The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-08-25
CONDITION OF THE MARKETS
Slump in Grain and Pork at Chicago
After Opening Strong and Higher.
December Wheat Goes to ST. 6 1-2. Drops to
ST % 5-S, and Closes at 81 ~043-4-0ctober
Corn Touches 62 1-Sc. but Reacts to 5Sc.


New York Market Active with Dealings Wen
Distributed at Higher Prices.
NEW YORK. Aug. 24-Money on call
was easy, ranging from 2 10 3 per cent, the
last loan being made ut 8 per cent; closing
offered at 2 per cent
Prime mercantile paper. 5le06h per cent.
Sterling exchange W as quiet and steady at
s.ss& for sIxty-day bills and S4.s6A for de-
mand.
The total sales of stocks to-day were 276.-
ss7 shares. including the following: Atchi-
son. Is. 454; Canada Southern. $500; ChIca-
90 Gas, $3.50; Delaware. Lackawanna q
Western. 6.2U3; Eric. 1890: Lake Shore.
6,s75; Louisville & Nashville, S,1eO; Mis-
sour Pacific. 1900; Northern Pacific pre-
erred. 1880; Reading, $500; ST. Paul. 19. 10;
Union Pacific, 1855.
The stock market to-day was hampered
ct the opening by q partial interruption of
communication by telegraph. and there was
comparatively few orders either to buy or
sell for outside parties at the early trading,
but il soon developed Q decidedly strong
tone with an active and we'll distributed
business, and material advances were
scored in all the leading active stocks as
we'll as a few other specialties. The bears"
and traders still claim that prices go up
upon manipulation and off upon long sell-
ing, but while there 10 undOu btedly much
skiilful manipulation on the "bulP' side the
market has the support OF o more liberal
outside clientage than for some time, and
while the reeotionists have now been try
ing for nearly two weeks to bring about q
material setback on the markets their of.
forts have resulted in only Q partial reac-
ton and the checking for q time of the new
buying which again seems to be gathering
confidence.
To-day the few stocks which have of late
~monopolized so large a share of the stten-
ton of spectators lost their prominence in
the market, and buying orders being we'll
distributed among the leading stocks. Q
very uniform, but at the same time sub
stantial. upward movement was effected.
The effect of the loss of the bank reserve
and the efforts Of the re~actionists to again
direct attention to the money situation
with q view to creating alarm was seen In
the opening, which was quiet and rather
heavy at small fractional declines from
Saturdays final figures. The buying was.
however. evidently better than the selling,
and the demand for stocks in all portions
of the list grew so rapidly that al
most immediately the market devei-
oped q strong upward tendency, which
later spread to even special stocks, which
have lain practically dormant for some
time, and In some Of these material adj
vances were scored. the market gaining
both strength and activity as prices rose in
the face of the efforts put forth to keep
them down. The news of the day was still
of the most reassuring character. and buy
ing orders became more numerous - the
day wore along, and not till well in the
afternoon did the nimatio die away or
prices give signs of having reached the top
figures. The best prices, however, were
well maintained until the last hour, when
the usual realIzatIons caused q dropping
tendency. though only here and there were
there any material changes in quotations.
The advices that the reported frosts had
after all done no damage to corn or
late wheat gave the. impulse which
brought in the orders to buy, and
the advices from the other side of the
water foreshadowed the return of at least
a portion of the gold so lately sent there.
The market was unusually free from special
features. the rise being steady and well
sustained and the close quiet and firm 1t
but q shade under the highest figures. The
advances of note among the active stocks
include c., c., G. & st. L., Y; Missouri Pa
ciic and Northern Pacific preferred. each
lis; Rock Island. 1 per cent.
Railroad bonds were comparatively quiet,
the transactions being only 81, lie. 600, out
of which the Atchison incomes contributed
S295. 900 and the Texas Pacific seconds
SI72,OO0. The market was firm all the way
out, bnt q few inactive issues show losses
from last previous salea The advances,
however, include St Louis and Texas frsts,
2, to n.
Government bonds were dull and firm.
State bonds were dull and steady. Closing
quotations were: