The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-26
INDIA MINIS MAY OPEN
RUMORED ALSO ENGLAND WILL
RAISE IMPORT DUTY ON SILVER.
Bad Crop Reports Seriously Depress
the New York stock Market
local Business Active.

At New York. yesterday. money on call
was easy, at 1d1h per cent. last loan, IA
per cent; closed at IA per cent.
Prime mercantile paper, 334G41a per cent
Sterling exchange was steady, with actual
business in bankers bills at $4.S5AQ4S51a
for demand and at $4.833sGl4S31@ for sixty
days; posted rates, $4.S41aa4S51z and $4.S614Q
4.S7; commercial bills, ST. S2Q4. S21a.
Silver certificates, 50G51c Bar silver in
London dropped the low record an addi-
tional q penny, with a quotation of 23a4d
yesterday. The quotation in New York was
unchanged, at slice. Mexican dollars sold
at 1880. The New York Even
ing Posts London financial cable
gram says: THE silver market was
disorganized. Indian merchants show a
hesitation to buy on reports that the Indian
minis are to reopen, this to be accompanied
by heavy import duty on silver, thus in
creasing internal currency without depress-
ing exchange. Another rumor is simply
that the import duty on silver is to be in
creased. l cannot vouch for the probability
of either report, but the latter is the more
credible India council drafts to be offered
next week have been reduced to ten lakhs,
the treasury balances being so low"
Total sales of stocks were $50 shares,
including: Atchison preferred. IS $50; Ches-
apeake & Ohio, 5.775; Chicago, Burlington
q Quincy. 24,500; Louisville & Nashville,
$3.50; Missouri Pacific. 1890; New Jersey
Central, 300; New York Central, AIS
New York Central preferred, 5475; North
western, 4,275 Reading, $50; Rock Island
14.1S5; St Paul, $4,000; Union Pacific, $3.50;
American Tobacco, 3.673; Chicago Gas 60S5:
Lead. 1855; United States Leather pre-
ferred, 5,12O; Western Union, 1870; Chicago
Great Western, $3.50.
a xlXy iron Cf he rfattI
tural Department at Washington was the
depressing influence in the New York stock
market yesterday. it stimulating
influence on the prices of wheat and corn.
The opinion expressed In the government
report of the unfavorable condition of the
corn crop ana of the impaired yield from
the spring wheat crop was of too serious
import to the grain carrying roads not to
have a marked effect on the values There
were various times during the day when
struggle was made against the prevalent
depression and when prices seemed en-
parked on an upward course, but the fact
would recur that large part of the long
advance in the price of the grain-carrying
roads has been predicted on the abundant
grain crop which it was expected was to
be moved and prices would turn downWards
again.
The cases where prices were above Tues
days closing at any time during the day
were exceptional and those where they re-
manned above at the close were still fewer.
The fact that settlement day the Lon
don exchange developed no short interest
or covering demand was to some extent
in all departments of the London exchange
growing out Of the evidence of serious dis
affection Oh the Northwest frontier of the
Indian empire exercised some sympathetic
influence in the local market Commission
house buying was on much reduced scale
and there was a lull of the activity on the
part of the large moneyed interests which
have been prominent in the market re-
Gently. The sales fell to a total of little
more than one-third of that shown by the
dealings on some days of the recent period
of activity. The extreme dullness at the
decline indicated healthy tone of the
market the liquidation at no time being
heavy and the resistance at a given point
being very firm. The market enjoyed an
occasional rally under the leadership of
some individual stock which was influenced
by a development especially affecting it.
Thus the publication of the statement of
earnings of Missouri Pacific for the third
week in August showing an increase over
the corresponding week of last year of Sl05,-
600, gave an upward impetus to that stock
and helped the whole market. The stock
rose over a point and closed with n net
gain Of q. simultaneous rise in Sugar.
Tobacco, Starch and Bay State Gas at an
other time rallied the market. Later in the
afternoon buying developed in New York
Central on reports of increased earnings
This spread through the Vanderbilt group
and carried prices generally to the best of
the day. New York Central led the rise
with an advance of III ard the net gain
was point. Michigan CenCrai the eX-
ception in the group and fell off IA. sell
ing movement in the last half hour of trad
ing carried prices TO the lowest of the day.
and left the general list fractionally below
Tuesday nights level the loss extending to
ia In Burlington. Lake Shore gained a
point. Northern Pacific preferred was a
weight on the market, owing to its poor
showing of earnings.
The bond market showed less weakness
than stocks, prices being generally higher.
Chesapeake q Ohio, Atchison and Northern
Pacific issues led in the activity. Govern
ment bonds were dun and slightly frmer
The total sales were $2.215.000.
The following table. prepared by L. w
w. Louis, Room II. Board of Trade shows
the range of quotations: