The Indianapolis journal., 1889-10-19
CONDITION OF THE MARKETS
Light Trading in Speculative Wheat,
with No Decided Features Developed.
Prices Decline Nearly Cent on Free Offer
ings-Corn Closes Slightly Lower
Oats Still Going Down.
MONEY, STOCKS AND BONDS.

Strong London Buying Gives the Market .
Buoyant Tone, Notwithstanding Interest Rae
NEW YORK. Oct. 1s.-Money on call was
tight. ranging from to 10 per cent. the
last loan being made at Z. closing offered at
z per cent
Prime mercantile paper 5l2G7 per cent.
Sterling exchange quiet but weak at
S4s1sa for sixty-day bills and $4.S534 for
demand.
The total sales of stocks to-day were 49,
0O9 shares, including the following: Atchi-
SON. II. .73O; Delaware. Lackawanna Il West
ern, s.s25; Lake Shore, 5000; Louisville q
Nashville. 5000; Missouri Pacific. 9.450;
Northwestern. 5.425; Northern Pacific pre-
ferred. 81 .6S7; Reading. 1876; Richmond d
West Point. 1901; st. Paul, %, ,2s0; Union
Pacific. AGO.
The stock market was again dull to-day.
hut the tone of the dealings was in marked
contrast to that of yesterday. and while the
final changes are generally for small frac-
tions they were mostly in the
direction of higher figures. The
money question was the dominant
influence in the first few minutes but this
was neutraliZed by the heavy buying orders
from abroad. which started the shorts" to
covering and completely changed the tenn
per of the speculation for time The
anxiety over the high rates for money prev
alent yesterday led to weak feeling at the
opening. which was made at concessions
from last nights figures Of from g to II per
cent. and the pressure caused some further
slight declines in the early trading. The
sudden flood of buying orders from London,
however, checked the decline, and. as it
was continued, the shorts" became fright
ened and went into cover, which soon gave
afr ff.f ftax l-af
materially before the close of the first hour.
Northern Pacific preferred was the feature,
rising from II q To 73l4 on utterances of Mr.
Ives in which he asserted that he owned
as much stock as berore the election, and
that he had every confidence in the new
board. The trusts were specially strong at
the announcement of the application of the
American Cotton-oil Company for an in
crease In capital, with the utterances of
Mr.. Thomas leading to the impression that
the Trust was to come into the new corpora
ton. The money situation again came to
the front after 10 o'clock. and the same
tactics, as usual. being employed. the rate
on call was run up to 10 per cent, which
checked the advance, but the undertone of
strength was such that little impression
was made upon prices outside of q few spe-
cialtles. The most marked movement was
in st. Paul preferred, which was offered
down, in the absence of buyers but most
of the loss was recovered later. In the last
hour there was renewal of the buying,
and, under the lead of Missouri Pacific, a
material recovery took place. The close
was dull, but firm at close to the
best prices of the day. The grangers
were rather heavy throughout the day,
and Burlington s. st. Paul were both sub
jected to considerable pressure, but with
ont any effect after the early depression.
The only important changes for the day
were advances. Sugar rose q Cotton Oil
and Northern Pacific preferred III each,
and Lackawanna and Manhattan per cent.
each.
The dealings in railroad bonds were de-
void of feature. as usudl and on business
of only S679,000 few important declines
were scored.
Government and State bonds dull and
steady. Closing quotations were: