The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-11
SILVER'S LOW RECORD
IN NEW YORK MARKET BAR SOLD AT
30 3-sC AN OUNCE YESTERDAY.
Stocks Closed Generally Higher in
Face of adverse Earfy Conditions
E, Active Local Market.

AT New York, yesterday, money on call
was easy at 1Q11z per cent.
Prime mercantile paper, per cent.
Sterling exchange was weak with actual
business in bankers bills at $4.S53s to SASH
for demand and at $4.S324Q4S4 for sixty
days; posted rates, $4.S4lzd4S61a and $4S6Q
4.&1a; commercial bills, $4S3
Silver certificates were sec. Bar silver
made new low record yesterday selling in
the NV York market at 553sc or 1sc below
the lowest previous price and &c below
Mondays. Quotations for Mexican dollars
were 421zc. At the New York price of silver
the silver dollar is worth 42%c At Lon
don bar silver closed steady at 255sd per
ounce.
Total sales of stock were 534 962 shares, in
GLIDING: Atchison preferred q, 62O: Chicago,
Burlington & Quincy, 4,010 Erie new),
1852; Illinois Central, 1885; Louisville &
Nashville, II, $685. Manhattan L. 6,210; Met
ropolitan Traction, 1910; Missouri Pacific,
1925. Missouri Kansas 81 Texas preferred,
S,Ol5; New Jersey Central, 1861; New York
Central. 7,756; Northern Pacific SOIL; North
ern Pacific preferred, 20 100; Northwestern,
400; Reading 1890 Rock Island. q, 595; st.
Paul GA. ESQ., st. Paul & Omaha, $3.50; South
ern Railway, 4.64O; Southern Railway pre-
ferred, $3.50; Union Pacific $780, American
Spirits, IL, 1923; American Tobacco II 594;
Bay State Gas. 1895; Chicago Cas- 1855;
Laclede Gas, $3.50; Standard Rope and
Irvine, 1851; United States Leather pre-
ferred, 3,240; Chicago Great Western, 3S.44O.
The price of most stocks New York
Change last night was distinctly higher
than on Monday evening, the gains extend
ing to over point in some of the most
prominent stocks There are several rea-
sons why this net result of the days trad
ing is particularly notable as indicating the
recuperative power of the market. In the
first place the market opened with Mon
days disposition to take profits apparently
still rampant. The offerings for this pur-
pose were very heavy and the market sold
OFF sharply under the large transactions.
The decline was accelerated by the pressure
of short sales, professional opinion being
that reaction of considerable proportions
was impending. The grangers were sub
1ected to the seVerest pressure, but few ac-
tive stocks escaped loss of nearly point.
BY the time the decline had reached this
proportion the offerings began to show
signs of diminution, that unfailing indica-
ton of an undertone of strength in a falling
market, and prices soon became firm. After
a period of dullness they resumed an up
ward course and advanced steadily and
strongly for the rest of the day contir,
uing increase of business. A large part. of
the shares which were precipitately thrown
over on Monday In the desire to realize
profits, were bought back, many of them
The early short sellers felt impelled to ac-
cept the inevitable tendency to advance in
power of the market which was given in
the morning. This recuperation was af-
fected in face of selling for London account
in rather larger volume than usual and of
the specially severe drains of Americans
on London exchange Tuesday was the fort
nightly settlement or delivery day on the
in some minds that the recent selling of
Americans by London was for short &C
md hot hn OF Ia, Narnf die
close the fact in an increased demand to
cover shorts. Contrary to the expectation
of this class, London sold all the interna-
tonal stocks very freely, with the exception
of Northern Pacific preferred. This goes to
confirm the impression that foreign capital
lists have really been liquidating their hold
ings of American securities on a very large
scale The only symptom of the existence
of any short interest in London was some
demand to borrow stocks here on the part
OF the representatives of London interests
The disregard of the sentimental effect of
all the more marked in view of these facts.
The day was marked by further decline
s4s41S and $4S61a for long and short. respec-
lively, and of actual rates to $4.S3S4 and
4.S5Ss for long and short. Rates for time
money for the longer periods hardened per-
ceptibiy and this invited some selling of
long sterling bills for future uses, the pro-
ceeds being put into loans. Discount har-
dened in London and there was active bid
ding there for gold. Crop prospects, reports
of foreign crop shortages and the accom-
t1nued favorable to the advance in prices of
stocks, did the further reports of cur
rent railroad earnings The total decline
was more than recovered in all stocks, but
the net gains extended to point in only
few shares. The rise from the lowest ex-
ceeded a point in all of the grangers, reach
ing in Chicago Great Western st. Paul
led the drop in point of activity. with sales
OF g., 600 shares Illinois Central rallied pa
from the lowest. recovery of over point
also took place in very many of the West
ern and Southwestern railroads. as well as
81 some leading Southern railroads. A large
number of the industrials and specialities,
including "a number of the anthracite roads,
are in the same category. Consolidated
Gas showed a net gain of points; Metro
politan Traction, 219; New York Chicago &
st. Louis 2 and Pullman, l. Brooklyn
Union and Illinois Steel each lost point.
The bond market gave decided evidence
of strength on liberal purchases, which adj
Vanced some of the prominent issues nota-
bly,. Business was in considerable volume,
but the aggregate showed considerable
shrinkage from Mondays total. The total
transactions were So, 425,0 600
Trading in government bonds fea-
tured by sale Of a block of $500, 600 of the
new coupon tours. The market ruled heavy
with Slight shading in quotations at the
close.
The following table. prepared by l.. w.
Louis, Room IL, Board of Trade, shows the