The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-08-05
CONDITION OF THE MARKETS
Chicago Wheat Was Strong and Weak by
Turns, Closing at a Slight Decline.
Spectators Who Wanted to Unload BulIed De-
cember TO 92 Cents, but 1t Soon Fell Back
Corn Followed the Same Movements.
MONEY. STOCKS AND BONDS
An Attempt tn @Bear" the Market from the
Other side Failed Completely.

An Attemut tn @Bear, the Market from the
Other side Failed Completely.
NEW YORK. Aug. 4-Money on call
was easy ranging from L TO per cent. the
last loan being made at Il per cent. closing
offered at Il per cent
Prime mercantile paper. 5ss07i2 per cent
Sterling exchange was quiet and steady
at s4.s4l2 for slxty-day bills and S4.s6l4 for
demand
The total sales of stocks to-day were 49,
TAT shares. including the following: Atchi-
son. $40; Chicago Gas. 1924: Delaware,
Lackawanna & Western, 2.676; Louisville
a. Nashville, 7.677; Northern Pacific pre-
tsrred. $3.50, ST. Paul, p. 9S5; Union Pacific.
SO.150.
The stock market opened weak this
morning, but stiffened MP later, prices be-
ing well held throughout the day. with
small and irregular huctustions in all but
few stocks. which were subject to more
than the usual manipulation. The market
has sunk into 9 purely professional state.
and the lower opening was due TO piece
of manipulation which. however. failed of
It's ultimate object. Last evening there
was considerable buying. which advanced
prices at the close. This stock was sold IN
express design of lowering quotations
there and making o weak opening here.
The design was so lar successful, put the
long" stock failed TO come out at the con-
cessiOns made even when still lower prices
were established by further raiding.
Union Pacific Louisville * Nashville and
Northern Pacific preferred yielded easily,
especially the hrst named, but this weak
ness was fairly Offset by the stubborn firm
ness in Burlington, ST Paul and Atchison
and the decided strength In Me- England.
even though the last was IN all = liability
due 10 manipulation also. The erations
mentioned gave the room bearish temper
ana free selling of the weak stocks was
made to appear for London account, which
aided In producing that effect, but the
favorable nature of the general situation
as now receiving more attention, and long"
stocks having gone into stronger hands of
late do not come out with any freedom
under the attacks of the bearish element.
Material losses were sustained IN Union
Pacific. Louisville, Rock Island, Sugar
and Northern Pacific preferred. but
the concessions in the remain
der of the list were confined to
small fractions as a rule. As usual OF late.
these stocks with the addition of New Eng
land, monopolized the business of the day,
the transactions in the others being with
out significance In any way. The opening
decline was followed by moderate reaction,
but the bears made all the capital POSI-
bI, out of the failure of backer, and with
the aid of some rumOrs In regard to Union
Pacific among which were those that the
June statement would be poor one and
that there was difficulty in handling the
boating debt, though neither couli be veri-
fed In any way broke the stock nearly
per cent. Louisville was sold freely. appar-
emily for foreign account and with Rock
Island Northern Pacific preferred. Sugar
and st. Paul scored material losses before
the close of business. The general list
renamed dull and heavy, in sympathy with
the leaders. No change in the temper of
the speculation occurred and the close was
quiet but heavy to weak after a slight
reaction the last hour. The final changes,
with the exception OF New England and
one or two specialties. show marked losses
and Union Pacific declined 2os; Sugar.
2ls: Louisville ~ Nashville. Missouri Pa
cific and Northern Pacific preferred. each.
Ia and ST. Paul. per cent, the rest of the
list losing generally large fractions.
Railroad bonds were still dull. and. while
showing no change of note, reversed the
course of the stock market in the early
trading, most Issues traded in advancing
slightly. Later. however, the steady press
ure upon the share list had its effect ana
bonds yielded as slowly as they had risen
during the forenoon. The final changes
are insignificant In all the active bonds
and no feature worthy of note was seen
during the entire session The transac-
lions foot up 1886, 600.
Government bonds were dull and steady.
State bonds were entirely neglected. Clos
ing quotations were: