The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-05
CONDITION OF THE MARKETS
Various Influences Cause Downward
Tendency in the Prices Of Wheat.
Corn Fairly Active and Steady, with Symp-
toms of an Adyance-0ks Strong and High
er-Proyisions Active in Narrow Range.
MONEY. BONDS AND STOCKS.


A Limited Business IN New York, with .
Heavy to Weak Closing.
NEW YORK, May 4.-Money on call was
easy at II a 2 per cent, the last loan being made
at 2, closing at la
Prime mercantile paper. sac per cent.
Sterling exchange was strong and fairly act
i've at a. Sc! for sixtyday bills, and a IS for de-
mand.
The total sales Of stocks to-day were
249,027 shares, including the following Della
ware. Laekawanna a. Western, 27.6o0; Erie.
IL $50; Lake Shore, 1900; Louisville & Nash
rlle. 3. 400; Missouri Pacific. $3.50; Northern
Pacific. 5.624; Northern Pacific preferred. 49,
)60; Oregon 8 Transcontinentsi. 1890; Read
Ing. 80, 800; Richmond s. wes. Point. 1s.9 $50; St.
Paul. q, go; Union Pacific, 1l.570; Western
Union. 1910.
Almost all the vim seemed to have departed
from the stock market to-day, and the total
sales for the day were the smallest that have
been seen for over two weeks, while the inter-
est 10 the speculation was at the lowest ebb for
more than that time. the traders having the
making Of quotations in their hands most Of the
day As a conseousnce the final prices are in
most cases lower than last evening. As usual,
the market showed more strenth during the
forenoon, and, notwithstanding the fact that
London was a seller. which has begun to show
In the rates for sterling exchange. the outside
orders to buy on the decline from commission
houses gave the market strength. though the
usual fsverish and unsettled appearance ac-
eompanied tho rise Later in the day the mar
ket was raided. presumably for the purpose Of
affecting the London market tomorrow morning.
and the exrly advances were. 10 almost every
case, wiped out, the demand for stocks having
come to an end. The short interest shows
no sgns Of decreasing however. and there Is
still q general bullish feeling which acts q
back log to the market. Missouri Pacific was
the leader Of the morninR's advance. while the
pressure was specially severe in the afternoon
. upon Union Pacific and New England, though
the latter was fairly strong IN the forenoon.
/. Kansas 81 Texas and Louisville q Nashville
material losses this evening Theopening prices
were very irregular compared with last
nights figures, but with active trading
prices moved up from the first sales.
the leader OF the advance The animation dis
appeared quickly. however. from she spscula-
!. ton, and little progress was made after the end
Of the first hour. and soon after II o'clock the
course OF the market was changed. though there
was apparent movement until toward the
last hour, when Union Pacific aud Now England
showed marked weakness, and the rest Of the
& list followed The activity in the last quarter
hour vas greater than at any time after the first
hour, and the market finally closed heavy to
weak at or near the lowest prices reached for
most OF the list. The advances recorded are
very few and for small fractions only. but Union
Pacific lost II: Kansas 81 Texas, Ii; Louisville
& Nashville, per cent, aud Alton 81 Terre
Haute q like amount
The railroad bond market was quite active,
the sales amounting to s. 204. 900; but of this
Fort Worth e. Denver irsts contributed about
.ope-fourth. Sass, 900. The advance in these
bonds, continued, and they rose per cent, TO
80. but reacted sharply per cent at the close.
The rest OF the list were firm to strong through
out the day, and almost every thing is higher to-
night It was announced to-day that the Wheel
ing & Lake Erie forfyyear 5 percent loan
offered in London on Saturday had been sold.
the subscriptions being largely In excess of the
amount offered. Tho proceeds to be applied
to the construction of the extension to Wheel
Ing. w. Va, throughout the coal measures OF the
Pittsburg. vein. The most important advance
to-day includes st. Paul. ]. & d. extension
SKIES, 9. to 127; the Chicago e. Pacific division
SKIES %, TO 123; international frsts. 81, to 1924
Lake Erie & Western firsts, 2, to Ito, and Kan
sas Pscifc consols. 2 to Ito.
Government bonds were quiet and firm
State bonds were dull and steady. Closing
fr~~..