The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-21
MONEY, STOCKS AND GRAIN
Wheat and Corn Firm, with Decided and
Rapid Advance in the Latter.
Marked Activity in the New York Market. 0w-
ing Principally 10 the Heavy and Un-
wieldy Short Interest in the Entire List.
LESS STRENGTH IN BONDS.

CONSIDERABLE Weakness In Certain Issues,
but no Great Losses.
At New York yesterday money on call
was easy at 101h per cent. the last loan
being made at Ia per cent. closing offered
at In per cent.
Prime mercantile paper. gas per cent.
Sterling exchange was &c higher and
quiet but steady at S4.s6I4 for sixty-day
bills and s4.s7A Tor demand.
The total sales of stocks were 94.365
shares, including the following: AtchisoD,
$3.50; Chicago Gas. 9,16O; Erie. &c. go; Hook
ing Valley. 3.615; Louisville *. Nashville.
1000: Northw estern. 3.O1O; North American.
BOO; Northern Pacific, 1920; New England.
1900; Reading. 26.4l9; st. Paul. 26.000;
Union Pacific. 1880; Wheeling & Lake
Erie. 400.
The stock market continued to show a
fair volume of business. but as usual of
late the greater portion of the trading was
directly the result of the bearish opera
tions. While prices were for the greater
part of the day trm TO strong, the impress
sion grows that the short interest is again
rather unwleldy. and the activity Is due
TO efforts TO cover without loss. The be-
lief that the market is largely oversold
aids materially in creating a resisting
power which prevents material losses de-
spite the very aggressive position taken by
the bear leaders of late. and while
the public, in view of the late Ge-
velopments In both Northern Pacific and
Atchison, is inclined 10 be still
more cautious IN It's purchases. the
evident manipulation having tor its OBJ
iect the shaking out of weak holders and
und oubtedly of depressing prices TO ena bic
covering. give ENCOURAGEMENT TO holders
that q revival of interest is not far in the
future. The sentiment prevents the bears,
also. from hanging on too long. and whlle
drives at particular stocks have become
more frequent of late the rally follows
closely, and periods of depression are
therefore of comparatively short duration.
Yesterday Efforts were again concentrated
upon Northern Pacific preferred. and later
on the Erie stocks. The preferred stock of
the latter road was carried down rapidly
for q time. The grangers also suffered to
some extent. but the efforts in most of
them were believed to be for the pur-
pose of covering. and their prices
were held firmly. Lake Shore
and Hooking Valley were among
the weakest stocks. The low-prlced
shares were more largely dealt in. but
made no movement of Importance. and the
strongest points in the market were again
the industrials. Rock Island and Burling-
ton were made the brunt of the pressure
yesterday. The floods were brought for
ward as the excuse for this drive. bnt no
one thought of selling either until the
bears discovered that great damage was
being done along the lines of these rail-
roads. The result, however, was to depress
the prices of these stocks about 3 per cent.
each. The close was active and weak.
with the leading stocks at or near the low
est of the day. The trading was 57i. 800
listed and 90. 270 unlisted.
Railroad bonds were more active than
usual of late. but displayed less strength.
and some of the leading issues showed con-
siderable weakness. though no material
losses resulted. The sales were s2.533.000.
Governments bonds were dull but firm.
State bonds were dull but firm. Closing
quotations were: