The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-06
HEAVY WEAK MARKETS.
The Peace News Has Very Decided
Effect on Early Purchases of Grain,
But Nearly All the Lost Ground Is Recovered
Later in the Day--Provisions Quiet
and Steady.
MONEY AND STOCKS.

The New York Money Market Irregular-The
Gould Stocks Very Strong.
NEW YORK, May 5.-Money on call was easy
ut per cent
Foreign exchange was dull but firm at 81 So
for sixty days, and 1885, for short sight
Prime mercantile paper Ia per cent.
The total sales of stocks to-day were 264, geo
shares, including Delaware, Lackawanna &
Western, &c, 400; Kansas & Texas, 5,00O Erie,
5000; Lake Shore, 10000 Northwestern. 80, 800;
New York Central, 10000; Pacific Mail. II, 800;
St Paul, 40, coo; Union Pacific, 10000; Western
Union, 1l,6oo; Northern Pacific. preferred,
1900; Oregon & Transcontinental, 1900
Government bonds have been quiet and
steady and without change in quotations, ex-
cept that the morning advance of per cent. in
the quotations for the registered four a half
per cents. was lost, and the threes are quoted
! higher bid There were sales of the tours,
both registered and coupon, at 1922.
There has been no trading in State bonds and
quotations are steady.
The stock market to-day has been somewhat
irregular with special weakness at times in the
gYangers and Vanderbilts, and great deal of
strength in most of the Gould stocks, especially
Pacific Mail and Manhattan Consolidated.
Before the board opened this morning reports
from London showed that the market there was
weak; at first prices here were generally from
to lower than they closed last evening, the
bears manifesting disposition to continue
the attack started yesterday but immediate
support was given to nearly all the active stocks
on the list, especially the so-caled Gould stocks
and early prices were about the lowest made
during the forenoon. During the first hour the
market was very active, and the opening losses
were generally recovered Later there was
raf1x nd
then general selling movement OF the
most active stocks on the list, thirteen are
lower, eight unchanged and ten higher. The
sales today were 264, $50 shares. The dullest
time was between IL and 2 o'clock, when the
total sales for two hours only Al 100 shares.
Leading .'b,lll' operators claim that large por-
ton of the trading for the last two days has been
for the short account of the bears" that the
borrowing account for the active stocks is large.
They insist that it requires the sale of five times
as much stock to cause a decline of per cent,
as it is necessary to purchase for l per cent.
advance. They also say that stockholders
protective association is being formed to proceed
legally against the promoters of railroad wars
On the other hand the bears talk much
more confidently than for some time past,
claiming that the bulls have grown tired Of
persistently holding the market against adverse
Influences and the latter are the real sellers at
present. There is no doubt that Chicago houses
were early buyers of Northwestern q St Paul
today, on Q downward scale, and this has led
some persons to believe that an early settlement
of the railroadfwar is probable. Nevertheless,
special dispatches were received late in the
afternoon asserting that nothing will be done TO
stop the war; on the contrary, it will be waged
more fercely; and this was followed by the sell
ing movement above referred to- Lake Shore
shows decline of Il, New York Central + Or
Bgon g. Transcontinental !, Western Union and
Michigan Central, each, J. Other declines are
far less than per cent.
The market closed with the following prices
bid