The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-03
CONDITION OF THE MARKETS
Slight Advancein Wheat, NOtwithstand-
ing an Absence of "BulIiSh" News.
Corn Firm and Higher, but Otherwise With
out Feature--Oats Active and Strong
Provisions Firm and Trifie Higher.
MONEY, BONDS AND STOCKS.

a Weak Market in New York, the Day's Deal
ings Resulting In . Material Reaction.
NEW YORK, May Mooney on call was
easy, ranging from II to 2per cent, the last loan
being made a. II and closing at ls02.
Prime mercantile paper. sac per cent.
Sterling exchange was dull and firm at
n. So for sixty days and 81 SO for demand
The total sales Of stocks to-day aggregated
398, 455 shares, including the following: Della
ware. Laekawanna d. Western, 14,250 Erie.
1850; Lake Shore, l., 400; Louisville e. Nash
vile, 2l.670; Missouri Pacific. 1875; North
western. 6.65l; Norfolk g. Western preferred.
Abs; Northern Pacific preferred. 2o,475;
Oregon & Transcontinental.9 q. AGO; Reading,
66, 700; Richmond g. West Point. 27.090; ST.
Paul. 40,s20; ST. Paul g. Omaha 1000; Texas
Pacific $1,000; Western Union 13, 835
The stock market to-day was weaker than at
any time since the rise began. ard a material
reaction was the result of the days operations.
There was free selling on the part Of the
foreigners early in the day. the reduction Of the
rate Of dividend on the Pennsylvania and the
unfavorable report just issued by the Louisville
81 Nashville creating revulsion Of feeling at
that center on American stocks. There was,
however. great pressure from the local ''bears''
and traders with considerable realizations from
the bulls, some Of whom think that a more
permanent advance will follow tho reaction.
There was also disposition TO get rid of . too
numerous "bull' following. which gives color
30 the impression. The Gould interests were
talking reaction also, which had an influence
upon many holders, and the Gould stocks were
prominent in the decline, where they had been
conspicuous leaders Of late in the up
~1
siderable resistance given to the downward
tendency. especially early in the day. but IL was
BOON Withdrawn and the "bears' had the market
nearly all to themselves. The decision ia Chi
cago In favor OF the Pullman company made
that stock . marked exception to the general
list, and it moved mp sharply, and late in tho
day there was moro support IN Richmond &
West Point. and it closed ct its highest point,
being the only stock on the active list showing
m advance for the day. The opening was mod
from last evenings figures reaching 1t per cent.
in Louisville & Nashville. There were some
further losses, but the market soon recovered
Its tone. aud during the forenoon Oregon &
marked advances. the rest Of the list following.
After that time. however, the pressure
became heavy and prices began to move
of. at first slowly. but later with more
first. but was followed quickly by LacEswanns,
though the rest Of the list, while not 50 weak at
first, held TO the decline longer. In the last
hour there was some reaction from the lowest
figures. but the market was fsverish and I'M
settled, and so closed, with moderately active
business, Richmond q West Point showing
marked strength in the face Of falling market.
E Pullman is up p, and Richmond 81 West Point
., but the sntire list. with these exceptions. 10
: lower. and Missouri Pacific Lost 2; Pacific Mail,
IL; Manhattan, II; Louisville & Nashville, IL
ST Paul, Ia; Kansas & Texas. II; Norfolk a.
Western, preferred. IL; Canada Southern, Bur-
1ington & Quincy. Erie, Lake Shore, Reading
San Francisco, and Union Pacific, each, IL;
Northwestern. 1t. and Lackawanna, per cent
Tie railroad bond market WAS q little more
active, and the sales aggregated 81 Alb 900. but,
while the tone Of the dealings was strong in the
forenoon, it became weak. in sympathy with the
share list, later In the day and the result Of the
days operationsis to leave prices irrseulsrly
changed. The Fort Worth & Denver frsts
were the special feature of the day, their sales
amounting to s2l7.000 The strength displayed
by these bonds is largely due to the official an
nouncement that the extension Of the road il
completed, while all the bonds authorized have
been issued, and the Increased business from
the extension will justify dividend of per
cent. from this years profits. Chicago, Bur-
lington & Northern fvss rose 2. to 100; Indiana,
Bloomington & Western second certificates, 2,
60 81; F. Wayne thirds, 81. to 135, and Mobile
IL Ohio third debenturss. u, TO 26l. Erie sec
onds lost 2, ~ 974; Minneapolis q ST. Louis,
Iowa extension SKIES. 3, at IS; Kansas 81 Texas
skies. 3. ut 55&. and the fyss, 81. ct 57&.
Government bonds were quiet and steady.
State bonds were dull and steady. Closing
quotations ware.