The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-06-12
CONDITION OF THE MARKETS
I. Fair Volume of Business in the Wheat
PIT, witha Dull and Weak Closing.
Variety Of Depressing Influences Cause
Weakness in COrn-0ats Quist and Dull
Provisions Unsettledan Trifle Lower.
MONEY, BONDS AND STOCKS.

I'm Increase OF "Bear'. Feeling. Accompanied
by Lower Prices All Around
NEW YORK, Juno 11.-Money on call was
sasy as i l3 per cent. the last loan being made
sI3 per cent; closing st 101i per cent
Prime mercantile paper, s6i per cent
Sterling exchange was quiet but steady at
Asss for sixty day bills and s4sss for demand
The total sales Of stocks to-day were 293. 40
iharss, including the following: Canada South
I'm. 4, $50; Delaware, Lackawanna g. Western.
1901; Erie, AGO; Lake Shore, SOS; North
sssssrn, 24.af0; Northern Pacific, preferred.
1870; Reading. 1850; ST. Paul. g. 49,; Union
pae1fes 10000, Western Union. 1908
The bsarish feeling 90 prominent on Saturday
became more pronounced this morning. and
London came ID a. . seller, which addsd to the
prevailing dissatisfaction with the situation, the
result Of the days operations being . material
decline throughout the entire list. with specially
heavy losses 10 the grsngers ard Gould stocka
The principal local cause Of the disturbance was
the recent action Of the Iowa Legislature. which
psems to meet with less and less favor as It be-
comes better understood. London sold St. Paul,
Louisville & Nashville, Erie and Reading, its
paiss Of the latter being specially heavy, while
the traders and bears jumped upon the mar
ket, and very large blocks OF short stock wore
put ont, bringing with them heavy
Was specially severe against the graugers.
and ST Paul in particular. the unexplained
weakness in the preferred stock, making the
superstition that the reported new issue OF Sc
euritiss 10 to DO preferred stock more preva-
lent Bat the movement extended to all the
Rraneers. aud the forenoous business was the
largest for some weeks. Outside Of the
grAnesrs. Union Pacific. Reading. Kansas 81
Texas and Manhattan were notably weak, and
late ia the day drop OF 5 per cent in the last
mentioned stock checked the rally which
,esmsd 10 progress and brought on q renewal OF
the selling. First prices were heavy, though
pnly small fractions below Saturdays closing
figures. and the amount OF bust
Df the frat hour was small, and the
decline of small proportions but later the sell
Ing movement assumed larger proportions. and
prices yielded rapidly. There was no break IN
The decline until near noon. when the market
became more quies, the business done showing
a steady decrease until the last hour, when the
weakness in few stocks again started the sell
Ing, aud further losses were sustained over the
,ntire list The market closed fairly active and
weak at the lowest prices of the day Sterling
sxchsnes showed weakening tendency but it
IL stated that the reason that the heavy sales Of
bonds have not depressed the exchange market
more Is that most or 1t has been
sold to foreign houses who have been selling
BtockA Dan rraLclsCo preierrou stauus eiouo
In showing advance this evening. its gain be-
ing per cent. but ST. Paul preferred lost 81,
Burlington & Quincy q. Northwestern IL, Rock
Island q Reading II. Kansas & Texas Il, Oma-
ha II. Union Pacific X. Manhattan ST
Railroad bonds were quiet and fuctua tons
narrow. The sales were 81. $780, 0O0 Texas 81
New Orleans, Sabine 6s rose 2, to 102; Kansas &
Texas 6s lost 2 at IS, and 7s 3. az SO.
Government bonds were dull and rather heavy.
State bonds were dull and steady. Closing
Iuotations werec