The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-29

ANOTHER DROP IN PRICE OF Bull
LION AT LONDON AND NEW YORK.
Stock Market strengthened by the
Prosperous Grain Trade Outlook
Local Business Improving.

The silver market was very unsettled at
New York yest~sday and showed new low
record prices in response to the I'D decline
In London to 261sd Bar silver was quoted
at 573sc, d &c decline from Tuesday and
Mexican dollars were down to 45Ac. The
quotation used for bar silver represents
the price at which it can be laid down in
London, so that if freight charges and in
surance were deducted it would make the
real value of bar silver fractionally lower
The decline to-day is merely a continual
ton of that which began on July 10, when
silver bars were quoted at 6OAc, since which
there have been daily fractional recessions.
Government assay bars were quoted at
577sc, which made the value of the silver in
a standard dollar 44.59 cents. Silver GER
tiicates were offered at &c.
AT New York yesterday money on call
was steady at l per cent, last loan being
made at ! per cent. closing offered at !
per cent
Prime mercantile paper. 3G4 per cent.
Sterling exchange steady, with actual
business in bankers bills at $4S7d4.S719 for
demand and at $4S6Aq4S61s for sixty days.
Posted rates, $4S7A and s4.SS@4.SS1s. Com
mercial bills $4.S5A@4S5A.
shares 'Ga s1es q Sfoohs pr weTe
244; Chesapeake & Ohio LAO; Lake Erie
& Western preferred, $500; Manhattan. 81
Sas & Texas preferred ALSO; New Jersey
Central, $3.50; st. Paul, 2.735: st. Paul &
maha 5Csp soHShern Rswag
OBJ; Union Pacific. 5,445; Wabash
preferred, $3.50; American Cotton Oil, 4,52l;
AMERICAN Tobacco, 1920; Bay State Gas,
1926; Chicago Gas, S,625; Lead $3.50; Stand
ard Rope and Irvine, 1894; Sugar, $1,000;
United States Rubber, 5.197: Western
Union. 5000. Chicago Great Western &
The dominating influence of the New
York stock markets strength yesterday
Probably over half billion bushels of
wheat were engaged for export to the con-
tinent although only one-third of a million
was reported from our ports. The favorable
weekly government grain report was doubt
less factor in the recovery of confidence
TO the disconcertion of the reactionists on
the stock market. But little eff
feet feet was felt in the early dea-
tions as tie continuance OF recent heavy
buying by New York on the London eX-
change reversed that market. Americans
there closing at the best prices of the day,
Atchison in particular attracting attention.
AS London in the early dealings did not
respond very quickly to the local strength,
arbitrage brokers' found frequent oppor-
tunities TO buy in London and sell at a
proht here Meanwhile, however. Louisville,
AtchiSon southern and Reading were pur-
chased here for foreign account There was
much variety and breadth to the dealings
here, with heavy commission house orders
from practically the opening to the close.
More stocks were active to-day than at any
time in the present upward movement. Cot
ton Oil, Lake Erie & Western and Oregon
Navigation shares and other usually dor
mant, as we'll as the more active stocks
as for instance, Sugar and Atchison pre-
ferred, We're features in the days dealings.
The industrias and grangers, on large deal
ings, aroused considerable interest being up
fractionally Southern railway properties.
were up over a point each on prospective
increased earnings when cotton be-
Dt 1sNrc
that the results of the Wa
bash's fiscal year would be better. than re-
Gently expected caused the preferred to
rise over point. Sugar, after fluctuating
erratically, touched 1888. per cent. of the
gain it lost on near attacks in the final
dealings, leaving the net gain less than
point. The raid had but little influence on
the rest of the list. buying continuing good
up to the close although some spectators
realized profits on purchases made earlier
in the day. On Boston and local buying
Rubber preferred gained three points and
the common fractionally on reports that
the former president of the company had
made an agreement with the present man
agement Rock Island gained nearly point
on information that the earnings for the
third week in July would show large in
crease over last year, showing the large
volume of business was being handled by
the road. This report was said to have been
received by some of the direc-
tors. Two rumors circulated yesterday con-
cerned. They wero that action might be
taken en- the dividend for Louisville before
tL4o Janudly IHeetillS ana tnat 5 per cent.
would be paid on the Atchison adjustment
IN October On less than the usual dealings
Tobacco rose fractionally. There were no
important losses and the principal net adj
yances We're: Rubber preferred, 3; Cotton
OIL ga Lake Erie & Western preferred,
rs; oregon Navigation, 25s
A keen inquiry developed for Atchison
adjustment tours in the bond market which
moved up per cent to 54S4. This issue
has been rather neglected of late and the
revival of activity was attributed in part
10 foreign purchases, based on the excel
lent outlook for increased earnings bv the
Southwestern roads. The general bond mar
ket moved up sharply on heavy dealings
which included a considerable variety of
securities. The aggregate sales were 3d.
100000.
Governments were quiet but continued to
tend upward. The aggregate sales were
$4,000.
The following table, prepared by L. w.
Louis, Room II. Board of Trade shows the
range of quotations: