The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-27
SILVER STILL FALLING
ANOTHER DECLINE IN PRICE AT LON
DON AND NEW YORK.
Criss-CrOss Stock Market, with the
Advantage Slightly i'm Favor of
Bulls-COnditiOn of Local Trade.
OF INDIANAPOLIS.
AT THE
Close of Business, Friday. July e, 1897.

At New York yesterday money on call
was steady at 1d2 per cent, the last loan
being made at ~ per cent; closing offered
at 11ad2 per cent.
Prime mercantile paper sd4 per cent.
STERLING exchange firm, with actual bust
ness in bankers bills at $4.S7A64S71a for
demand and at $4S6AQ4S61s for sixty days;
posted rates. $4S7dAS715 and S4.SS@4. SS1b: :
commercial bills. &.S5AQ4S5h.
There was repetition yesterday of the
recent almost daily occurrence of a new
low record quotation for silver. Bar silver
and Mexican dollars were down at New
York quarter of a cent in sympathy with
the decline in London. The reports of the
year to date show slight increase in the
export of silver from London, the large de-
crease in the shipments to China and the
Straits greatly diminishing the effect of the
large increase of the shipments yesterday
Silver certificates closed at 590591h. bar sill
yer at SOC and Mexican dollars at Acc. At
London bar silver closed at 27&sd per ounce
The New York stock market ended yes
terday in a draw, with the advantage
slightly in favor of the bulls. Confused and
irregular sharp declines and rapid re-
coveries alternating, commonly called
criss-cross market, continued throughout
the day. To take profits at the accomplish
ment of that which has caused an antici-
patory rise is way they have in the street
linus with Congress adjourned and the
tarln disposed of professional spectators
uhioaued ana sold shorts. Local reactions
were helped by London profit taking,
sSies 900 from IRON that quarter amounting
TO $4,000 thus dispelling the idea
that a buying movement might be expect
ed because OF to-days settlement to cover
recent supposedly short sales variety of
reasons We're assigned for London's pessi-
W oh 81
ate non-action on the currency message
the Japanese-Hawaiian affair, but more
t II was attributed to their regard
ing tne erect or the tariff settlement as
already discounted. Prices in the local
market Feceded about point. the grangers
especially suffering on private reports of
crop damage. The weak opening however
temporarily benefited the market having
caused the cancellation of such selling
orders as were TO be executed at the
markets opening, provided prices were
higher. Railways rallied, eased off again
then crop adVlces were more widely dis
tributed ana purchases of grangers stimu-
lated by to-dayS early advance in wheat
btnehted the general market. Extensive
buying of Tooacco on the likelihood thar tho
company would he free from antagonistic
legislation caused all of the company Sc
cIrlties TO rise sharply. Reports of earn
ings OF the thlrd week IN July were almost
uniformly good In some cases the in
creases We're quite marked. Delaware &
Hudson was strong, the buyers giving no
other reason than general Improvement in
the coal trade. but II was reasoned on the
stock Exchange that important develoD-
ments might occur at the meeting of the
company's directors Wednesday. The ton
mage Of Reading for last week being the
largest for a long time, brought that com
pany's preferred stock good support This
renewed heavy buying revived old rumors
of impending developments in the anthra-
cite trade Minneapolis az ST. Louis pre-
ferred stocks were bid up by the recent
buyers of Rock Islsnd. The Southwestern
stocks were generally strong on improved
earnings. All grades of sugar were ad-
Vanced, but Sugar stock was subject TO bear
pressure most OF the day. After an early
drop Of ia and a partial recovery, IL fell
again and when below l42. the market being