The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-06
Making "a Decline of a IA in "A Month,
and Cutting the Metal Value of the
Dollar Down to 43 Cents.
STOCKS STRONG AT THE CLOSE
ERRATIC FLUCTUATIONS FOLLOWED
BY A REMARKA BLE RALLY.
Heavy Gains Made by Some of the In
Observation-Disclosures at indianapolis
Benefited by cool Weather.

Silver bullion experienced yesterday the
most violent break of the entire seasons
decline. In London the price dropped one
half penny per ounce from Wednesdays
price. selling at 25A pence per ounce. as
against 2715 pence a month ago. The New
York price fell to 55A cents bid, a break of
ia cents an ounce from Wednesday, and
of Az cents within a month. At this price
the bullion value of the silver dollar is a
trihe more than 43 cents. London dis
patches ascribed yesterdays great weak
ness in silver to liquidation by New York
holders Of the metal. No such decline as
yesterdays has been witnessed since June,
1893. The Indian minis were closed to free
silver coinage on June 26 of that year. On
this news silver bullion fell in London
from 37A pence per ounce to a price be-
low 30, but it rallied sharply later. A prom
inent New York exchange house yesterday
received this cable from abroad: NO mar
ket. Name price at which you will sell"
This message came in response to a request
asking London quotations.. Silver certif-
Gates closed at New York at 5eQ57c; bar
silver at 5524c and Mexican dollars at 421ac.
AT London bar silver closed at 2534d.
At New York yesterday money on call
was easy at 1Q11a per cent. the last loan
being made at l; closing offered at 1 per
cent.
Prime mercantile paper. 3120i per cent.
Sterling exchange very weak, with ac-
tual business In bankers bills at $.S62sQ
$4.S6A for demand and at $4.S5A@4.S5A for
sixty days; posted rates, $4.S6k94.S7 and
$iS7Aq4.SS; commercial bills, &.S4k.
The total sales of stocks at New York
yesterday were ST., 500 shares, including:
Atchison, 300; Atchison preferred, 1885;
CbnS1 noa ka q, Ohio O 0An. n u p n o.
460; Erie new, 5,916: Illinois Central, 400;
Louisville & Nashville, q, $50; Manhattan,
3,1sO; Missouri Pacific, 1854; Missouri,
Kansas & Texas preferred, 3,154;
New York. Susquehanna & Western pre-
ferred, 3,410; New York Central, Is, 400;
Northern Pacific, $3.50: Northern
Pacific preferred, H.12O; North
western. 1850; Ontario & West
ern, 1850; Reading, $500; Rock Island, II, 635;
st. Paul, 35, 800; st. Paul preferred, SOLO;
Southern Railway, II, s25; Southern Railway
preferred. 1920; American Spirits, g, 25O;
American Tobacco, 1920; Bay State Gas,
1880; Chicago Gas. q, 4S0; Consolidated Gas.
3,195; General Electric, S,264; Laclede Gas.
II, 800; Lead, 6,359; Pacific Mail, $3.50; Sugar,
1850; Tennessee Coal and Iron, 1906; West
ern Union, $3.50; Chicago Great Western,
10000.
Yesterdays market was an inversion
of Wednesday. in that it displayed a heavy
tone during most of the day and rallied
strongly during the last half hour. The
days net gains were almost all achieved in
the last half hour, while on Wednesday a
half hours profit taking at the close wiped
out nearly all the earlier gains. There was
feverish tone to the trading, the variations
were erratic, which coming after Wednes-
days freedom OF speculative buying, was
pointed to as significant of the elimination
or a bull movement. There was evidence of
powerful manipulation in the market to
further this unsettling tendency and to
cause a reaction. But the heavy short SELL
ers of the day apparently lost confidence
to buy back their stocks on a fast rising
market. This short covering was the main
cause of the strong rally at the close. But
to defeat the efforts of the reactionists.
There was nothing unfavorable in the gen
eral situation which they could avail them
selves of the crop prospects and the de-
cline in foreign exchange continuing to IA
Vor a rise. In addition to this some of the
reports or railroad earnings for the fourth
week and month of July, especially those of
Southern roads, We're strong influences for
an advance. Thus LouiSVille's increase in
earnings for the fourth week over the cor
responding period of last year was sos, 139.
The stock responded to the statement,
which was published after noon, rising over
a point and influencing the whole market.
other increases for the fourth week We're:
Chesapeake & Ohio, $50, 649; Missouri Pa
cihc. $77. 00, and Kansas & Texas, $29. $50,
the latter figure being also compared with
LHG ldISCel pIGNtOuS july WICK III lIG COI1-
pany's history. The buoyancy displayed by
some of the individual stocks, such as To-
bacco, Laclede Gas and Spirits, also oper-
ated against the efforts at reaction. On
the other hand, the reaction in the wheat
market due to proft-taking and to some
falling off in foreign buying orders, af-
fected the Western railroad stocks sym
pathetically. The heaviness in some of the
most active industrial stocks made the vul-
nerable points of attack by short selling.
Sugar was attacked with special vigor
and receded 2s from the high point. Con-
solidated Gas suffered from fear of OBJ
struction to the scheme of amalgamation
OF the gas companies and slumped { points.
The average decline in the market worked
by the bears was nearly l PER cent. and
In Chicago Gas and Northern Pacific pre-
ferred was more. the latter being especial
~ affected by continued London selling.
London sold during the day about %, 900
shares OF all stocks. Early declines were
almost all recovered and net gains achieved
though they We're for the most part small.
The rangers and Vanderbilts responded
to the rally in a conspicuous degree. I'm
:; Iobacco preferred, rs; Laclede Gas, 312;
Iaclede Gas preferred, g.; Michigan Cen
first preferred, ga; New York Central and
st. Louis second preferred. .; St. Louis &
San Francisco first preferred, pa; Burling-
ton, Chicago & Eastern Illinois, ?; Chicago,
Great Western. Delaware & Hudson, Du-
luth, South Shore & Atlantic, Lake Erie
& Western preferred. Long Island, Louis
Vile. Lead preferred, New York Central
Susquehanna * Western preferred and
Oregon Navigation preferred. OF the ac-
tive stocks Omaha, Chicago Gas. Erie first
preferred and Manhattan were of an i'm
portant fraction.
Liberal realizations impaired heaviness to
the dealings in the speculative mortgages
with the losses, however, restricted to
moderate fractions. The middle grade liens
were notably firm with some material adj
vances registered. The aggregate sales were
governments were fairly active and gen.
orally firm.
The following table, prepared by l.. ".
Louis. Room II, Board OF Trade, shows the
range OF quotations.:
Open High Low Clos
ing. est. est. ing.
Adams Express ...-...t.. .. ... ia
AAmmssTrii eah s splPifs .....:..... i5% ia IS rs iss
American Spirits nref...ss. -. 80, 3g9
American Sugar ....ts..+...l4b 15 1873 l4l3s
American Sugar pref $500. 49,. -. ... JIG
American Tobacco r....-.... ~ "a eyA 92A
American Tobacco pref. -, $50. 80. Ia
Atchis0u 30 ..--r..s.......r IA lfA l8s az
Baltimore q Ohiog. .......... 49,. $50. .... 1914
CaTadc Pacific ...,.....,.... -, $50 80. IT'S