The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-15
LIGHT TRADING ON CHANGE.
Dull Markets, Caused by Lack of War
News and Favorable Crop Weather.
Wheat Closes Weak at the Lowest Prices of
the Day and Corn Declines One Cent
Provisions Quiet and Easier.
MONEY N O C
%eayy Trading in a Few Stocks, with Narrow
Fluctuations.

%eaYy Trading In n Few Stocks, WITH Narrow
Fluctuations.
New York, May 14-Money on call was easy
Mt / per cent.
Prime mercantile paper, 405 per cent
Foreign exchange was quiet at "a. 86a for sixty
days, and a. $50 for short sight.
The total sales of stock to-day were 247. 1876
shares, including the following: Delaware, Lack
Rwanna & Western, 98, $50; Lake Shore, 13, AGO;
Northwestern, %, goo; Louisville & Nashville. 49,
$50; 4Rew York Central. 20, 800; st. Paul, 81, 600;
Union Pacific, 14,5O0; Western Union, $500;
Oregon d TranscontiDental, 6,300.
Government bonds are unchan ged in quota
lions, except a decline of in the threes and the
coupon tours, and an advance of ] in the coupon
four-and-a a half per cents. There were sale of the
coupon tours at 1915. and of the threes at l03.
State bonds are quiet and quotations generally
firm, except a decline of l per cent. in the Ala
bamas and an advance of l to 2 per cent. in the
Michigan issues and Virginia skies ex. matured
coupons. There was a sale of North Carolina
eonsols at 81.
The feature of to-day's stock market has been
the heavy trading in Lackawanna, accompanied
by a decided break in its price during the morn
SEg, followed later by 8 rally in which about one
half Of its loss was recovered. The rest of the
market was quiet, and while it sympathized to a
certain degree with the movements in Lacka-
wanna, the fluctuations were within a much mar
rover range, and, with the exception OF the
morning break, prices were steady to strong all
lay. The course of Lackawanna this morning led
many persons to suspect that the break in prices
was a bold stroke. made by the bulls" to increase
The "short" interest prior to another squeeze.
This view of the matter was, in some measure,
Indirectly confirmed, during the afternoon. by
the course of the price of the stock. During the
last hour and a half the whole list responded to
che upward movement, and prices advanced slow
~ but steadily to the close of the board. The re-
suit of the days operations shows a gain
Of a small fraction, generally ] to / per cent. for
most OF the active list, although Louisville 81
Nashville, In which there was unusual activity,
IS up IL, Oregon railway ], and Consolidated Gas
z, at 914, while Lackawanna, Delaware & Hud-
son, and Central of New Jersey are lower. The
news received from the West during the day in
regard to the meetings that are being held at Chi
cago to settle the differences between the rail-
roads leading west from that city, was unimpor-
tant, except that which confirmed the previous
statement, that an adjustment of the differences
had been practically reached, the work of the
committee being now only one of detail. The
total sales were 247 l42 shares. of which Lacka-
wanna alone contributed nearly So, 600, and North
western. ST. Paul. New York Central, Lake
Shore and Union Pacific together furnished as
many more, leaving less than $4,000 shares to
be divided between the rest of the list
Lackawana was weak at the opening, showing
o decline of {. at 1922, and after a slight rally,
when 1t sold for 1922, it broke rapidly to 99s.
These were the two extreme prices of the day.
Before noon. it had rallied to a fraction above
par, and with the exception of one sale at 101, the
fluctuations were confined between 100 and
1905 until after p. NJ. Between that and 3 p.
n there were purchases of 4, 800 shares under
tho rule for non.delivery. During that time the
price repeatedly touched 101 under the rule, and
did not go below 1901. closing finally at 100as-a
loss of II per cent. The other coal stocks were
weak, in sympathy with Lackawanna. but were
quiet, and Delaware & Hudson shows a loss
this evening of /, and Central of New Jersey {.
New York Central was also quite weak in the
morning, decling to 82ss, but it rallied late in the
day to S34, ard finally closed unchanged. Lake
Shore Continued firm, with the exception of a few
sales at a fraction above the magic figure so.
The railroad bond market continues active and
prices are generally very well maintained. The
break in the stock market this morning had no
perceptible effect upon the prices of the better
class of bonds. Although the largest trading of
the day was in Erie seconds, new, the business
was unusually well distributed. Prices this
evening are generally higher as compared with
last previous sales.
The market closed with the following prices
bid: