The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-01-27
CONDITION OF THE MARKETS
Covering of Short Contracts Causes a
Continuation of the Strength in Wheat.
Corn Also Firm in Sympathy, but Closes I'M
changed Oats Barely Steady Hog
Products Makea Slight Decline.
MONEY. STOCKS AND BONDS.

Old-Time Bear Raid I'm Wall Street Causes
Heavy Declines.
NEW YORK. Jan. 26.-Money on call was
easy. ranging from 2 70 gig per cent, the
last loan being made at 2l2. closing offered
at 2l2 per cent.
Prime mercantile paper 59712 per cent.
Sterling exchange strong ct S4.8 for
sixty-day bills, and S4S7L for demand.
The total sales of stocks to-day were
1876. 9O4 shares. including the following:
Atchison. $500: Delaware. Lackawanna 81
Western, 15,025; Louisville & Nashville,
11,sl0; Missouri Pacific. 11.335; North Amer
lean. 4.7S0; New York Central, $500; North
ern Pacific. $780,; Northern Pacific pre-
ferred, 6.915; Reading, 400; Richmond q
West Point. 6.601; St Paul. 1855; Union
Pacific, 30,662.
The stock market to-day, considering the
utter collapse of the telegrsphic system.
was quite active. but the opportunity to
break the market was too good TO be
wasted by the advocates OF lower figures.
and q series Of raids upon the Gould stocks
and the coal stocks brought the prices of
all of them down materially, though there
was some company for them among the
rest of the list. Stop orders were uncov-
cred In some of the stocks, and considera-
BILE long stock was sold. The first break
was in Missouri Pacific, but 1t was sold
down by two of the leading room traders.
Union Pacific followed with q break OF
over 2 per cent. and all the leading West
ern stocks 81 mpathized to q limited ex,
tent. Later in the day Jersey Central
had q severe drop on light transactions,
falling away to 100 against ll3l2 at the last
previous sale last week. Lackawanna and
Reading joined in the downward movement,
though the last named was kept rather
quiet. The professional element was
every where conspicuous in helping the
market down.. but long stock came out on
the break. In the last hour Manhattan
joined the weak stocks, falling 3 per cent,
but the rest of the list made q material
recovery in the late dealings. when there
was something of a rush TO cover short
stocks put ont earlier in the day at
higher prices. Chicago Gas was the strong
spot in the market to-day, and. although 1T
fiuctrated within comparative ely narrow
limits and it's final gain was an insignificant
fraction. its late and the weakness
of the rest of the list made it conspicuous to-
day. There was specially heavy covering in
Lackawanna, Union Pacific and Jersey
Central in the last few minutes trading,
and the market closed firm at something
better thar the lowest prices. The final
Central is down Ga, Manhattan ga. Union
Pacific l3s, Pacific Mail Id, Lackawanna
13s. Reading III, c., c., G.. & st. Louis III
and Wheeling * Lake Erie rs.
Railroad bonds were dull. and although
displaying a steadiness in the general list
were weak in spots. and of the final changes
of Importance there are many declines. The
trading was accompanied by no feature
whatever, and the days business reached
only 500, 900. international seconds GER
t~ificates lost 3, at ~; Minneapolis q st.
Louis frste 2, at 10S. and Iowa sevens 2l2.
to 81.
Government bonds were dull and steady.
State bonds were entirely neglected. Clos