Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-08-27
SPECULATIVE.
Silver Bullion Decreases-A Move Fa-
yored by New York Brokers.
At the Opening of the Speculative Market the
Bears Make Frantic Rush to Bid.
The Days Dealings.
Special to the Gazette.


NEW YORK, Aug. 26.-Silver bullion
was weak again to-day, going down
14c, an ounce below the best price paid
yesterday by the government. AS money
is now easy again the movement is ex-
tremely puzzling one. II is a fact that
Western holders of silver, who can de-
liver their sales to the government at the
minis near California and Nevada mines,
can afford to underbid New York hold
ers, because the latter already paid
freight on their bullion and have to
reckon that in on the profit and loss &C.
count in figuring up sales. It is reported
from Philadelphia that the Fourth street
national bank and Girard trust company
are about to initiate the Western national
bank and Mercantile deposit company in
storing bullion and issuing certificates OF
deposit in multiples of 1000 ounces. New
York brokers are in favor of this, as it
will save them even the small expense of
shipping their government sales from
New York to the Philadelphia mint.
London at once appreciated the i'm
proved state of affairs here, as was EVIL
denced by the strong aud bouyant mar
ket for Americans in London, advances
extending to per cent. in Lake Shore,
and by the receipt of a
food of early orders to buy
stocks in this market. When the mar
Ike: opened the bears stumbled over each
other in their frantic efforts to bid for
stocks. There was q rush to buy all
slong the line, particularly in Wander
bits and Grangors. First prices were
anywhere from % to IA higher than
yesterdays final, and further gaines
were quickly recovered. In the first ten
minutes of business Cleveland, Col
umbus, Cincinnati and st. Louis had ad-
vanced 2A points and reached =.
Other notable advances were
IL in New York Central, Ia In
Lake Shore, a point in Changers
and Canada Southern, IL in Lacka-
wanna, and equally as large gains in
many Of the spscialities. In the I'M
listed department sugar trusts jumped
II. These heavy advances in the first
few minutes proved great temptation
to many bulls, who have been patiently
awaiting better days, and considerable
realizing of profits followed. AT the
same time the bears attempted to make
some capital out of the report
that the employees of the different divis-
ions of the Illinois Central would
this morning present demands for an in
crease of Is per cent. in wages and also
strike, and of the switchmen's strike at
the Chicago stockYards. As q result.
prices receded slightly. The mar
ket soon setted into less &C
tive speculation, and some irregular
fluctuations i'll prices were noted. The
tone, however, continued very strong,
and later heavy purchases for foreign
account resulted in more activity and
further advances. Purchases of stocks
during the morning for London account
aggregated 80 900 shares. During the
afternoon the market was very quiet and
firm. In the last half hour of business
brisk buying movement developed under
covering OF spots, and the closing was
strong and active and generally at or
near the last figures of the day, with tut
few exceptions. The list shows
market advances from last night g
final. There was good supply of money
in the loan market at 496 per cent. In
the last half hour the rate was down to
2% per cent. Silver bullion was re-
ported unsettled in London at lower fig
ures. The price of New York bar silver was
also 30 lower. Trading in silver certIf-
Gates IN the stock exchange was little
more active and the price declined 10,
but rallied later. Sugar trusts were
notably strong and active.
The sub-treasury redeemed 1929 600 OF
AIS up to 8 p. m. at the sub-treasury
in Boston $3.50, 200 were received. The
total amount of bonds purchased under
the irregular of August 81. exclusive OF
to-day's purchase, is Sc 1857 200. The
important advances were: Atchison,
IA; Cleveland, Chicago, Cincinnati and
st. Louis, 23s; Canadian Pacific, II;
Burlington, q; St. Paul, u; Rock
Island, IL; Chicago, Hannibal and
East Illinois, 2; Northwest, III; Della
ware, Lackawanna and Western, 25x;
Denver and Rio Grande, preferred, 2;
Erie, *; Lake Shore, ~; lead trusts,
4. Louisville and Nashville, l3s;
Missouri Pacific, "a; New England, u;
Northern Pacific, preferred, IA; Ore
on-Transcontinental trust receipts, ~;
Reading, IL; Sugar trust, ~; Texas
and Pacific, a; Union Pacific, ~;
Western Union, ~.