The Indianapolis journal., 1890-05-19
CONDITION OF THE MARKETS
Speculative Wheat Opens Higher, but
Loses Nearly All the Advance.
Spot and May Close Lower-Corn Steadily De-
clines After the First-0ats Lower
Pork Dull and Weaker.
MONEY. STOCKS AND BONDS.

Large Volume Of Business and Gain In
Price on Nearly All Shares.
NEW YORK, May 17.-Money on call was
easy. with no loans, the closing being
offered at per cent.
Prime mercantile paper 507 per cent.
Sterling exchange quiet and stcady at
s4.s4 for sixty-day bills and S4.s6 for de-
mand.
The total sales of stocks to-day were 3O5.-
1S6 shares. including the following: Atch-
ison, 1890; Delaware, Lackawanna &
Western. 1907: Louisville & Nashville,
$500; Missouri Pacific, S613; Northern
Pacific. 2,s45; Northern Pacific, preferred,
9,s4O; Oregon Transcontinental. $3.50;
Reading, 73, $50; Richmond IL West Point.
s,335; ST. Paul, 600; Union Pacific, $50.
The stock market even although to-day
was half holiday, managed to maintain
the large volume of business of the past
week. and while the movements of prices
were somewhat irregular there was q
strong underrone, which, before the close,
swept everything before it, and further
advances resulted, while many stocks
reached their highest prices for the week.
The foundation of the "bulP movement,
same material increase over those OF last
year. The bulls" also continue to hight
shy of the stocks of the warring
roads that are cutting rates In the
West. The market to-day was unus-
ually plentifplly supplied with rumOrs for
short session. and among them may be
noted story that deal favorable to-the
Willard stocks is TO be consummated next
week, which served as the basis for most
marked advance IN Northern Pacific and
nnf al Nuh Gh hac
the features of the market after IL o'clock.
Reading was the most active stock, its
transactions exceeding those of any full
day of the week, on rumors relating to
merger or agreement with other powerful
companies, and there was material gain
made in it's price. The market started
off with slight advances, but there was
some selling off in Reading and the
grangers, apparently for foreign account;
and Chicago Gas and Sugar were weak and
retarded the further Improvement until the
strength In Reading had been fully devel-
oped. The Wizards afterward Joined in the
upward movement. and later the advanc-
ing tendency extended to all portions of
the list. and even trusts felt the stimulus.
The bank statement. which had promised
to be unfavorable, showed small increase
In the surplus reserve, and helped to give
the market buoyant tone toward the
close, which was active and strong In most
cases at the best prices of the day.
The final changes are generally small ad-
vances the declines being few in number,
while Northern Pacific preferred is up gil;
Oregon Transcontinental 2; Northern Pa
cific common, 17s; Reading, 1as, and Mexi-
can Central per cent.
The transactions in railroad bonds were
also large and fully up to the average OF
the week, aggregating S1.574, 600. of which
Reading fours contributed S302, 900, and the
incomes. $4,000; Atlantic and Pacific in
comes. S1SO,OO0, and the Atchison incomes,
S107,0 The market was firm, with few
marked changes in quotations. Ohio
of bonds for the week aggregated S16,513.-
OO0 Government bonds were dull and
steady. State bonds were neglected. Clos