The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-02
SILVER DROPS TO 511-4C
NEW LOW RECORD BOTH IN NEW
YORK AND LONDON MARKETS.
Sensational Advance in Omaha and
other Granger Stocks Eirm-LO-
cal Markets Strong.

At New York, yesterday, money on call
was easy at 1Q1h per cent; last loan, IA
per cent; closed. lAq112.
Prime mercantile paper, 315q412 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S534 for de-
mand and at %.S3lz@4SS&4 for sixty days;
posted rates. S4.S41au4.S512 and "a. S612g4.S1;
commercial bills, S4.e212
Bar silver made new low record in the
New York market yesterday. The quoted
price was 51Ac an ounce, Ac below the
previous low record. Certificates closed at
Bic. Mexican dollars are quoted at 4lc Lon
don's opening price for bar silver was z354d,
the rate subsequently declining to 2312d 14d
below the previous low record. The fall is
accounted for by the suspension OF the sale
of India council bills for ten weeks This is
equivalent to shutting off the supply OF eX-
change on India and is likely TO result in
a rise OF Indian exchange to the gold snip
ment point and is regarded removing
one OF the sustaining factors to the price
of silver. AT yesterdays price OF silver
bullion the value of the silver in the
standard dollar is 1852 cents.
Total SAFES of stocks were 55S, 742 shares,
including: Atchison preferred, I,o4;
Chesapeake & ONO. 2,loO, Chicago, Sur
11ngton & quincy lS,40o Louisville u Nash
Vine, l6,,3l; missouri Paclnc, 2l,95O; MIS-
souri,, Kansas & Texas preferred, 5,UoO; New
albany az Chicago, 4eVU; Northern racine
preferred, $50; northwestern, s4sU; heau-
Ing, $3.50, hook Island, 2U,Izo ST. PauI, H.
AoU; ST. PAU " Omaha, 2d,zoU; southern Rali-
way, $3.50; Southern hallway preferred,
5,JoU; Texas * racine, S,34O; WABASH pre-
1erred, 1850; American Cotton OH, 1850;
american Spirits, $40; American Tobacco,
4 $50; Bay state Gas, 800; Chicago Gas,
1izlO; General Electric, o,6SU; Laciede Gas,
$40; Lead, IL $50; Paclnc MAIL 10, ~; sugar,
~ 10: Sugar preferred 3 1856; tennessee Coal
and Iron, 1880; United States Leather,
{, SD; United States Leather preferred, 70
UOU. Western Union, ~, 100; Chicago Great
Western, 1868.
The indications from yesterdays New
York market were that prices generally
would have suffered a material reaction
had 1t not been for the stimulating effect
of the sensational advances shown by in
dividual stocks. Buyers were evidently pos
sessed by a furore or speculation, and the
difficulty of moving the prices OF most of
the Leading railroad shares led to those Sc
Curities being compare lively neglected.
Stocks concerning which some favorable
prospect was reported, but without definite
details and not backed by authority were
The sensation of the day was the jump in
the price of Omaha the stock touching S212
was l0s4 points and the net gain "a point
less. The stock was not exempt from de-
preston, which weighed on the grangers,
and, in fact, on most of the list during the
early part of the day, and it sold down u
from Tuesday nights close. BY o clock IL
had recovered the loss and gained over
points additional. But in ntLle more than
an hour of the latter part If the day the
price mounted points and was in the full
tide of the advance when dealings ceased.
The trading was attended by great excite
ment and the passes in the advance Were
only momehtary ana az VIDE. changes; me
rise was due TO a belief that the stock will
shortly be placed on regular dividend
basis the size of the proposed dividend
forming the subject of the excited specula-
ton. Northwest, which is in the relation of
parent property TO Omaha, improved in
sympathy, but reacted partially while
Omaha was strongly advancing. Sugar
also continued to be an exciting center of
speculation during the morning and adj
of surplus and of advantages to accrue
from exclusion of Dutch refined sugars.
Tobacco also opened nearly points higher,
but this was also the highest of the day.
The two stocks tiuctuated in very erratic
manner all day, but closed with net gain
of only Is for Sugar and 70 Tor Tobacco.
Missouri Pacific touched 40 in the opening
transactions, but fell off during the day on
realizing to below Tuesday nights close.
The coalers made some display of strength
during the day, esP tally the Reading
stocks but they sue .nbed to depression
later. Rock Island Also advanced at one
time over a point above the lowest, as did
l. & N. but the latter declined below Tues
days price and the former saved only a
fractional net gain. With these exceptions
the railroad list was almost wholly given
over to depression. The days changes are
small. large number OF stocks closing I'M
changed, but the majority of active issues
show losses extending to q in Northern Pa
cific preferred on its poor show of earnings
Railroad stocks that showed sharp gains
were chicago & Eastern Illinois preferred
and Great Northern preferred 2; Lake Erie
& Western preferred. Mobile < Ohio St
Joe g. Grand Island first preferred and ST
Paul & Duluth. The industrial stocks as a
rule showed gains. notably in the Cotton
Oil stocks, Sugar preferred local gas
stocks General Electric. METROPOLITAN
Traction National Lead, National Starch
Leather preferred and Oregon Navigation
Lacede Gas lost over a point and Detroit
Gas g.
The bond market showed some falling off
in activity, the par value of bonds sold
amounting to about So 600. Prices We're
generally higher United STATES new fours
registered sold at l26ls the highest price
recorded The fives coupon sold at 1879 to
ia. Total sales $4,000.
The following table. prepared by L. w
Louis, Room Il. Board Of Trade, shows the
range of quotations: