The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-07-26
CONDITION OF THE MARKETS
"Bears" Continue the Hammering Pro-
cess and Grain Shows Weakness.
The Chicago Market Braced by Local Trader
Minneapolis Holds Cash Wheat Steady
Provision Market Weak.
MONEY, STOCKS AND BONDS.
The Exchange Opened Weak, but q Steady
Advance Followed.

Advance Followed.
NEW YORK, July 25.-Money on call
was easy at 2G3 per cent. the last loan
being made at 212, closing offered at 21a.
Prime mercantile paper, 434G6l2 per cent.
Sterling exchange was more active and
weak at $4.s5s4 for sixty-day bills and
S4.s74 for demand.
The total sales of stocks were 15S, 13S
shares, including the following: Atchison,
1850; Missouri Pacific, 1O.7OO; Reading.
1906; st. Paul, 30, $50; Union Pacific, 5,s2o.
The stock market was weak ut the OPEN
ing this morning, but soon recovered and
advanced steadily throughout the re-
mainder of the day, scoring material gains
before the close. The London opera
tors evidently do not sympa-
thize with the recent declines
In this market, for the prices from that
center again came higher this morning.
The reports of the great dry goods failure,
however. created a bearish feeling among
the trading element here, and first prices
were all from ls038 per cent. below last
evenings closing figures. and by vigorous
hammering at the outset further losses
were established, the impression upon
prices ranging up to IDS per cent In MIS-
souri, Pacific. partially the result OF an IN
tervlew with a railroad offlciai, IN wnien
was made light of, as well as the disap-.
pointment over the reported utterances OF
Mr. Gould, which the street did not
regard as positive enough. Inc new
ia. and Sugar Trust IL. The decline
brought about good buying. however, and
strong supporting orders soon made them
selves felt. This scared OFF the traders for
the time being, and the market became
intensely dull, but changed its tone de-
cidedly for the better. The fluctuations
were made within the narrowest limits,
except for the specially weak stocks OF the
first hour, which rapidly recovered, and 1t
was not long before all of them were again
above the opening prices. Union Pacific
displayed most stubborn strength on the
fact that the increase in the net earnings
for June would be about 100000 and it
rose without a setback, finally scoring the
largest advance of the day.
In the afternoon there was reduction in
the rates of the foreign exchange drawers
and this gave rise to the expectation that
there would be no shipments of gold this
week. 1t was announced that the reduc.
ton was because of the increased supply OF
grain bills for next month. and that q
further reduction might be expected. This
gave an impetus to the new bullish feeling,
and in the last hour the adv rance made more
rapid progress, Atchison, Missouri Pacific,
st. Paul. Sugar Trust and others becoming
very prominent for strength. The market
finally closed quiet, but strong, at the best
prices of the day. The unlisted stocks
were more active, 27,756 shares being sold,
of which Lead contributed 1865. There
We're few fractional declines for the day,
but the great majority of the list are higher
tonight, though the only marked changes
were gains of 1 Il in Union Pacific and per
cent in Northwestern.
Railroad bonds continue to show con-
stantly decreasing volume of business, and
the sales of all issues to-day aggregated
$716,OO0. The market was not weak. how
ever, and though there was considerable
irregularity prices in most cases were
slightly higher Among the advances are:
Rock Island skies, 2, to 1852: Hooking Val
ley skies, ga, to Hl2; Buffalo d Erie new,
9, to I'D; Utah Southern general sevens. 8,
TO lis, and Wheeling q Lake Erie firsts,
gig, to 107ls. The losses include ST. Paul,
II. e. ID. sevens, 2, at 124l2. and Interna-
tional firsts, 3, at 102, and the seconds at
52l2.
Government bonds were heavy for the
tours.
State bonds were entirely neglected. Clos