The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-01-20
CONDITION OF THE MARKETS
Absence Of Outside Orders Causes De-
cline in the Quotations for Pork.
Wheat Opens Trifie Firmer, but Develops No
Interesting Features-Heayy Trading in
Corn at Lower Figures-0ats Weaker.


Nm Increase of Activity I'm New York, Ac-
compsnied by Decided Weakness
NEW YORK, Jan. 19.-Money on call was
easy at BOA per cent, the last loan being made
at3, closing offered at 3.
Prime mercantile paper, 81 a u per cent
Sterling exchange was dull but steady at
$4s4 for sixty.day bills and s4S64 for demand.
The total sales of stocks to-day were PAS, 679
shares, including the following: Delaware,
Lackawanna g. Western, 10, 700; Erie, 1900;
Lake Shore, $50; Louisville e. Nashville, s.
Be0; Missouri Pacific, 12,174; Oregon g. Trans
continental, 8. AS; Reading, "a, 700 Richmond &
West Point, 1895; St Paul. 4l,o34; Union Pa
rife, 26,200; Western Union. 10. 100
It became known to-day that the pool in Read
ing had at last liquidated during the past week.
and the bears" taking advantage of the remov-
nj OF the chief support OF the market, felt en-
couraged to hammer the list, resulting IN a
much more active but decidedly weak market
for the day. The advocates of lower prices also
received aid from the lack Of support In many
stocks, the Gould properties especially, yleicins
very readily to the pressure brought against
them. The traders, of course, were ranged on
the "bear" side, and were active in selling the
list throughout the day. The hercest attacks
were on Missouri Pacific, St Paul, Reading and
Fort Worth 81 Denver, and large line OK the
first three stocks were sold. The strength
of Reading remarkable, under the
circumstances, and there was a rumor that
new pool had been formed. The market was.
however, as limited in it's scope as at any time
during the present depression, being, for the
most part, confined to the walls OF the Stock Ex-
change outside interests doing little or nothing.
The announcement of the final signing of the
Oregon Navigation lease had some influence in
checking the decline it's effect being specially
noticeable in Union Pacific, but the selling was
quickly renewed, and theimprovement amounted
20 but very little. The opening was quiet but
weak, and the attacks upon Reading and the
Gould stocks soon infused life into the trading.
while prices fell away rapidly. Fort
Worth 81 Denver and Missouri Pacific were
next taken in hand, and though the general list
reacted at intervals the upward movements
were feeble and gave the market. at times, q
feverish appearance. There was period OF
dullness after IL o'clock which lasted until near
p. NJ, but the attack was renewed, Reading
being again the special point of attack This
was followed by a partial reaction in the last
hour, but the close was dull and again weak at
near the lowest figures reached. Everything
is lower and Missouri Pacific lost q; Fl. Worth
& Denver, 81; Reading, Il; Union Pacific, II;
St Paul and Louisville & Nashville, II each;
Northwestern, Lackawauna Northern Pacific
preferred New England and Omaha, per cent
The selling extended to railroad bonds, and
during the greater part OF the day prices were
saggipg, though there was rally toward the
close. Most of the active issues were lower.
though many inactive bonds show advances for
the day. The business was 81, 307, 900. Central
Iowa first certificates rose q TO 81; Green Bay
lost 2, at 60, and Wheeling Sc Lake Erie 6rsts,
p, at 81.
Government bonds dull and steady.
State bonds were dull and without feature.