The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-02-18
CONDITION OF THE MARKETS
Spectators Take the "Bull' Side in
Grain, and Create Small Furry,
ing but ScaIping STANDARDIZATION
Irregular on Lower Range Of Prices.


New York Report. an Increase or Activity,
Accompanied by a Stronger Tone.
NEW YORK Feb. lZ-Money on call ruled
easy al 202I per cent, closing offered at per
7ent.
Prime mercantile paper, 5 06 per cent.
Sterling exchange was dull, but firm at s4s
Tor sixty-day bills, and 81 500 for demand
The total sales of stocks to-day were 259 1875
shares including the following Delaware,
Lackawanua & Western, 10000; Erie. Alto
Lake Shore, 1O. 26o: Louisville & Nashville, 300O
Missouri Pacific. 1900; Northwestern. $500;
New Jersey Central 1876; Reading. 3,l40
Richmond g. West Point, 1885; ST. Paul IL $780,
Union Pacific. TO- 775; Western Union. 1880.
The stock market was not only much more
active to-day. but also displayed moro real
strength than has been seen in many weeks, for
which the reported settlement OF the Reading
strike was the special cause. The prospects OF .
settlement had strengthening effect upon the
entire list, though it did not at first respond to
the news, but the 'bulls" looked upon such set
Element as likely to give the N och needed slim
Mus to speculation, and large buying resulted
in heavy business and decided advance.
The feature of the early dealings was the Lon
don buying of Lake Shore and the entire list
moved UP slowly. but unfavorable reports from
the West sagged the market off little when
the report that rhs Reading strike was
settled had been received the mar
ket Immediately became active and
somewhat excited, the trading in
the stock steadily advanced. Later the buying
halted on n contradictory report, but confidence
was soon. restored and the buying again began.
Attention was turned to the rest of the list, and
everything moved up on largely Increased
business, Lackawanna, Lake Shore. ST. Paul
and Western Union being most conspicuous.
There were heavy purchases by the insiders on
the last-named stock. which was accompanied
by q rumor that the Postal and United telegraph
lines had been bought There was considerable
covering of shorts in the afternoon. and
feeling that there may be some further develop
mentS tomorrow, aided in the movement
First prices generally showed advances over
last nights closing figures OF from TO per
cent. aud the advance WAS further increased In
the first hour, but the market drifted into the
usual dullness and prices sagged little.
Reading took the lead toward noon. however.
and the entire list responded, and it was not
until near p. NJ that halt was called.
Some slight reaction occurred. but the buying
was again good in the last hour, and the market
closed quier but firm to strong at about the
best figures Of the day. Fort Worth q Denver
is IL per cent lower this evening. Rea,iing ad-
vanced 2; Missouri Pacific, II. Jersey Central,
IL; Richmond & West Point preferred, Manhat-
tan and Lake Shore, each / per cent.
The railroad bond market was moderately
active, but failed to respond to the improved
feeling in shares. Prices were regular through
out the day. Sales, $l,174,000. Chesapeake 81
Ohio and South estern firsts rose 81. to lilo;
Erie funded Rves lost 2, at So. and Wabash con-
vertibles 81. at So
Governments bonds were dull but steady to
firm.
State bonds were entirely neglected. Closing