The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1890-02-08
CONDITION OF THE r K
Speculative Wheat Holds Fairly Steady
and Closes Slightly Lower.
Corn q Little Easier. but Slightly Affected by
the Rate Reduction-0ats Weaker-Hog
Products Decline Somewhat.


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Pushing the Big "shorts" In Reading to the
waT-strong Tone to the Market
NEW YORK, Feb. Mooney on call was
easy, ranging from Q to 4 per cent, the last
loan being made at 2, closing offered at 2.
Prime mercantile paper 434S561a per cent.
Sterling exchange quiet End weaker at
S4.S3h for sixty-day bills aad s4.S74 for de-
mand.
The total sales CT ssocks to-day were 30
173 shares, including the following: At
Gibson, 1870; Delaware, Lackawana s.
Western, 80,465. Lake Shore, $3.50, Louis-
vile & Nashville, $3.50; Missouri Pacific,
100; Reading. 112, $50, St Paul, $500.
The stock market was dull to-day outside
of Reading, which furnished nearly one
half of the transactions in the listed stock
for the day, and fully that proper
tion during the morning hours. The
interest in Reading overshadowed COM
pletely The remainder of the list, and while
there was q firm tone prevalent during
most OF the day, 1T was not until the last
hour that any animation was shown, and
all the advances were made at that time.
The trading In Reading, especially during
the forenoon, Was enormous. and the price
was rapidly advanced from ALI to 49,.
without q break. The movement culmi-
mated at that figure. and a reaction &C.
CURED. There are several opinions as TO
the cause of the rise, and the theory that
both the supporters and the opponents of
the .Corbin management were buying.
which incidentally squeezed the shorts"
that the bull 1fs Clique "iR IN the stock
was simply forcing the shorts to cover.
rise, andrumors of the existence of large
stop orders at AZ helped the first advahce
to that figure. When the movement cul-
minated, the traders quickly realized, and
the price went back 20 4els At AGA the
stock was for some time above the third In
comes, but these later soon rose TO 444,
while the stock after went back. The
theory that some larger operators had been
caught short obtained many believers. and
the names of Mr.. Cammack. Mr.. White and
Mr.. Gould were mentioned as the unfortu-
nate ones, but it was conjecture
only. In the last hour Lackawanha,
helped by the colder weather and rumors
with Missouri Pacific and Lake Shore
moved up sharply in the last hour, the
movement being accompanied by . marked
increase in tho activity. The upward
TO all the list, and the close was strong,
generally at about the highest prices.
Among the speeialties which showed
marked strength was Wheeling & Lake
of the successful placing of the ex-
tension bonds of the company in
London. soon recovered the dividend
These bonds, like those of the Nor
folk d Western, were over-subscribed
twice over. Outside of the extraordinary
strength In Colorado Coal. the general list
presented absolutely no feature of interest.
and the trusts were quiet and stagnant.
The final changes are almost entirely In the
upward direction, and Colorado Coal is up
2, Lackawanne, lie, and others fractions.
Railroad bonds again showed q moderate
volume of business. but there were not so
many issues traded in to-day. and several
issues figured for large amounts. The
Kansas & Texas skies contributed s153,0O0.
the Reading fours S11S,0O0, and the Reading
frsts s10l. 900 to the days total of $,7s0.-
600.
The feature of the day was the activity
and strength In the Kansas x Texas issues,
but In the general list. while a firm tone
still prevailed, it was less pronounced than
usual of late. and important changes in
quotations, tonight, are fow in number.
Among those which are higher. the Kansas
az Texas skies rose 214. to 754: the fives,
2ss to 6ss and the Reading thirds, 2. to
AL.
Government and State bonds were dull
and stPadV. CLOSING 0uOtatiOns were.