The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-10
CONDITION OF THE MARKETS
Wheat A bsorbs Attention and a Very
Substantial Advance Is Recorded.
4 Rise Of Two Cents, Caused BY Bad Crop Re-
ports and Heavy Buying 0rdsrs-Corn Dali
Within q Narrow Range-Provisions Quiet


q weak Opening, Followed by Increased
Activity and Decided Strength.
NEW YORK, May 9.-Money on cali was
easy ~ II % per cent, the last loan being made
% 2, closing az lIS2
Prime mercantile paper. A s6 per cent
Sterling exchange was active and steady at
e. S. for sixty-dsy bills. and a. 68l for demand
The total ssles Of stocks to-day we're
396, 732 shares, including the following: Canada
Southern. l,l20; Delaware. LaekawAnps Il
Western, I,6o5; Erie. lo,s25; Lake Shore,
10.407; Louisville & NashvilIs, $50; Missouri
Pseine. 1868; North western, 2. $50; Northern
Pssihs preferred. 1855; Oregon b Trans
continental. Zoo; Reading. 1880; Rich
mond g. West Point p, $50; St Paul. LOO;
Texas Pacific. AGO. Union Pacific. 2662o;
Western Union, IL, 9e5.
The stock market was again weak In the fore
noon, but recovered later in the day snd became
very active and decidedly strong throughout
the list making material advances. The fedue-
ton in the Burlineton & Quincy dividend had .
dampeniug effect upon the London markss this
morning. and this market responded to the lower
fgurss from that center. with declines from last
evenings prices ~ the opening ranging up 70
per cent This brought out considerable long
stock. Fractional losses from the opening
figures were the result Of the mornines bust
ness. however. Union Pacific leading the do
gave indications Of large 'short' I'm
tsrest in all the active stocks, and
this was made one Of the means Of the
The amount Of business doing in the market
went down to midsummer proportions before
noon, and while there was some reaction from
the lowest prices. the movement was entirely
Iii
Quincy dividend in the meantime having un-
dsrRons change for the better. Later IL be-
came rumored that Developments Of favorable
character were impending, which started the
Shorts to covering. and 10 then became known
that the Kansas & Texas middle would proba-
bly, DO settled aniesbly. rs IL Was proposed TO
appoint . joint committee to investigate the
condition Of the property and provide basis Of
settlement All classes then rushed in to buy
and the market developed . very buoyant
tons. everything the list rapidly rising; the
Losses Of the forenoon were soon wiped out. and
material gains in addition we're made. Missouri
Pacihc led the advance, but Burlington -
Quincy. ST. Paul, Union Pacific, Western
Union, New England aud Northern Pacific pre-
ferred were not far behind. The improvement
lasted till the close of the board, though there
were some slight reactions in parts OF the list.
and the close was active and arm &C or near the
best prices of the day The active list tonight
almost invariably shows advances, though Bur-
lington & Quincy, Notwithstanding its sharp re-
covsry. is still 1! lower. but Western Union and
Kansas & Texas are up II each: Canada South
ern. per cent, and others fractional amounts.
The railroad bond market was quiet to-day,
and somewhat irregular in its movements. fol-
lowing changes in the share list very closely.
The feature was the sharp recovery in the Kan
sss b Texas issues, but Erie seconds were active,
furnishing s146 900 out of total days business
of 81. o67. 600 Kansas & Texas skies rose 81. 70
81, the tves e. to 3d. ST. Paul Fights are Of 2,
az 127, and Lake Fire 81 Western frsts q, at
l07i
Governmsrt bonds were dull and steady.
State bonds were dull and steady. Closing
quotations were: