The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-12
CONDITION OF THE MARKETS
Wheat Ruled Weak and Lower, but Re-
covered and Closed at Same Prices.
Corn Strong and Higher. Early, bat Eased Off
and Closed at Medium Figures-Mess
Pork Fairly Active
MONEY, BONDS AND STOCKS.

Under Manipulation, Money Runs Up to 40
Per Gent. and Closes at g.
NEW YORK, Aug. 1L--Money On call aver
aged to-day from 81 60 5 per cent, and was bid
spin the afternoon 607 In the last half hour the
money market presented extraordinary evil
dsnces OF manipulation. The rate was freely
bid as high as II per cent from which point it
was run rapidly up, chiefly by one bidder. to 40
per cent. Immediately afterward, sums were
offered at 6per cent, at which rate the market
closed
Prime mercantile paper, 405 per cent.
Sterling exchange quiet and lower; actual
rates, 1881 for sixty-day bills, and 3d. S430
Asa for demand.
The total sales of stocks to day were 217, 185
shares including the following: Delaware, Lack
awanna& Western, IA, $50; Delaware s. Hudson,
6,555; Erie, 9,77s; Kansas e. Texas, 90. o35; Lake
Shore, 7,742; louisville q Nashville, 4.1l0 Man
haitian Consolidated, g. 100; Northwestern, 8.545;
New York Central, 1867; Reading. 11,020; st.
Paul, 1860; St Paul & Omaha, 4.110; Texas
Pacific, $500; Western Union. 1920; Wabash
Government bonds were dull, but not quota
blylower.
State bonds were quiet and heavy.
Railroad bonds were dull and generally heavy.
of which Erie seconds furnished $3.50. 900, the
Texas e Pacific incomes, 1926, 600, and the Rios
1921, 000 The 0lcott committee of the Texas 81
Pacific announced day that they would receive
no more securities and would return those al
ready deposited upon the presentation of certif-
Gates. The proposed issue of additional stock,
practically leaving the control of the property IN
the hands Of the Missouri Pacific, adversely af-
fected the bonds Of the company, and the in
comes, to night, are down per cent at Sc: Rios
ID ov,6 Nov n~in Don AZ Rrof i az
Their activity was much reduced. Prices for the
general list were somewhat heavy, and declines
tonight are in a majority. Cleveland Colum-
bus, Cincinnati q Indianapolis frsts lost j. at
1885, Denver 81 Rio Grande trust receipts, ], at
ll0s; Houston & Texas frsts coupon off, II. at
49, New Orleans 81 Mobile seconds, 2, at go; Or
egon Short.line frsts, II, at l043 Fort Wayne
frsts, 2 at l03
A large amount Of money which had been
placed on call at low rates was called in this
morning, the evident intention being to take ad.
vantage Of the higher rates now ruling. This
caused the throwing over of considerable "long"
stock, and, although London was q free buyer
again to-day, the purchase failed to hold the mar
ket and the afternoon witnessed general de-
cline, which was accelerated in the last hour by
the bidding mp of money. $40. 900 being loaned at
40 per cent, with not a single transaction be-
tween loan at IL per cent. and the one at the
first named figure, but money closed eventually
st 8 to per cent Manhattan Consolidated stock
was feature In to-day's market, advancing 81
per cent for the day on heavy purchases by in
siders. 1t is rumored that it is the intention of
the company to increase the rate of dividends to
per cent The Wabashes attracted great at
tention and advanced materially during the
early hours, the movement being stimu-
lated by rumors of an arrangement
with the bondholders to scale their interest.
Texas q Pacific was specially weak to-day, upon
the proposed issue of So 900 additional stock
under the plan agreed upon by the union of the
Wistar and Olcott committees. First prices this
morning were generally from to per cent.
higher than the closing of last night, but Read
Ing and Missouri. Kansas e. Texas were each
up per cent and Texas g. Pacific per cent
A moderate business only was transacted in the
morning hours. and prices were held barely firm.
In the afternoon, however, they yielded slowly
until the last hour, when decided weakness over
spread the entire list and the market closed
weak at or near the lowest figures reached. Final
prices show declines for almost everything on
the active list, Cleveland, Columbus, Cincinnati
& Indianapolis being down Il. Omaha and Col
orado coal each per cent and others fractional
amounts Closing quotations were: