The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-01-05
CONDITION OF THE MARKETS
Wheat Unsettled, and Though Little
Changed, Puzzles Operators.
Corn Dull and Subject to Small Fluctuations
After Slight FURRY Oats Close
Steady-POrk and Lard Higher.
MONEY, BONDS AND STOCKS.
A Feverish Market, with the Interest Center
Ing in Few Of the Leading Shares.

A Feverish Market, with the Interest Center
Ing In Few Of the Leading Shares.
NETWORK, Jan Mooney on call was easy
ut 3lao5 per cent, the last loan being made at
A, closing offered at per cent
Prime mercantile paper, 506la per cent
Sterling exchange duh but steady at $4.84l4
for sixty-day bills and Assn for demand.
The total sales Of stocks to-day were 211, $50
zhares, including the following: Delaware,
Lackawanna & Western, 23,250; Erie,
3,135; Louisville & Nashville, 3,065; Missouri
Pacific, IL 100; Northwestern, 10,96s; New Jer-
sey Central, 1850; Northern Pacific preferred,
4,52O; Oregon Transcontinental, 10, 400; Read
ing, % ,o63 Richmond & West Point, $3.50; st.
Paul, 3341s; Union Pacific, 1920; Western
Union, 1925.
The stock market again showed evidence Of
the apathy or timidity of the advocates of higher
prices and while not specially active, 1t vas
somewhat feverish, and the interest in the spec
ulation was confined throughout to a few OF the
three-fourths OF the entire business done.
The 'sbears," as usual of late, had the making OF
quotations almost entirely In their own hands,
and the operations of the day were nearly all for
the purpose OF covering line OF "shorts" Dy
some of the most influential operators on the
between the officers of the Missouri Pacific and
the Rock Island gave rise to the impression that
their contract to maintain rates, and this was
used To disturb confidence in stock values with
material effect. Missouri Pacific was the OBJECT
of the most persistent attack, but great pressure
was also brought upon Lackawanna, and those
two stocks led the decline, which lasted until
well into the afternoon. 1t then became evident
that somebody had covered large line of
''shorts" on the way down, and all the traders
rushed in TO do likewise: which had the effect OF
quickly changing the temper or the market,
and q material advance was made In short
time. Jersey Central was the strong feature of
the speculation, and Notwithstanding the weak
ness In Lackawanna, it rapidly rose to par, which
figure IL has not reached before in about seven
years It's support after .. tnas ume, noweyer,
with the remainder OF the list. In the late adj
vance New England became very prominent, and
recovered the losses OF the forenoon on q much
smaller business than had been transacted at that
time. Union Pacific also displayed marked
strength late in the day, Notwithstanding the
assertions that it had been drawn into the last
rate cutting reported. None OF the rest
of the list was in any way worthy of
notice, the business done being small and the
fluctuations light and without special signiti-
canoe, except in the grangers. The decrease In
the earnings OF st. Paul caused no movement In
that stock, and, while IL was active, 1t was very
we'll held.
First prices were firm at slight advances over
last nights figures, and some slight further i'm
provement was made in the early trading. The
list was soon brought down to a shade below the
opening, though Jersey Central continued on its
upward course, but it was not until after IL
o'clock that positive weakness was developed,
when Lackawanna took the lead in the decline.
Missouri Pacific and st. Paul afterward joined,
and prices were at their lowest at about IL
O'Clock. From that time there was steady inn
provement in values, and Union Pacific
but was followed by all the rest, and tho
market finally closed quiet but firm and gener-
ally at about the best figures OF the day. Very
few final declines were recorded, but the adj
vances are confined TO fractional amounts only.
Railroad bonds were quiet, the sales of all
Bay incomes furnished $4,000. The latter
were the features of the day by reason of their
IRENE weakness, and from pfc last evening they
fell TO Is, a loss of per cent The Denver d
Rio Grande Western firsts were the only other
marked feature, but they were very quiet while
positively strong, and scored an advance Of 53a.
The marked advances comprise Northwestern
coupon gold bonds, 2lo, to 1872, and Houston &
Texas firsts, Oh to 1863.
Government bonds were dull and steady.
State bonds were entirely neglected. Closing