The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-05
SILVER SLUMPS AGAIN
NEW L0W-PRICE RECORDS FOR bull
LION MEXICAN DOLLARS.
Brisk Trading in Stocks at New York
AT Higher Figures-Business
Good at indianapolis.

800
Stock Exchange yesterday at SIC, and bar
silver was quoted at SIC, as against 57Ssc,
the low record last week. The price of Mex
lean dollars also receded to 441ac. These
are all new low-price records. Bullion deal
ers assert that there is no especially heavy
offering of silver in the worlds market
to account for the continued fall in price,
but that there is practically no demand.
The failure of the crops in India and the
absence OF exports from that country takes
away the demand for silver to pay for In
dian commodities. China is also exporting
very few commodities, the demands for
her tea crop making almost no impression
on the silver market. Japan is absorbing
gold at a premium to convert her currency
and is thus taken out of the ranks of silver
consumers, though dealers believe that
Japan will find a use in her currency for
her present stocks of silver and will not
be in the worlds market as a seller. The
eastern countries which constitute the great
sinkhol for the white metal having thus
curtalled their demand, the price is falling.
Closing PR es ut >e~ York yesterday were:
Silver certificates, 57Q5719c; bar silver, SIC;
Mexican dollars, Age. AT London bar sill
Yer closed fiat at 26Ad per ounce.
AT New York, yesterday, money on call
was frmer at 112 per cent, the last loan
being made at l per cent, closing offered
at l per cent.
Prime mercantile paper, 312@4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at A.S65sQ$4.S6A
for demand and at $4.S59sQ4.S5A for sixty
days. POSTED rates, $4.S612q4.S7 and $4.S71a
Q4.SS. Commercial bills, $4.S5.
The total sales of stocks were 571,3OO
shares. including: Atchison preferred,
8,345; Chesapeake & Ohio, 10, 72j; c., B. q
@, 1885; Erie, new, 1895; Erie first pre-
ferred, 1920; Louisville & Nashville, 10,375;
Manhattan L, AGO.; NJ, K. & t. preferred,
1856; New York Central, 10000; Northern
Pacific preferred, 1929; Northwestern,
b,e50; Ontario & western. $500; Reading,
2l,S5O; Rock Island. 1,22O; st. Paul, 1920;
St. Paul q Omaha, 3,lVj; Southern Railway,
$50; southern Railway preferred, IL 1850;
american Spirits, 1885; American Spirits
preferred, $500; American Tobacco, 90, 40;
Bay State Gas, 25,570; Chicago Gas, n, 420;
Consolidated Gas, $3.50; General Electric,
IL, no; Laclede Gas, 5.4S0; Lead, $3.50; Pa
cine Mail. $3.50; silver certificates, 5000; Su-
bar,, zO,lO; sugar preferred, 4.2lO; Tennessee
Coal and iron. 1916; Western Union, 12,13l;
United states Leather preferred, $40; Chi
cage Great Western, 1885.
Ihe great majority of the sales of stocks
yesterday was made at prices very sub
stantially above Tuesday nights closing.
But the market succumbed in the last half
hour to Il sudden selling movement induced
by profit-takings. The effect was to wipe
49, '~NANJ 80 NHN "a ASA 6ci IA
stocks and to leave the average level of
the market but little changed from yester-
day. The sales of all stocks attained an
aggregate of over $4,000 shares. The deal
ings in the last half hour were all at lower
prices and the only stocks to escape the
effect of the fall were those not included in
the later dealings. Excepting the final de-
cline, yesterdays market was almost a rep
etition of that OF Tuesday, copious pur-
chases being made of pretty much every
stock in the list. Very many sales of odd
lots were recorded, rejecting the ventures
nf small individual purchasers thrOngh C0no-
mission houses. There was not much dis
elimination shown in this class of buying,
which embraced some of the stocks which
have long almost passed out of the field of
attention on the exchange. A notable fea-
ture of the trading was the heavy selling
for foreign accounts and the readiness with
which these sales were absorbed and their
sentimental effect disregarded. Northern
Pacific preferred was the chief sufferer in
this respect, as on Tuesday, but all of the
internationally listed stocks were sold by
London TO some extent. 1t is estimated
that the total of London's sales reached
$4,000 shares for the day. This was almost
without effect on prices in New York and
failed to check the further fall IN sterling
exchange, which was affected by heavy
offerings OF grain bills. London was APP
parently eager to realize on American Sc
c%urities and steadfastly declined 10 enter
the tempting field for speculation offered
by the New York market. The industrial
group ana the gas stocks We're conspicuous
again for strength, Consolidated Gas lead
ing and showing a further net gain of 8.
The grangers were heavily bought and adj
Vanced at one time near a point. The final
decline lett the net gains in these and other
active stocks only a fraction. The Erie
stocks, Nanderbilts and the anthracite coal
ers were also notable for some sharp
gains. Sugar rose at one time pa, but
closed With only a fractional gain. Other
net gains OF a point or over were: Tobacco
81; Hooking Valley preferred, 6; Erie first
preferred, ga; Erie second preferred, rs;
Illinois Steel, 4; Oregca Short-line, "a; st.
Joe * GRAND Island. ?: Buffalo, Rochester
* Pittsburg. 2; Laclede Gas. 211; New York
Central, Norfolk & Western, Oregon NaVi-
cation. Reading, ST. Paul & Duluth, Omaha,
St. Louis * San Francisco frsts preferred,
Sugar preferred. Tobacco preferred, Bay
p State Gas, Illinois Central and Iowa Central
preferred. Losses OF a point or over We're
sustained by SNsqUehanna x Western pre-
ferred, East River Gas and Ice.
Operations in railway bonds were attend
ed by violent fluctuations in some cases,
with Georgia Pacific firsts and Union Pa
cihc four-and-a-half trust receipts conspic-
uous for advances Of 50 and 3 per cent,
respectively. The market exhibited a very
strong tone throughout, With dealings on a
heavy scale. The aggregate sales We're
$780, 900.
Government bonds were heavy on mod
The following table. prepared by L. w.
Louis, Room II, Board OF Trade, shows
the range or quotations:
ms. est. est. ing.
ADAMS Express ........s... -. ..,- -. l4
1 zrneriieai F spIriSs -. iiii ijA ilN liz
American Spirits pref ...... ..y. ~. .... 81
AIheFlcan TOBACCO .......-. 81 w ~ e5A