The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-03-06
CONDITION OF THE MARKETS
A Dull and Quiet Opening, Followed by
a Marked Increase of Activity.
Considerable Selling of Wheat. Chiefly on
ScaIping Basis-Corn AbsOrbs Attention,
and the ''ShOrts" Experience Scare.
HOSE, BoNDs AND STOOLS.

An Active Day In New York, bnr Most OF
the Transactions Indicate Weakness.
NEW YORK, March 5.-Money call was
easy at 203 per cent, the last loan being made
NJ g. closing at 203
Prime mercantile paper. Al 058 per cent.
Sterling exchange was dull but steady at
~ $50 for sixty-day bills. and s4s71 for demand.
The total sales of stocks to-day were 359, 408
shares. including the following: Canada South
ern. 3.72O; Delaware, Lackawanna & Western,
81, SIS; Erie, 9.4sO; Lake Shore. l4.045; Louis
vile g. Nashville, 13,405; Missouri Pacific,
9.4ls; Northwestern, 49, OPS; New Jersey Gen.
trail, 334O; Oregon TraDscontinensai, 1885;
Reading, 1o0,76o; Richmond g. West Point
16. rs; St. Paul, 1929; Union Pacific, 2O,77O;
Western Union, 1890
To-day the most active day in the sto *
market for many weeks. and it was, at the
ssame'time. decidedly weak during almost the
entire time. The selling was very heavy until
late in the day, the developments in the matter
of the strikes since Saturday night inducing
free offerings Of s'long7 stocks all around the
room, the pressure being specially severe
against the coal stocks, trunk lines and
grangers. The local buying, however,
very good. and clique support was given until
the selling orders became too numerous, when
the attempts to save the market given
Later in the day the "bears" made some efforts
10 cover on the receipt OF more favorable edviees
from the West, which had the effect OF steady
ing the list, and some slight recovery was made.
The market was feverIsh throughout the greater
portion OF the day. however. under the heavy
transactions many large blocks of stock changing
hands. The main topic of conversation IN Wall
street was the threatened general strike OF the
locomotive engineers. the feeling being that il
Chief Arthur persists in calling the men out on
roads whore there is grievance, that the re-
Bult will be the disruption of the Brotherhood,
Rs. public sentiment would be arrayed against
the strikers The crowd in Reading was very
large AGAIN this morning, and many heavy sell
ing, orders executed, but the insiders took
a large amount of sioux, ana the stock, with the
general list, was well supported for most of the
forenoon, but the condition of the coal market
was factor in the subsequent decline which
reached all the coalers except Delaware g. Hud
son. The dealings in Missouri Pacific a
special feature of the day, the stock being very
strong under considerable Investment buying on
the expectation of largely increased earnings to
be shown in the forthcoming report Wheeling
81 Lake Erie the weakest stock
the list. dropping per cent on very
light transactions, but the general list was
quite dnll and dis played little feature of inter-
est. The frst sales were made at concessions
extending to per cent, but during the early
trading the list showed stubborn resistance to
the pressure. which caused some slight ad-
vances. The list soon began to yield. however.
and Lackawanna early became prominent for
weakness, whfIe the losses were confined to
fractions in most cases until toward O'clock, the
business done showing a marked decrease after
IL o'clock. A firm tone marked the dealings for
the rest Of the day, and in the last hour the
market became duIi. out the close was quiet ana
steady at something better than lowest figures.
Almost everything 10 lower tonight. and Lacka-
wanna lost 2 points; Wheeling 81 Lake Erie, Il;
Reading. II; jersey Central aud Oregon Trans
continental. II; Richmond & West Point. IL;
Union Pacific, per cent, and others fractional
amounts.
Railroad bonds were qniet, except for Erie sec
onds, which furnished $18l 900 out Of total
days business of ST. 1872, 900, and though the
market sympathizrd to limited extent in the
weakness displayed in the share-list, the losses
sustained were generally for fractions only. and
many issues showed considerable strength h, es-
peeially IN the latter part of the day. leaving
prices irrsgularly changed from last previous
safes, though declines ara in majority. Among
the most important declines Milwaukee,
Lake Shore & Western, Michigan division. 81,
at 10; Minneapolis g. Mort west fves, s. at 90.
and Mobile & Ohio SKIES. 2. at 113 The
gains comprise Rock Island SKIES, e TO 1134, and
Belleville 81 Carondeiet sizes. q. to 111t
Governments bonds dull and heavy, and State
bonds neglected Closing quotations were: