The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-09-15
CONDITION OF THE MARKETS
A Bearish Tendency in Wheat, Which Is
Checkmated by Skillful Manipulation.
Active Speculative Trading in Corn on Lower
Range of Prices-0ats Heavy and Weak
Provisions Dull and Rather Weak.
MONEY, BONDS AND STOCKS.

An Increase of Activity at New York, Closing
Strong, with Irregular Changes.
NEW YORK, Sept 14.-Monsy call was
easy az II az per cent, closing offered at Il per
cent
Prime mercantile paper, 5 a g. per cent.
Sterling exchange quiet but firm at
s4.s4s for sixty-day bills, and g. So! for demand.
The total sales of stocks to-day were 5l3, 964
shares, including the following Delaware,
Lsckawanna 6 Western. 81, 4Os; Erie. IL, 800;
Hooking Valley, 3,2l9; Lake Shore, IA, 800;
Louisville & Nashville, 1878: Missouri Pacific,
6,910; Northwestern. Sc, $40; Norfolk & Western
preferred. 6,62O; Now Jersey Central 5000;
Northern Pacific preferred, IL, l50; Oregon
Transcontinental. 1920; Reading. "a, 900; Rich
mond s. West Point, 5,965; ST. Paul, 1l3,6ls;
Texas Pacific, 8. 100; Union Patio. 1890 West
ern Union, p. $50.
The stock market to-day was more active, but
again weak with the pressure still upon the
Rrsneers, though the coal stocks were attacked,
and carried the entire list with them. A rally
before the close, however brought the list up
again, and the final changes are irregular.
| though generally in the direction Of lower fig
lures. London was buyer this morning, espe-
.cially Of ST. Paul, but the pressure of both
'1ongs and "short7 stock from domestic sources
was 30 great that the effect upon prices was but
temporary. The grangers naturally came in
for the greatest share of selling. and the short
interest in those stocks was very largely in
creased by the operations of the morning, espe-
cially the loaning rate on 81 Paul, which was
as high as 1-32 DER diem for use of the stock.
The general list, while responding to the weak
ness displayed in these stocks, betrayed a
marked disposition to break away from
their influence. and the fluctuations In
most Of the list were confined to
fractions, and their movements were slow.
After the first selling movement had exhausted
itself there was feeble rally, but the coal
stocks then bscame the features. and heavy
liquidation was soon in progress, Lsekawanna
and Reading once more becoming the leaders of
the market ir point OF activity, and their prices
fell of rapidly. ksseiue pace with st. Paul. The
movement also extended TO some other shares.
and Lake Shore, Northern Pacific preferred and
some OF the speeiaIties were affected. The deal
tiugs were very heavy, and large blocks OF stock
changed hands among the leading shares, while
for some time back. The only notable move
menfs 10 those stocks were declines in st. Paul
& Duluth and Chesapeake Sc Ohio.
The majority OF the list failed TO get much
below their lowest figures of yesterday. and a
frmer tone prevailed throughout the day,
though the rallies. except in the last hour. were
feeble. The demand from the foreigners served
70 make a strong opening. and the advances
over last nights prices ranged up to per cent,
but the list sold of Immediately, with the
graneers and New England leaders. The de-
cline was accompanied by great animation, but,
upon its minatiop, the market became com
parativeiy quiet and fractional recoveries en-
sued. The pressure was soon resumed. how
ever and the eoalers joined the procession, and,
with the exception of slight pauses at different
times the downward movement was not checked
until toward 2 P. NJ. A period OF hesitation fol-
lowed, but IN the last hour there was . marked
buying movement, principally from
the shorts and, Lsekawanna leading,
material gains the lowest figures
were established all over the list. The market
finally closed active and strong, at irregular
changes from last evenings prices. though de
cinss were in a majority. There were . few
advances to-day, the most marked being per
can't, in Hooking ValloT, but ST. Paul lost q.
the preferred 2, and Northwestern l., while the
losses in the eoalers were confined 10 small frac-
rous.
The railroad bond market was In marked con-
trast to the share list, to-day, being dull and
without character, ell the interest seemingly,
having been transferred 10 the latter. The deal
ings amounted to only s572, 600, while there was
10 animation anywhere Ia the list. The general
tone of the transactions Was heavy, but the
fucsustions were, for the most part, for insig-
nifcans fractions, and final changes for impor-
tant amounts are rare.
Government bonds were dull but strong.
State bonds were entirely neglected. Closing