The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-12-08
CONDITION OF THE MARKETS
A Decidedly Bearish Tendency Causes
a Decline In the Price of Wheat.
The Same Influence Exercises q Depressing
Effect on the Corn Market-Provisions
Rule Strong, but the Closing Is Heavy.
MONEY, BONDS AND STOCKS.

81 MONEY, BONDS AND STOCKS.
The Market Shows the Usual Activity, but the
Undertone Indicates Weakness.
NEW YORK, Dec. Mooney on call was
active at Col per cent, closing at 70S.
Prime mercantile paper, 405 per cent.
Sterling exchange was quiet, but steady and
unchanged.
The total sales of stocks today were 6O6976
shares. including the following Canada South
ern, 1885, Delaware, Lackawanna & Western,
$4,000; Erie. 23,895; Kausas & Texas, $780,
Lake Shore, "a, GAG; Louisville & Nashville, IT,,
2e5; Missouri Pacific, 3,0Sa; Northwestern.
$500; New Jeresy Central, 10.ssO; New York
Central, $3.50; Northern Pacific, 4,450; Ohio g
Mississippi, $3.50; Pacific Mail, 1910; Reading,
11s,24O; ST. Paul, 4l,O0O; St Paul G. Omaha
$3.50; Texas & Pacific, 13900 Union Pacific,
29,085; Western Union, 3G,595; Wabash Pacific,
1890 Oregon g Transeontinental, g. $780, Hook
ing Valley, ll,695.
Government bonds were dull but firm.
State bond were Gull and steady.
The stock market to-day showed the usual
activity but the strong undertone noticed for
long while gave place to decided weakness The
GOWuWdTQ bSuu6uCy. Wills dppdFout o6Elt ~ tuc
day, made but very little progress until the sf-
t6rnoon, when decided slump occurred. In
creased stringency in money. aided by realizing
sales, was principally responsible for this. The
room traders, however. among whom the senti
ment is at present decidedly hearish. seized the
opportunity to hammer the market all round
The foreign buying vas the principal obstruction
TO the Decline and materially aided in the strong
reaction Just previous to the close. There was
heavy trading in Reading again, but there are
ard &ha (~nv osoA
business is generally attributed to
manipulation. The proposed amalgamation be-
. tween the East Tennessee Richmond Il West
Point and Norfolk s. Western railroads was the
subject of a conference to-day. 1t is understood
that little remains to be done beyond the az
rangement of details, but while East Tennessee
was strong In the morning, Norfolk 81 Western
was barely steady. and Richmond u West Point
was neglected. They all felt the adverse nfu-
ence of the afternoon, and all yielded. The De-
cision of Judge Gresham had decided effect
upon the Wabash securities and though some
of the bonds are higher, the stocks suffered a
material decline The recommendation Of the
Western Union executive committee that there
that stock. The opening was decidedly weak,
first prices showing declines Of to from last
last evenings final figures; the only exceptions
being Louisville g Nashville and Western
Union, which were up and respectively
Further declines were made in the early dealings
Canada Southern being CONSPICUOUS The
strength liz some Of the speciaties, however, raj
lied prices, when the market became quiet It
soon yielded, however and In the afternoon
decided weakness became apparent, accompanied
by increased trading. Sales, 6G6,976 shares;
Reading Furnished 1920; St. PAUL, 4l,oo0;
Western Union, 36. 295; Union Pacific, 29,Q85;
Norfolk & Western preferred. 27,940; Laeka-
wanna, 26,9O0 Lake Shore. "a, 646, and Erie.
%, 895. Cameron coal IL the only stock in which
the trading was Of any importance, which shows
an advance, while Wabash preferred is down 81.
The common stock Is also down %; Richmond &
West Point, and Lsckawanna, II; Hooking Val
ley and Michigan Central, each, 1t; Texas Pa
cihc, H. and Omaha, 1t.
Railroad bonds were less active, and, in sym
patty with the share market showed considers
BILE weakness Sales, 81, 721 900. Of which the
West Shore tours furnished 1887 Q00 Detroit,
Mackinac & Marquette lapd.grants, 5000, 600. and
the Denver 3 Rio Grande fours, $136. 900. There
was unusually heavy trading in the Wabash
issues, and most of them are higher. The
Mackinac & Marquette IMMIGRANTS were spe-
eal feature Of the trading and sold up to 50, but
finally closed with a net advance of per cent,
at 53t. Chesapeake & Ohio purchase money
fund lost "a, at ILL Texas Pacific income trust
receipts, 2, at 56i Wabash general trust receipts,
2. at GA. Closing quotations were,