The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-10-03
CONDITION OF THE MARKETS
Many and Wide Fluctuations in Wheat,
with q Nervous. Unsettled Feeling.
An Advance Is Established and the Market
Closes Streng-Goed Business 10 Corn, Ac-
companied by q Very Strong Feeling.


A Reaction In this New York Market, the
Changes Being for Small Fractions.
NEW YORK, Oct 2.-Money on call was
easy st1}0 a. per can't, the last loan being made
at 81, closing offered at 2 per cent
Prime mercantile paper, a a per cent.
Sterling exchange was dull but steady and
unchanged.
The total sales Of stocks to-day we're 800. 99l
ern, 4. 1000; Delaware, L~ackawaupa & Western.
IA. $50; Erie, 1920; Lake Shore, IL. 09l; Louisville
& Nashville, 7,742; Missouri Pacific, 11,020;
Northern Pacific preferred, $500; Oregon
Transcontinental 5.460; Pacific Mail, $3.50;
Reading. $3.50; Richmond s. West Point, So
sS5; St Paul. 3O,342; Texas Pacific, $685.; Union
Pacific. 2907o; Western Union, Is, 6o0; Wheeling
Is Lake Erie preferred, 1850.
To-day has esen a day OF reaction Ia the stock
mArxsr, although tie net result Of the efforts
put forth N that direction u measured By the
smallest fractions in most Of the hat, and decid-
ed weakness was shown by only one stock.-New
seemed to be sellers to-day, and there was q
feeling among the 'oull' operators that Q re-
action was fully due; therefore the entire local
contingent were ranged for the time upon the
side Of lower figures, while LONDON and Chiea.
go are credited with liberal sales OF 'loner
stock. The wheat deal has left many Of tho
operators from Chicago without sufficient funds
to meet their contracts, and stocks were thrown
over in order to realize the means Of keeping
themselves a6oat There were several items Of
news. however. which had q deterrent effect up
on buyers, such a. the reduction OF the
Atchisoo dividend, and that stock, after
ceiling 1t 50 in the forenoon. sold
market was extremely limited. The refusal of
the Nickel-plane 10 advance east-bound rates,
the failure OF tho Traders Bank, the cutting Of
passenger rates by the Baltimore & Ohio, and
sous oshe- minor matters had more weight,
however. aud the traders put ont another line of
''shorts,r which, upon the attempt to cover toward
ths close. was the means Of inducing . material
rally. On the other hand, the agreement TO the
terms of the Lease OF the East Tennessee to the
Richmond & Danville was the occasion of re-
nswed strength II the Richmond q West Point
aud the East Tennessee stocks. although, under
the circumstances, the gains recorded were Eot
large. New England was the other feature of
the Iiat. and led the decline throughout the day,
the pressure upon it being especially
severe. Union PacIac was one OF
the strongest stocks, but its fuc-
~suations were small and uniDpcr,ant
clined ovsr . point, but it rallied with the rest
toward the close. Among tho inactive shares,
the Wabash, Manhattan, and Chicago q Eastern
Illinois stocks were quite prominent for strength,
but no other features marked she dealings DO
yond the feverishness Of the list in the fore
noon. A rally followed shortly after l o'clock,
and prices were brought up to within small frac-
tons of opening figures, after which there WAS
not much movement In the list and tho close,
while rather heavy, was generally close to 6rst
prices.
The railroad bond market was not 30 active an
that Of yesterday, though there was still o very
fair business. amounting 90 81, 706, 900. There
were fewer active issues, however, the Chesa-
peake n Ohio currency certifnates still leading
with S272, 600. followed by Reading general
fours with $3.50. coo, and Richmond 81 West
Point Trust sixes with $4,000.
Government bonds we're quiet and strong.
State bonds were duh and steady. Closing
1.>xAf~-. $1,000