The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-25
A BEARISH WHEAT MARKET.
Il Fuctuates Rapidly Within a Narrow
Range Under Conflicting Reports.
Corn Continues Strong and Oats Decidedly
Frisky for the July Option Pro
visions Close q Shade Lower.
MONEY AND o c

n Street Evidently Losing Faith In the
Bull Movement in Stocks.
New YORK, July 24-Money on call was easy
ut l per cent.
Prime mercantile paper, 495 per cent
Foreign exchange quiet and unchanged.
The total stock sales to-day were 385, 644 shares,
including Delaware, Lackawanna d Western,
g. 800; Kansas & Texas, 9,240; Lake Shore,
1865; Louisville & Nashville, q, 735; Missouri
Pacific, 6, 600; Northwestern, %, 753;New Jersey
Central, IL, Ill; Pacific Mail, 1850; st. Paul,
s5,0 60; Texas Pacific, $3.50; Union Pacific, "a, l60;
western Union, q, 83l; Northern Pacific pre-
ferred, 2l,545; Oregon Transcontinental,
1850.
Government bonds have been quiet and strong
for the fours and steady for other issues.
State bonds have been quiet and without i'm
portant changes in quotations.
There was about the usual business of late in
railroad bonds, sales of Erie second consols being
81 BAG, co.,; West Shore firsts, 500, 000, and of
other issues. 81, $4,000, making a total of 3d.
I42, 0O0. The closing prices are generally higher.
but the fluctuations were only fractional.
The stock market was again very active this
forenoon, the sales for the first two hours eX-
ceeding zoe, coo shares. Business In the
afternoon was more quiet, so that the
total transactions foot up only 385, 844 shares,
O. decrease from Yesterday of 1872, 800 shares
Prices were irregular at the opening, and in the
early dealings the market was Inclined to be
heavy in consequence of a pressure TO sell by
small operators. The decline, which was for
only small fractions, was soon checked, and
there was a rally which carried prices during
the first hour to the highest quotations of the
day. With only two exceptions, New York Cen
trail and Jersey Central, the rally amounted to
less than l per cent, and from that time to the
close of the board this afternoon, the general
tendency was downward. The movement at
times was irregular, and there were occasional
spurts in some stocks that made a show OF
strength, but they were short-lived, and succeed
ed by lower figures. The market closed weak at
or near the lowest quotations of the day in most
cases. The most important exception was Jer-
sey Central, which developed great weakness,
selling down to Az, 2 per cent. below the clos
ing quotation Of yesterday, from which it soon
rallied, and did not again go below ID. At the
last hour it touched Al, but closed at 453, a
net loss of l per cent; Lackawanna touched its
lowest point in the last hour, but rallied i per
cent, and closed with a net loss of j. per cent.
Other net declines are l per cent. for Western
Union, Lake Shore, Union Pacific and Manitoba;
Il for Northwestern and St Paul, each; Is for
Reading and q for Omaha preferred. The
street is beginning to show signs of waning con
6dence in the bull movement that has
existed for some time, and this
has been especially noticeable this
afternoon. Prominent representatives of the
old bull party are ~avowedly in favor of a reac-
ton, and do not hesitate to let the fact be
known. st. Paul was heavy to-day, sales aggre-
eating sc, 600 shares, and the decline was aggra-
waited by an unfavorable showing in earnings for
the third week of July, which show a decrease of
SIG, Sal, as compared with the same week last
year. The only other active stocks were Lake
Shore, Lackawanna and Union Pacific, with
sales between "a. 0G0 and 38, 600 shares each.
Louisville 81 Nashville was comparatively strong,
and is down only / per cent, as compared with
last evening. New York Central is only lower
also.
The market closed with the following prices
bid: