The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-10-17
CONDITION OF THE MARKETS
Wheat Shows Increased Activity, but
the. Transactions Are Not Large.
Prizes, However, Are Materially Higher fer
December and May Options-Moderate
Trading in COrn-Provisions Lower.
MONEY, BONDS AND STOCKS.

An Increase OF Activity ut New York, Accom-
panied by Decided strength.
NEW YORK, Oct 16.-Money on call was
easy 1T 2a3 per cent, the last loan being mace
at 3 per cent, closing offered at 3 per cent
Prime mercantile paper. 4s063 per cent.
Sterling exchange was quiet but steady at
81 s3t for sixty-dsy bills and s4.S7s for demand.
The sales of stocks to-day were S,692s shares,
including the following: Dela ware, Lackawanna
& Western. Is, go; Lake Shore. 4,5oO; Missouri
Pacific, {. 100; Northwestern $685.; Norfolk &
Western, preferred. :, 12C; New England, SOLE;
Richmond & West Point. 1890; ST Paul, p. 400;
Union Pacific. 1855: Western Union, 2,14O;
Reading. l6, 700.
The stock market was somewhat more active
to-day. and. on the whole, showed more decided
strength than has been seen for many days.
Notwithstanding a period Of weakness in the
forenoon. London was a seller, and ''bears'
and traders hammered the list, especially Lack
awanna ard Chicago, Burlington & Quincy. bet
shere was covering or shorts at the decline,
and this gave the market the first impulse In the
upward direction, and more confident buying
for the long account following, a decidedly
strong tone was developed aud material ad-
vanees al over the list were established. The
6lA " bhO - hO"o'N ~
entirely for he professionals, the outside public
holding OF, while many of the leading
spectators have closed ont their lines or
are awaiting Developments. The "oears" at
tackled Lackawanna on the theory that the coal
stocks had had q rise out Of proportion TO the
rest of the list. and that being based on m I'M
usually favorable condition of the trade, which
is now over. they must yield readily. to any
pressure LackawanDa, however, notwithstand-
ing the heavy pressure brought against il, re-
covered fully later in the day, a did Burlington
&c Quincy, when the story that 10 had been de-
dressed onlv TO cover shorts" was started. The
Richmond Terminal atocks were the strong feat
nres Of the forenoon, and among the specislties
Oregon Short-line and Oregon ln-
proveuent were most conspicuous for
strength. st. Paul and Union Pacific
were the features of the afternoon rise, however,
the latier being taken freely by Boston. The
opening was weak, with declines extending to ]
per cent, aud further losses ranging mp TO per
cent. in the general list, we're established, while
Lackawanra and Burlington & Quincy were
specially weak. losing l and 2 Ger cent, respect
lively. After the raid was finished. which was
after the half hour was over, the animation dis
appeared from the market, though the list then
showed more strength, and by noon the early
losses were recovered, except In the few stocks
mentioned. The rise Continued TO make slow
but steady progress, with Richmond * West
Point preferred and u few soeciaities as leaders
until the last hour, when 81. Paul and
Union Pacific took the lead and
moved up rapidly on q laige business.
The marEet fnally closed quiet but
strong st the best prices of the day. The final
changes are generally for fractional amounts,
with advances IN a majority, but Oregon i'm
provement IL up p. Richmond & West Point
preferred. Il; Oregon Snor,-line, II, and ST.
Paul, l per cent.
The railroad bond market slso displayed a
little more animation, though the increased bust
ness was entirely due to the activity IN TIE
Reading issues of the seconds, which furnished
sl66, 900, the thrses s152, 600. and the fours 1923,
600, out of 9 total days business Of 1929. 900.
There Vas very little feature outside Of this in the
market; there was = generally firm tone, while
the movements IN prices were IN most instances
vance was Louisville 81 Nashville, Pensacols di'
vision, 5, to log.
Government bonds were dull and weak.
State bonds dull and steady. Closing quota
tons were: