The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-01-06
CONDITION OF THE MARKETS
Wheat Advances Early in the Day, but
Reaction Very Speedily Follows.
Pork Opens Lower, and Bears Make an In
effectual Effort to Force the Price Further
Down-Lard Weak and Demand Light.


A. Decrease of Activity at Esw York. Accom-
panied by Stronger Feeling.
NEW YORK, Jan. 5.-Money on call TO A
per cent, the last loan being gnade at 3; clos
ing offered at
Prime mercantile paper, 607A per cent
Sterling exchange was dull but firm at 81. s35
for sixty-day bills and $4s64 for demand.
The total sales of stocks to-day were 137, 018
shares. including the following: Delaware.
Lackawanna d Western, 1890; Louisville 6
Nashville. 1910; Northwestern, 1850; Reading,
4l,lOo; Richmond s. West Point. 4.575; Union
Pacific, $500; Western Union, 4. $40.
The stock market was less active to-day, but
was decidedly strong, and showed broadening
tendency which has NOT been seen for long
time. The coal stocks and the grangers
iaRain the leaders Of the speculative market, and
Tin the early morning the prevailing bulish feel
ing was strengthened by reports that the Read
ing officials would arbitrate the question with
! the miners, and q general buying movement
4 was inaugurated, which extended to the general
list This aided by rumor that the more
influential ''bul" leaders had formed pool to
twist the "shorts," which prevented a further
increase IN the short interest, and restricted
business to very small limits. Other influences
l in the advance the reported
| signing of the Oregon Navigation lease ana the
investment demand for railroad mortgages in
I consequence of. the heavy January dsburse-
tments. There was some selling of St. Paul by
the traders in the early morning, in expectation
that the Chicago party would renew their attack,
but In this they were disappointed. and the stock
moved up with the rest OF the list. Western
Union more active than usual Of late but
attracted special attention. Among the
specialtes Wheeling q Lake Erie again adj
vanced sharply. on a report that meeting had
been held between the parties controlling the
stock and representatives of London syndicate,
at which an arrangement was made to carry ont
tie proposed change Ia the stock! making the
present stock preferred and the new stock issued
on extensions to be common. The opening was
Z quiet but steady and the market was firm from
the first sales; Lackawanna and Missouri
Pacific took the lead in the advance, which was
slow but steady. Fort Worth & Denver was the
only weak spot, and the market became barren
of feature before noon After that time, how
ever, there was a little more animation. Most
OF the list reached their highest points at about
] o'clock, after which the market remained
steady at the advance. The close quiet but
firm at about the best prices of the day. Fort
Worth 81 Denver was the only stock showing on
important decline, which was one per cent. but
the great majority of the list were higher. Ten
nessae Coal rose II; Wheeling & Lake Erie, !;
Northern Pacific preferred, Reading, and Louis
vile 81 Nashville. per cent each
There was the largest business in railroad
bonds that has been done in along time, the sales
amounting TO 81, ISL, 900. Almost everything is
higher tonight.
Government and State boEds were dull but
steady. Closing quotations were.