The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-09-14
CONDITION OF THE MARKETS
Many Fluctuations in Wheat Result in
a Rich Harvest for the Scalpers.
Moderate Trading in Corn Oh Narrow Range
Of Quotations-0ats Quiet-Provisions
Weak, with Slight Decline in Values.
MONEY, BONDS AND STOCKS.

st Paul Passes - Dividend, and Causes
Excitement In the New York Market.
NEW YORK, Sept. 13.-Money on call was
easy at II q per sent, the last loan being made
at q per cent; closing offered at q per cent
Prime mercantile paper, 5 06i per cent.
Sterling exchange was dull but firm at
81 So for sixtyday bills, and 81 Sst for demand.
The total sales Of stocks to-day were ass, 057
shares, intending the following. Delaware.
Lackawanua G. Western. 81, 800; Erie, 1910;
Hooking Valley, 3,l65; Lake Shore, 25. $780,
Louisville & Nashville, 1886; Missouri Pacific,
$3.50; Northwestern. Sc, 795; Norfolk & Western
preferred. $3.50; New Jersey Central. $500;
Northern Paeif,. 3,310 Northern Pacific pre-
ferred, 1925; Oregon Transcontinental q, 300;
Reading. 60. 700; Richmond & West Point, $3.50;
ST. Paul, 1889; st. Paul 4 Omaha, 3.025;
Texas Pacific, 9,955; Union Patio. 20, $780, West
ern Union, Is, 49S.
The action of the St Paul directors in passing
the dividend on the common stock, and especially
in reducing the rate of dividend on the pre-
f-rred, was the occasion Of excitement in the
stock market this morning. the like of
which has not been since Dec. 16.
1856. While such action was not en-
tirely unsxpe cted. the market was not
prepared TO take the load OF stock dumped upon
it by the frightened foreigners and material
concessions in prices the rule throughout
the entire list. AT the opening OF business this
morning the board-r Dom traders were all bear
ishiy inclined, and actively aided the "bears' in
their efforts TO bring abous further decline,
and they were helped by o:her causes, chief
among which was the advance in its rate Of dis
count by the Bank OF England. There was,
however. unusually heavy covering OF
shorts, while supporting orders were numer-
Gus, and the impression made upon the general
list after the opening was entirely insignificant.
In St. Paul large number OF stop orders were
reached. and It's decline at the opening
nearly doubled by their execution There Was
good buying in the Vanderoilts, the Wizards
and some others, and this did much to ailay the
excitement aud fears which az the opening
were most intense. The about
over after the first fifteen minutes,
during which ever 10000 shares changed
baNcs. Over I25. 0c0 shares cold in
the half hour, and IN the hour Ito. 600.
Outside Of the g.angers the range OF prices
was small and IN a fair proportion Of the gen
eral list confined 10 less than per cent
The declines at the opening were st. Paul, B.
Hooking Valley. .; Northwestern, il, and In
others from 70 , per cent, bat whilc further
slight Losses were sustained In few stoeks,
most of the list began to rally Immediately. and
fractional gains We're scored all over the list
even St Paul rsllying with the rest of the list
the market weakened again toward IL o'clock.
however. and before noon the lowest prices OF
the DAY were reached, the losses from the best
figures ranging TO p per cent. in st. Paul
After noon the market again moved up, with
the coal stocks and Vanderbilts especially
stronger While tue business done showed n
steady decrease, there was but little movement
or feature to the SUBSEQUENT trading Buyers at
the low prices of tse morning reslized IN the last
hour and the rnhT-et finally closed heavy aud
quiet az close 10 re opening figures. The feel-
ing on the street this evening, however, is very
uIeettled. The days business foots up 1856
shsres. 10 which st Paul contributed 1ls,3l9;
Reading, CO. 200; Northwestern, sc, 195. Lacka-
wanna. 81 ,3G0 aud Lake Shore, %, S39. OF
course, everything is lower and St Paul lost
and the preferred 81 Northwestern. p; Mis-
sour. Pacific aud Pullman. IL Lackawsnps,
12 Northern Pacific preferred. IL; Manhattan
and Omaha L: Oregon Transcontinental. and
Norfolk & Western prsferred, IL; Hooking VAL
ley, Jersey Central Northern Pacific. Pacific
Nail. and Union Pacific. per cent, and others
fractions. The railroad bond market failed to
reflect the activity and excitement Of The share
list. but 10 was heavy TO weak IN sympathy. and
most Of the issues traded in lower this even
ing There special festure to the deal
ings beyond the sustained activity In the Read
ing first iRcoIses, which furnished sll7 600 out
of the total days business OF 81, 1I9, 0O0 The
losses include ST. Paul. II, at l24 Erie first
SKIES. 3 at 1044.
Government bonds were dull but firm to
strong
State bonds were entirely neglected. Closing