The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-05-21
CONDITION OF THE MARKETS
Wheat Develops Increased Strength,
and an Advance in Prices Follows.
Corn Steadier and Slightly Higher-0ats Neg
lected and Observation-Disclosures Weak
and Prices Lower than for Some Time.
MONEY, BONDS AND STOCKS.

Railway Bonds Stronger Under an Increased
Business-stocks Generally Dull.
NEW YORK, May 20 Money on call was easy
d 1902 per cent
Prime mercantile paper 405 per cent.
Sterling exchange was unchanged.
The total sales of stocks to-day were zoo. 40
Ihares including the following: Delaware, Lack
rwanna e. Western. 81 800; Erie, s,045; Lake
Bhore, 23,010; Louisville & Nashville, $500;
Memphis & Charleston, 1920; New Jersey Cen
,ral, IA, 45O; New York Central, 25 $685. st. Paul,
1880; St Paul s. Omaha, 3, l76; Western Union,
A.630; Northern Pacific preferred, $500; Oregon
: Transcontinental, II. no.
Government bonds were quiet and heavy the
Feurs being a shade lower.
State bonds were dull and steady.
There was an increased business in railroad
bonds as well as an increase In strength. The
Houston & Texas issues were conspicuous in ad-
sanees, while the st. Paul, c. 8 P. division fves,
and terminals, Erie seconds ex coupon and New
Jersey Central debentures were conspicuous for
activity. The latter are being bought, 1t is re-
ported, by people having private information
that the back coupons will be paid. Houston &
Texas general mortgages advanced 81, to 56, the
seconds 81, to 80}; the western division frsts,
soupon off, 80, to 99s. and the main line frsts.
aoupon off, Il. TO 1917; and Green Bay frsts, 2,
10 103
The only feature In stocks, this morning was
y temporary weakness in New York Central,
following the publication of its quarterly state
ment In the afternoon, however, there was
conspicuous buying of st. Paul. and the rumor
quickly gained credence that Mr.. Armour was
buying the stock There was a rush to cover,
and the price responded quickly. The remainder
Of the market sympathized with this move
ment, and prices moved up all along the
line. Loaning rates became frmer and
the inquiry for stocks was said to be in excess of
the offerings The market opened rather heavy,
with Reading down and New York Central ].
The general market in the early dealings was
firm, but too dull to have any character. New
York Central declined 2, but had regained most
Of this loss by noon After IL o'clock there was
. noticeable increase in the activity aud strength
Of the market, although there was no more than
, moderate business throughout the afternoon.
Prices continued strong without any important
reaction, and the market closed firm at or near
the best figures Of the day. st. Paul was the
most active, with sales aggregatng 81, 300 shares
There were only three other stocks New York
Central, Lake Shore and Lackawanna, in which
the sales were over 90 900 shares, and these four
stocks furnished a little over one-half the total
days business Consolidated Gas, Western
Union, New Jersey Central and Oregon d
Transcontnental sold 10000 shares and over,
each. Consolidated Gas rose from 81 to "a, and
closed lower with net gain of II per cent
Jersey Central and Lackawanna are each up IL;
gt. Paul. Il; l.. q NJ, Northwestern and West
srn Union each II, and the other active stocks
fractional amounts Closing quotations were: