The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1890-02-05
CONDITION OF THE R K
Wheat Displays Early Weakness, but
Turns Upward, Closing Higher.
Business Once More Shows a Good Volume
Corn Scores a Slight Adyance-0ats
Steady-Hog Products Quiet.
MONEY, STOCKS AND BONDS.

Weak I'm the Morning, but Strong In the
Afternoon-Bu1 Pools.
NEW YORK. Feb. 4.-Money on call was
easy, ranging from 8 to 4 per cent. the
last loan being made at 8, closing offered
at 8.
Prime mercantile paper 4s06l9 per cent.
Sterling exchange quiet but steady at
S4.s3la for sixty-day bills and S4.S7l2 for de-
mand.
The total sales of stocks to-day were $685.
475 shares. including the following: Della
ware, Lackawanna & Western, 22,945;
Louisville 81 Nashville. 1880; Northwest
ern, 4.470; Missouri Pacific. $500; New Jer-
sey Central 4.425; Reading, 47.6O0; st. Paul.
14,s60; Union Pacific. 1880.
The stock market to-day was active. IT.
regular and, for some time, feverish, but
the general drift of prices was downward
In the forenoon and upward later in
the day, with the result of leav-
ing the great majority of the
list fractionalIy higher than last
evening. There was a variety of news this
morning, which had q tendency to affect
values, but the most important at the open
ing of business was the story that q large
syndicate had purchased q controlling in
terest in Reading and proposed to GUST the
present management. This caused liberal
buying by the shorts" and Reading
showed some of its old-time activity and
strength in the first hour. and its price was
forced above 40 and held there for the re-
mainder of the day. The same influence.
however, was depressing n in Jersey
Central, assthe arrangements with that
road. according TO the story, were to be
per cent, rallying only a portion
of the loss. Rock Island was another stock
which was sharply advanced in the fore
noon. but the effect of the morning publ
cation of the rumors and yarns from Chi
cago, which included q report that chair
men Faithorn, Midgley, Walker and F1n-
ley had been unable to agree upon a new
agreement. and that other roads beside the
Northwestern and Union Pacific would
withdraw from the association Feb. IL,
caused the bears to put their machine ~
to work again upon the grangers, and Rock
Island soon lost its Improvement, and the
others followed. The movement spread to
the rest of list, and before noon almos,
NCI III WINS 6OAuCb1iIs DC2OW III Opcu-
ing prices. Later, however, an official de
NAL by president Cable of certain
rumors In regard to the Rock Island,
and the denial of the morning reports
in regard to the deliberations of the chair
men mentioned above started q covering oil
the shorts" and a sharp recovery took
place In the granger stocks and some
others. The short interest is again very
large, and if the rumors of q combination
to advance Reading & Lackawanna to ma
terially higher prices is true, the shorts
in those shares will be quickly forced tt
the wall. The brokers generally reported
small offerings of stocks this afternoon
and the advances were made npon small
purchases. nothing like the animation o.
period. The trusts were inclined t.
weakness to-day, and though Leat
declined stubbornly and rallied fully
Sugar was weak in the last par
OF the day, with indications O.
inside selling. The announcement tina
the Burlington had increased it's quarterly
dividend from / to Ia per cent. was also
factor in the late rise. and Burlington KEPT
pace with Rock Island in the upward
movement. There was no setback ane
the market closed quiet but firm, and gen
orally at the best prices.
Railroad bonds were again quiet and fol
lowed the course of stocks very closely
being heavy in the forenoon but strongs
toward the close of the day. There wa
well distributed business of 81, 33S, 600, Blu
no feature of special interest was developed
during the day. The market closed firm.
Government bonds were dull but firm
State bonds were steady. Closing quota
tions were: