The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-30
A DULL THUD IN SILVER.
AGAIN APPROACHING Low RECORD
IN LONDON AND NEW YORK.
Bears UnmOIested i'm Their Attack on
Stocks and Prices FalIing-Lo-
cal Business Steady.

At New York yesterday money on call
was steady at 2a3 per cent; last loan,
Fer cent; closed, per cent
Prime mercantile paper, 1905 per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S4A@4.S5 for
demand and at $4.S21594.S224 for sixty days;
posted rates. $4.s3lza4S4 and $4.S5; CONNER
cal bills. $4.S11a@4.S174.
Silver certificates, 5412d55c; bar silver.
531ac; Mexican dollars, 41c. The price of sill
yer scored further loss of " penny to Esd
in London yesterday. and 1c to 5312c in New
York This is within 14d or 2Ac, of the
lowest price on record. The decline is in
the face of persistent rumors of a purpose
to reopen the Indian minis to the coinage
of silver. Bullion dealers report that the
price was sustained firmly by short con-
tracts for September delivery and an in
creased supply of the metal coming for
ward. and the expiration of the period of
the short contracts has resulted in the reac-
ton of prices.
Total sales of stock were 49,, 6O0 including:
Atchison, $3.50; Atchison preferred, 12,2OS;
Chesapeake g. Ohio, 1865; Chicago, Burling-
ton & Quincy. 80, 100; Louisville & Nash
vile, 1888 Manhattan, 10,7SO; Missouri Pa
cific. $3.50; Northern PaciAc, 1850; Northern
Pacific preferred, 200; Northwestern, 1886
Ontario & Western, 7,15O; Reading, $500;
Rock Island, 29.S13; st. Paul, ex. dividend
1885, ST. Paul & Omaha, 6,055; Southern
Railway preferred. 1856; Union Pacific 21,-
$50; Union Pacific, Denver & Gulf 1925;
American Tobacco. 13435; Bay State Gas,
$3.50; Chicago Gas, 52,2O5; General Electric,
3.975; Lead, 4,S1O; Sugar 1855; Tennessee
Coal and Iron. 4,SO7; United States Leather
preferred, 4,2S6; Rubber preferred, 3,614;
Western Union, 10, 45O; Chicago Great West
ern, 1866.
Yesterdays stock market still further
demonstrated the changed character of the
speculation and the entire substance of the
recent rampant bull spirit The bears We're
more aggressive than at any time hith-
erto, and met with scarcely any opposition.
They seemed somewhat apprehensive over
their own success, and DO s,ht quite stead
lily during the afternoon of the same stocks
that had been sold short in the morning.
The result was TO make net changes quite
irregular. But the largest figures were Oh
the side of the losses. The bears succeed
ed in dislodging a number of stop loss or
ders of weekly margined speculative hold
ings, and there seemed to be more long
selling than has been the case heretofore.
The declines extended from l to points.
and, with very few exceptions affected
every active stock on the list The bears
were apparently satisfied to realize on a
short turn and not leave accounts open
over night. 1t was notable fact. however,
that whatever animation was shown dur
ing the decline and the recovery was slow
and hating and on much diminished volume
OF trading. The centerS of bear at
tacks We're stocks of such uncertain value
as Sugar and Gas stocks. which have
lately proved easily subject to manipula-
ton. The evidence of a reactionary tone
of the speculation was shown in the ready
credence given to all rumors of an unfavor-
able character. The cessation of the late
pool buying on large scale calls atten-
ton to the large amount of stocks which
Nre speculatively held and to the danger
mat would enSue from any untoward in
clSent that would precipitate a sharp de-
cline and bring a flood of selling on a fall
ing market. Such occurrences of those of
yesterday do much to eliminate these ele-
ments of weakness. and are creating a
short interest which would be q stimulant
any recurrence of bull movement
Meantime, pr ces are nee ssaiily in course of
adjustment to have the advanced money
rate, which means lower prices, even for
the substantial investment stocks The
speculative properties which had been adj
vanced TO unreasonable prices must also
submit to a read iustment more i'm propor-
ton with their actual value. There was
TO change in the character of the news
bearing on the general situation. London
continued to show disposition to put
money into American securities on any de-
cline Railroad earnings continued to show
improvement, Cleveland. Cincinnati, Chica-
go 4 St. Louis reporting an increase of
$25.522 for the third week in September An
incident of the day was the lowering of the
actual rates for sterling exchange &c and
fan In the Paris rate of exchange on
London. Each of these incidents indicated
recurrence of the pressure of the de-
mand on London for gold Near the close
of trading on the exchange it was reported
that offerings We're made of call loans at
per cent. Slight significance was attached
to the offer as having any bearing on the
money market. in which rates continued
firm. Owing TO the late rally. prices of the
grangers, the Vanderbilts and most of the
other leading stocks show insignificant net
changes, losses, however, predominating.
Cotton oil and Metropolitan Traction
losses were 5ss in Consolidated Gas. 8 i'm
Brooklyn Union Gas. Lake Shore and Ma
tional Lead preferred, in Chicago In
dianapolis & Louisville preferred ard Man
haitian and Pc I'm New Haven
The bond market did not yield so readily
as stocks. but prices of the mosr active is
sues declined sharp fraction. United
States tours, coupon of 1907. advanced "a
bid. Total sales were s.. 600 Geo "
The following table. prepared bv 7, w
Louis. Room II. Board of Trade. shows the
range Of quotations: