The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-03-06
CONDITION OF THE MARKETS
Almost a Panic Among Chicago Wheat
Brokers, Owing to a Break in Prices,
Although the Closing Was Only About Two
Cents Lower Than M~onday-Corn Activeand
Higher-Oats Easier-ProvisiOns Steady.


A Weak Market I'm the Forenoon, and Though
Strong Later, Most Of the List Closes Lower.
NEW YORK, March 5.-Money on call was
easy at 2 a 8 per cent, the last loan being made
at A; closing offered at 4.
Prime mercantile paper. a per cent.
Sterling exchange dull at $4s6 for sixty-day
bills, and $4.ssA for demand.
The total sales of stocks to-day were 201,-
$50 shares, including the following: Atch-
ison, 4,71o; Delaware, Lackawanna d West
ern, 7,15O; Louisville IL Nashville, 1880 Nor
folk & western preferred, 1000; Northern Pacific
preferred. $780,; Oregon ranscontinental 7,125;
Pacific Mail, 5,94O; Reading, 10000; Richmond
d West Point, 1900; st. Paul, 1850; Texas
Pacific, $500; Union Pacific, 1850; Western
Union, 1896.
The stock market was weak and declining dur
ing the forenoon to-day, and losses were sus-
tanned which, Notwithstanding the strong tone
of the latter portion of the day, were not fully re-
covered, ard the result Of the days operations is
20 leave n.ost of the list fractionally lower than
last evening. The London quotations were lower
this morning, and there was comparatively
heavy selling from that center in the early trad
ing. the pressure being from the continent. The
favorites Of that center were all weak. and
especially Louisville & Nashville and st. Paul.
Other influences worked against the market, and
the failure of the Reading iron-works
created an unfavorable impression. The
most potent Of the local influences, however,
was the realiZations in Manhattan on the
Use OF the past week, and the disappointment
IN some directions over the declaration of a scrip
1ividend, and the stock dropped OVER per cent,
Other specialtiss showed marked weakness, and
Oregon short-line, Navigation, Pullman, and
some others declined O point or more. The as
pet of political affairs In Washington met with
general approval, however, and when the pres
sure was removed there was q sharp recovery in
the specialties, and most Of the general list were
brought up to the level Of the opening figures,
and In some cas- es fractionally further. Short
line became the special feature Of the market,
and rapidly rose 4% per cent, while Manhat-
tan rallied materially. Tennessee Coal was also
The declines at the opening extended to u per
cent. In most stocks, while Rock Island was ex-
ceptional with a loss of 1 per cent, and Manhat-
with a gain or y. A weak tone was soon shown,
and while the losses in most shares were confined
to slight fractions, Maphattan rapidly declined,
losing 2 per cent. on the first drop. Norfolk d
Western preferred also showed marked weak
ness at this time. After noon the tone of the
general list underwent a marked change for the
better, but the improving tendency was held in
check by a further drop in Manhattan. which
reached 104l4, a drop Of Al per cent from its
first price. Tennessee Coal was the strongfeature
which rose as rapidly as Manhattan had declined,
and before delivery hour had risen 44 per cent,
the restof the listfollowing slowly. Realizations
on the advance from the lowest figures again
sagged the list off slightly, but the close was firm
at the concession. In the last hour Chesapeake
4 Ohio first preferred stock rose rapidly, and
scored q material gain for the day. Almost the
entire list is small fractions lower this evening.
Manhattan lost 3: Pullman, 2si, and Missouri
Pacific, 1 per cent, while Short-line and Chesa-
peake & Ohio first preferred rose 234 each.
Railroad bonds were not so active as
yesterday, and the tone of the dealings was not
so strong, the final changes being fairly divided
between gains and losses. Sales of all issues ag-
gregated 81 1893, 900, of which Ohio Southern
incomes furnished $13S,00O, and the Denver IL
Rio Grand Western assenteds, 81 900. The adj
vances include Denver IL Rio Grande Westerns,
3l2, to 102; Great Western receipts, g, to 95, and
Erie incomes, 3, to rs; Great Western second re-
ceipts lost 3, at Sc.
Government bonds were dull and steady.
State bonds were dull and steady. Closing
quotations were.