The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-19
FREE SILVER is COMING
BAR LOST 5-SC MORE AT NEW
YORK AND CLOSED AT 81 3-4C.
Mexican Dollars CO Beccinp Mt III
stocks Slow and Some Lower
- Local Markets Strong

AT New York yesterday money on call
was easy at 1@112 per cent; last loan, IL
per cent; closed at 141H per cent
Prime mercantile paper, 31aQ41s per cent.
Sterling exchange was firmer, with actual
business in bankers bills at "a. S55sQ4 ssh for
demand and a $4S39sQ4. S31a for sixty days;
posted rates, $4.S41z@4S6 and $4S5hq4S7;
commercial bills, $4S21204S3.
A further decline in the price of silver
occurred yesterday the quotation for bar
silver in New York recedng at first to 521bc
an ounce, a decline of Use from Tuesday.
Inc London quotation for bar silver at the
same time was A12d, a fall of 9-16 IF a
penny from Tuesdays price TUESDAYS
prices were low records up to that date
quotations for Mexican dollars were only
nominal at Ale. Just before the close of
the market the price of bar silver fell an
additional Ac to 514c, making the total de-
cline for the day 25sc. The closing price in
London was 24d, a total decline for the day
of 1-16d. Silver certificates at New York
closed at 2l19c. At the New York price the
value of the silver in the standard silver
dollar is 40.13 cents.
Total sales of stocks We're 1886 OOS shares.
including; Atchison preferred Is, $50;
Chesapeake & Ohio, 1925; Chicago, Burling-
ton q Quincy, $780, Louisville & Nashville
ESQ; Missouri Pacific. 1875; New Albany
q Chlcago, 3,40O; Northern Pacific, 800;
Northern Pacific preferred ~ 462; Reading
66,,la0i Rock Island S,406; ST. Paul preferred
$780, st. Paul q Omaha, 4750: Texas q
Pacific, 7020; Union Pacific, Denver e. Gulf
S.59l; American Tobacco, TO- S0 CHICAGO
Gas, 7,7SO; Pacific Mail, 3745; Sugar &. %:
tennessee Coal and Iron 5.2O3; Chicago
Great western 1,500; Western Union s ,25
Inc greater part of the days proceedings
on the floor of the New York Stock E2
Sfp6 of Ii,
fencing for position or to develop the no
6ltion OF the opposing elements. The bulls
were not In an aggressive mood, and there
WdS nor .at any tlme during the day
active buying demand. The bulls were in p
waiting mood, and their position was rather
defensive. me invitation to an attack thus
afforded was accepted by the bears, and
their eHorts to preciptate a decline were
unwe9ried. They succeeded in keeping
prices slightly below the level of TueSda2
nights close during a large part of The day
after higher opening, but a hardening
market back to a level above the previous
nights close. The heaviness was caused in
part by tax of crop damage in the West,
ana was IN larger part due to doubt as to
whether the rise in prices had not reached
q sufficiently high lever to fairly discount
the conditions, present and prospective
which brought it, though the short selling
by the bears was supplemented by some
proht-taking sales but the volume of stop
loss orders disodged was not large The
aim of the bears always is to reach these
stop-loss orders and thus precipitate a
t..
20 count also on the buttress effect of con
ditional orders to buy a a lower level and
on descending scale which underlye many
OF the prominent stocks in the market A
bear raid TO be successful must dislodge
stop-loSS orders in such quantity that they
cannot be absorbed by these buVine or
derS. The bears encountered this obstacle
at very, early stage of the decline yes
terday. Some adverse effect produced
on prices by the hardening in the rates of
sterling exchange, and there has been some
disposition to discount the effect of early
importations of gold in the buying OF
TO the hardening of the discount rate in
London and belief that the Bank of Eng
lands minimum rate of discount would be
raised. Sugar was actively traded in and
the price moved quite freely over a range
of more than points, and its latest
strength was factor in rallying the mar
ket The sensational jump in the wheat
market also had a sustaining influence in
road stocks were all notably firm all day
and strong in the late dealings, Missouri
Pacific leading on account of an increase
of 500. 600 shown by the earnings for the
second week in August. st. Paul was also
1irner than the average of the list on It's
second weeks earnings. The net changes
in prices are small in most OF the active
stocks, but are mostly gains. There was
a falling off of over 100000 shares in the
day ana the transactions in bonds were
also much diminished. The days important
net advances We're: Sugar, ?; Chicago 4
Eastern Illinois. Metropolitan Traction.
Missouri Pacific Mobile & Ohio. st. Paul
e. Duluth preferred. Az The principal de-
clines were in Consolidated Gas. Lac1a-
wanna, Illinois Steel, Long Island. New
York. Chicago & St Louis second pre-
ferred. Oregon Short-line. Pullman and
Rubber.
The bond market displayed very firm
tone throughout and did not participate in
the feverishness noted in the stock market.
Business was rather light and gains gem
orally trivial The aggregate sales were
81 470 900. Government bonds were well held.
with dealings confined To s., COO
following table DrRnaTpd l.,
Louis. Room H. Board OF Trade, shows the
range of quotations: