The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-07-19
MONEY, STOCKS AND BONDS.

MONEY, STOCKS AND BONDS.
A Sharp Decline i'm Prominent Stocks, Fol-
lowed by Reactions in Most of Them.
NEW YORK. July 18-Money was easy at
2l2a per cent. the last loan being made
at 3. closing offered at g.
Prime mercantile paper 41206l2 per cent.
Sterling exchange dull and steady at
S4.s6 for sixty-day bills, and S4.s7a4 for de-
mand.
The totals of stocks to-day were $50.
7S7 shares, including the following: Atchi-
ison, 37,195; Delaware, Lackawanna IL
Western, 1870; Missouri Pacific, 1855;
Northwestern, $500; Northern Pacific pre-
ferred. Is, $40; New Engiand. $3.50; Oregon
Transcontinental, sos; Reading, 22,oO5;
Richmond & West Point. 2O.6o5; ST. Paul,
1850; Union Pacific, $40; Western Union,
$3.50
The stock market was duh and weak to-
day. and under the "bearv attacks it be-
came more active and prices ran off ma
terially, though large portion of the loss
was regained toward the close. There was
a marked absence of the larger COM
mission brokers to-day, and as many
of the leading "bulp' operators are
away at present, and the smaller
operators are indisposed to take hold, the
condition invited attack, and the bears"
made the most of the opportunity, though
long selling was not wanting, and espe-
cialiy in the earlier portion of the day.
The market was irregular at the start, and,
under the liquidation of long stock. n weak
and feverish tone was given the market,
and Sugar Trust led off with a drop of 2
per cent. to 1OS- In the regular list, how,
ever, there was also decided weakness and
rnmor that there would be no dividend
on Northern Pacific preferred, was the oc-
casion of decline of over per cent in
that stock. The stories which accompanied
made the basisfOr an attack upon New Eng
land. the argument being that If the pro-
posed extensions of Manhattan were to be
given up there could be no connection with
New England, and that road would not be
able to reach New York. New England
lost nearly per cent. on this. AtchisOn,
which had been very we'll held. next gave
way, the decrease in the earnings for the
first week in July causing some selling. To-
their great attack of the day, and the first
point was Oregon TranscOntinental, which
was quickly knocked down to 1884, against
81 last evening. Richmond N West Point
was next, and the ease with which it ran
the earnings for the first half year show an
Increase over those of last year of over half
a million. There was absolutely no sup
port at first, as the insiders have been pay
ing no attention to the market interests of
the stock. and stop orders Were soon
reached, which accelerated the decline, and
it dropped to 19l2, against 22os last even
ing.
The break in Oregon Transcontinental
extended to the other Willard stocks and
other
encouraged attacks upon the grangers and
coalers, and Missouri Pacific. Reading, ST.
Paul, Union Pacific, LackawanHa and Lake
Shore were all forced Oft over per cent. The
lowest prices were generally reached toward
2P. NJ, but no effort was made to stem the
decline, though Richmond & West Point
and Oregon Transcontinental had rebound
ed from the lowest figures. At that time,
however, q rumOr was circulated that the
negotiations for the purchase of the Bur-
lingtOn & Northern by the Chicago. Bur-
lington & Quincy had been concluded, and
the tide was Immediately turned in the up
ward direction. The reaction was sharp,
and the covering of shorts" assumed large
proportions. and before the close of bust
ness verything except Oregon Transconti-
mental, which remained sluggish, had re-
covered nearly to the opening prices. The
ally at fractions under first figures.
After the early drop in Sugar Trust the
trust stocks were quiet and huctuated
within narrow limits and the inactive
stocks were devoid of special feature. Most
of the list is fractiOnally lower this even
ing but the only important change is the
drop of 23s in q. T..
Railroad bonds were again dull, and as
usual of late responded neither to the
activity nor weakness in the stock list
The market remained without feature of
any kind throughout the day, and the sales
of S925 900 were accompanied by no move
ment of Importance. Utah Southern extern
sion sevens rose 214, to 115; Gulf. Colorado
81 Santa Fe seconds lost 214, at 20; Roches-
ter d Pittsburg consOls 81, at 116l2, and
ST. Louis, Alton Il Terre Haute dividends
8, to 43.
Government bonds were dull and steady.
State bonds were dull and steady. Clos