The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-22
CONDITION OF THE MARKETS
An Unsettled Feeling at Chicago, with
q Tendency Toward Lower Prices.
Wheat Declines Sharply, but the Pall Is Ac-
cepted as q Natural Reaction and no Ex-
element Follows-PrOTisions Quiet.
MONEY. BONDS AND STOCKS.

An Alternately Firm and Heavy Market, Ac-
companied by Slight Fluctuations
NEW YORK, May 2L.-Monsy on call was
easy ct az per cent, the last lcsa being made
as IA; closing offered at II.
Prime mercantile paper. 4306i per cent
Sterling exchange was quiet bat firm at
a. s63 for sixty-dsy bills. and a. s8s for demand.
The total sales of stocks to-day were
202. 734 shares. including the following: Della
ware. Laekawanns q Western, 500; Nnrth-
western, 1884; New Jersey Central, SOS;
Northern Pacific, preferred, $3.50; Reading.
$50; St Paul, 60, 745; Union Pacific. 39,s7a.
The stock market was considerably mixed to-
day, being alternately firm and heavy. with but
slight fluctuations. and finally leaving prices
close to those Of Saturday. The great bulk Of
the trading was confined to ST. Paul, Union Pa
eife and Reading. The aforementioned stock
was the great feature of the day, and it contin-
usd weak under the hammsring Of the "besrs."
Il was largely osersold. the feature OF the loan
crowd being tie heavy demand for ii, and it was
renewed and loaned fat Many Of the late sell
ers appeared - borrowers, and the rates reached
LIZ per day. Most of the remaining interest
was esntsred In Union Pacific. and it was bought
freely for the loan account, the friends
Of the property believing that some
favorable lsgislation at Washington will be
forthcoming In the near future, and there is .
strong effort being made to get another day for
the funding bill, its friends being confident Of
its passage when brought MP. Reading and
Missouri Pacific at times showed considerable
strength. and there was good BUYING OF the
former, though its volume Of business was much
smaller than usual Of late. The opening was
dull and generally at heavy declines from last
evenings prices, ranging up to per cent, ard
under the influence OF st. Paul further frAc-
tional losses were sustained over the entire list.
Union Pacific. however. was strong from the
start. and quickly moved mp II per cent, which
was further increased later in the Day. This
rallied the rest of the liss. though St Paul
va forced down fr.ssion further
cline Of II. In the afternoon there
ments In the list were confined to the smallest
fractions, and In the last hour more strength
WAS shown, and the market closed quiet but
firm It irregular changes for the day. Financial
institutions that are seeking 70 invest their sur
plus money report great difficulty In securing
blocks Of bo1ds. There are no new securities
now being manufactured, while the old ones are
being rapidly absorbed, and the investment de-
mand must soon be felt By the dividend-paying
stocks. Union Pacific 10 up i DER cent this
evening, but all other changes are for fractions
only. and are about equally divided between
gains and losses.
Railroad bonds were quite active, the sales
reaching el.528. 600. Of which Jersey Central
fves furnished $186, 900 at advancing prices.
The tone Of the market was strong throughout,
and prices are generally higher. St Paul. La
Crosse & Dsvsnport division, rose q. to los;
Henderson, Bridge irsts. q, to ITO; Great West
ern first certificates. 81. to SO.
Government bonds were quiet but strong.
State bond " ere dull but Arm. Closing quo
tations were: