "Long"
Contracts-Proyision Very Weak.
MONEY AND STOCKS.
the New York Market shows Unusual Strength
and Activity.

me New York Market shows Unusual Strength
and Activity.
New YORK, April l5.-Money on call con-
tinues easy at per cent, closing at l.
Prime mercantile paper, 4G5 per cent
Bar silver, $l074
Foreign exchange quiet at unchanged quota
tons; actual business, "a. 1854 04.87a.
Government bonds are quiet and quotations
unchanged, except an advance of for the fours.
State bonds very dull, and in some cases quo
cations are a shade lower
Railroad bonds have been active and strong in
most cases.
Today's stock market has been q surprise
TO almost everyone. The European war news
this morning was interpreted as indicating a
more peaceful outlook, and the prices at the
opening were to per cent lower than they
closed last evening, and in the early dealings,
further fractional declines We're made but this
was followed after the first fifteen minutes by
reaction, in which Union Pacific and Pacific
Mail took the lead, and from that time until the
close the market was strong and unusually
active as compared with tiie business of late.
At first there were rumors of a favorable eharac
ter regarding Union Pacfc's floating
debt, but the points which carried
the day were, first the declaration
of the usual Il per cent. dividend for the cur
rent quarter by the directors of the Pacific Mail
Steamship Company with the official announce
ment that the companys earnings for the cur
rent quarter were at the rate of 81 per cent per
annum, and secondly, that resolution had been
adopted by the Pacific Mail board which il was
believed would lead to AN amicable settlement of
the differences between that company and the
Pacific railroads; THAI the resolution, which was
presented by Mr. Gould and which was unani-
nously adopted provides that the Union and
<wa1 fGo hn ponu cfa6 RI
transfer the business of their transPa-
eifc line-the Oriental and Occidental line.
between San Francisco and Climate the
Pacific Mail, and enter into contract
with the latter company for a term of ten years,
guaranteeing the Pacific Mail against opposition
IN the China business; in consideration of
which the Pacific Mail Company would enter the
Transcontnental pool and cooperate with the
The resolution also provides that all matters
should be decided by the commissioners of trans
continental business. or arbitration. This was
interpreted as being extremely favorable, not
only to the Pacific Mai but also to the Union
Pacific company, and the two stocks steadily ad-
vanced throughout the day, gaining in each case
over per cent The rest of the list
simply followed in their wake, and none
of the active list Is lower tonight
The advances for the other Gould stocks were
over per cent. The total sales amounted to
355, 1897 shares, a gain over yesterday of 1885, 900
shares Of to-day's business So per cent. con-
sisted of transactions in Union Pacific, Pacific
Mail and Lackawanna. It must be remembered,
however that Lackawannai is only whatthe street
calls a half stoek-the par value of a share is
only $50 instead of 800, thus making the deal
ings in Lackawanna, as compared with the other
stocks only %, 600 instead of A, 600 shares The
totals Of the eight most active stocks the list,
Union Pacific, Pacific Mail, Lackawanna St
Paul. Northwest, Lake-shore, Western Union
and Missouri Kansas & Texas aggregate 80 per
cent of the days business, and of no other stock
did the sales amount to as much as TO- 600 shares.
The grangers were prominent for their weak
ness at the opening. and in the first hour touched
the lowest prices they have reached this week.
st. Paul selling at ~! and Northwestern at 97a.
The loss however was more than recovered,
but Northwestern closed this evening unchanged,
Texas was very strong, closing at the highest
price of the day, at 1873, gain of per cent
The market closed with the following prices
bid: