The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-19
A FEVERISH WHEAT MARKET
4 Weak Tone and Rapid Fluctuations,
Caused by the Increase in Supply.
The Market Finally Closes at Figures COnsid-
erably Lower Than Those of Monday
Provisions Only MOderatively Active.
MONEY, BONDS AND STOCKS.


Aeavy Dealings in Railway Bonds-Large
Transactions in Stocks.
New YORK, Aug. 18.-Money on call was easy
1t II per cent
Prime mercantile paper, Al per cent
Foreign exchange was quiet and unchanged.
The total stock sales to-day were 4S4, 156
Ihares, including the following: Central Pacific,
a46C; Delaware, Lackawanna & Western, A.
no. Denver & Rio Grande, 1850; Erie, 1880;
Kansas e. Texas, 16, 125; Lake Shore, $1,000:
Louisville & Nashville 25,025; Northwestern,
1885, New Jersey Central, 9,110; New York
Central, 16 BIZ Northern Pacific 5, 10; Northern
Pacific preferred 1867; Ontario & Western,
1910; Pacific Mail, 2,0G0; Reading, 10000; st.
Paul, 81, $50; st. Paul & Omaha, 1885, Texas
Pacific, IL, 400; Union Pacific, 8,125; Western
Union, &c, O5l; Oregon & Transcontinental, ~,
405
Government bonds are dull but strong.
State bonds have been very quiet and quota
tons steady.
There was about the usual amount Of business
IN railroad bonds, the sales aggreeating So, 725,
D00 of which Erie second coEsois contributed
t,274. 900, West Shore frsts. $489,OOO, and
Texas Pacific, Rio Grande division SKIES, 1853,
DOO leaving ST. I00, 600 for the rest of the list.
The Erie second consos were prominent for
their weakness, in sympathy with the stock
market, fluctuating considerably, and closing at
a loss of q per cent
There was heavy realizing at the opening Of
the Stock Exchange this morning accompanied
by very large transactions, the sales in
the first fifteen minutes amounting to about So
900 shares During the first hour the sales were
over 100 000 shares or two thirds of An average
days business of late. At the same time, the
market was very feverish irregular and gener-
ally weak. The opening prices were unchanged
FOR the grangers and Union Pacific and from
10 Il per cent lower for the other active shares,
the greatest decline being in Louisville q Nash
vile, but New York Central was down !; o. t.,
l. and NJ, K g. t., !. Western Union and Lack
awanna were exceptions by showing an advance
of per cent. in the first prices Within a
little more than thirty minutes after the
opening, however, Union Pacific further declined
2per cent, to 49, which was the lowest quota
ton of the day for that stock Western Union
fell i, to co.; Lake Shore i, to 1873; Central of
New Jersey II, to 494; Louisville & Nashville
], to 464 St Paul, q, to 794; New York Central
], to 1909, and Lackawanna g, to 1923. The
break came without any special warning. Later
il was reported that the decline in Louisville &
Nashville was due to a private settlement last
night, with party who was heavily short" of
the stock, but there were many stop
not much below yesterday evenings closing quo
tations. Some of these were soon reached
which increased the selling orders and led to a
further break, as noted. After IL o'clock the
market became somewhat more quiet and in the
next two hours the early losses were in many
eases recovered, and something more, the high
est prices of the day being frequently made dur
ing this time. Pacific Mail was prominent for
its strength, selling up to so. The market again
became heavy later in the day. and in the last hour
decidedly weak In the majority of cases the
lowest prices of the day were made shortly be-
fore the close of the board, Jersey Central in the
last hour declining II per cent, Pacific Mail
Lackawanpa and New York Central each l. and
other stocks fractional amounts Final dealings
were accompanied by renewed feverishness,
difference in some cases of as much as per
cent. in sales of active stocks There was in some
cases slight rally from the lowest prices in
final dealings, but the market closed weak, with
net losses l to % per cent, the latter in Read
ing, but Jersey Central and Louisville &
Nashville are each down %; ST. Paul and Lacka
wanna each, p; Delaware IL Hudson 24; New
York Central and the Missouri. Kansas g. Texas
each. IL Lake Shore and Northern Pacific each
Il; Northwestern, j. Erie, L; and Union Pacific
and Omaha preferred, / each Among the specu-
lative active stocks, those which resisted the
pressure most successfully, were Pacific Mail
and o. & t., each showing loss of only &
Western Union is down only J. The total sales
were 1874, 756 shares, the most active stocks being
st Paul, Lake Shore. Lackawanna Western
Union Union Pacific. o. & T., and Louisville &
Nashville in the order named, with sales from
81 100 down TO %, 900 each.
The market closed with the following prices
hid.