The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-01-24
CONDITION OF THE MARKETS
A Spiritlcss Opening, Which Quickly
Changes to Positiye Weakness.
outside Orders Are Scarce, and Operators
Show Bearish Tendency, the Trading Be-
ing Largely Of Scalping Character.


rhe "Bears" In Control MT New York, and Al
most Everything shows Lower Figures.
NEW YORK, Jan. 23.-Money on call was
sasy az 2 "A per cent, the last loan being made
u %, closing offered at 8.
Prime mercantile paper, 81 07i per cent
Sterling exchange was dull but steady at
"a. s45 for sixty day bills and s4.S64 for demand.
The total sales of stocks to-day were 155, PSI
shares, including the following: Delaware,
Lackawanna & Western, 1922; Louisville e.
Nashville. 3, 700; Missouri Pacific, 1865; North
western, 1920; Reading, 81, 800; St Paul. TO-
$50; Western Urion, 13, 45o.
The stock market presented very little feature
to-day outside OF the Gould stocks. Reading and
St Paul The market still shows waiting
mood The ''bears' seem to have regained con-
trol, and the short interest continues to in
crease. There was better tone to the dealings
for a short time this forenoon, but the market
broke on heavy selling by the 'bears" and ira
ders, @ rumor that country bank had closed
it's doors being used with some effect The weak
Bpot the Gould stocks, Missouri Pacific and
Western Union being specially weak. and later
IN the day attention was paid to Wabash and
Manhattan. the latter yielding very readily.
simultaneously, St Paul and Reading at
tackled, but the impression made upon them was
not of special importance. Manitoba was
feature in the morning. and shot up points on
the report that the Burlington was seeking
control, but later, when the new issue of bonds
was announced, most OF the gain was
lost, though il stands alone this evening In
showing marked gain for the day. TIE gem
eral list ympathized in the weakness displayed
by the leading stocks, but the movements were
In but few cases of any special Significance The
opening was quite firm, md Union Pacific was
up per cent. Further fractional advances
were established in the frat hour with Reading
and Manitoba most conspicuous in the rise, but
the advance was soon checked, and everything
yielded slowly, the market becoming dull.
Toward o'clock, however, the decline was ac-
tolerated. and the list showed much moro ami
nation, with Missouri Pacific and, later, Man
haitian, specially weak. Wabash also dropped
over ! per cent. The market rallied slightly
from the lowest prices toward the close, but the
close was dull aud steady to firm at but little
better than the lowest prices of the day. Almost
everything Is lower 10 night, and Manhattan
preferred. l per cent each; Manitoba,
however gained n. Large purchases Of invest
ment bonds are reported by banking houses
and the demand for irstcass securities still
continues, though this is not fully reflected by
the sales at the board. most of the business be-
ing done over the counters OF the larger dealers.
Railroad bonds were active. though the heavy
increase over the average of last week was main
ly due to the heavy trading In Burlington 81
Quincy and Nebraska extension tours, which fur
nished S428, 900 out of a total days business of
81, 797, 900. Prices were firm to strong through
out. ana generally higher tonight. Balti-
more 81 Ohio tives rose 2 to Ito, Albany and
Susquehanna 6s. 3, to 12l, and Buffalo 81 Erie
new, "a, to 1872.
Government bonds were dull and heavy to
weak.
State bonds were dull and steady. Closing
Quotations