The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-17
BOTTOM OUT OF SILVER
HEAVY LIQUIDATION CAUsEs DROP
To &C An OUNCE FOR BAR.
George Gould Outlets the Evil Rumors
Concerning Missouri Pacific-Lo-
cal business Promising.

At New York considerable weak
ness has been apparent in the silver
market recently on heavy nquidations- Bar
silver declined yesterday / per cent. to SIC on
reports that the London market was dis
organized, owing TO the m effects
OF the efforts making by the Japanese gov
eminent to adopt the gold standard. Buy
ers have withdrawn temporarily from the
market, and in the absence Of support the
price sagged sharply. London quotations
touching 2S5sd. Considerable apprehension
IS felt as 10 the effect on the market in
the event of the bill in the Japanese Parlia-
ment becoming a law. as the government
has an immense stock Of silver which may
be thrown on the market. The bill introduced
is a ministerial measure and has already
passed the lower house and is now in the
upper house or House of Lords. The
steamship Paris will take out tomorrow
6Se,C00 ounces Of silver.
At New York. yesterday. money on call
was easy at llsa2 per cent; last loan. ia;
closed. 11sd2 per cent.
Prime mercantile paper. 3G4 per cent.
Sterling exchange was easy. with actual
business in bankers bills at $4.S7M4.S7A for
demand and AS5AG4.s5Is for sixty days;
posted rates. $i.SeG4.s612 and A.sSa4.Ss12:
commercial bills. s4.s4l=.
Silver certificates. 62a6224c; bar silver, &c.
Mexican dollars. 4sc. AT London bar silver
closed at 2s7sd per ounce.
Total sales of stock were 229.675
shares. including: American Tobacco. $500;
American Sugar. $500. Burlington K
Quincy. $500. Canada Southern, 800;
Cleveland. Chicago, Cincinnati * ST. Louis,
$500: Chesapeake & Ohio. s.UU1; Manhattan
consols. 1900; Missouri Pacific. $500; New
York Central. 500; Omaha. $500: Reading.
$500: St. Paul. $500; Wabash preferred.
800; Western Union, 100.
The opening of the New York stock mar
ket yesterday gave every promise of a
repetition Of Mondays course of events,
the strong buying movement in the Wander
bit properties which gave animation and
strength to the whole market being re-
newed at the opening. The bears were face
10 face with a rather serious situation and
they opened up their campaign TO check the
advance by pressure OH the granger SHARES.
using the reports of an unfavorable tenor
regarding crop prospects and the poor
traffic prospects on account OF snow block
AIDES on country roads i'm the Northwest as
material in the raid. The grangers were in
consequence mewha depressed and deal
ings I'm them fell off. But the bear faction
found "A far more effective instrument in
Missouri Pacific, which was :.ade the GEN.
ter OF attack. There was no mistaking
the persistency and purpose with which re-
ports were kept i'm circulation calculated
ms
They were to the effect that il would be
unable TO meet interest charges accruing
at an early date and wOu.c IN consequence
go into the hands of a receiver. Under the
influence of these runors the stock fell
continuously. the decline covering 34 per
cent and stock touching 10. the lowest
price on record. The consolidated 8 per
cent. bonds of the road were offered at 50
and the collateral fives at 80. against the
preceding transactions at - and 80. re-
spectively. The collateral hves later sold
at %: This weakness exercised a decided
reactionary influence on the whole list.
Wabash preferred displayed most active
sympathy with Missouri Pacific. being I'M
usually active and showing a drop of IL.
with a final rally of r. The general mar
ket also sympathized in the decline i'm Mis-
sour Pacific. the decline being an average
or "a L~ackawanna. in opposition to the
current OF the market ana of the coalers.
which were heavy. rose Ia. TO 15712. There
was a very notable falling off in volume of
trading on the decline. There was, how
ever. heavy liquidation i'm Missouri Pacific.
many stop orders being uncovered. The
continued drop finally elected a formal
statement from President George Gould To
the effect that rumors of a receivership
were absolutely without foundation. If
any of the bondholders wish to cash their
Il will pay the coupons at their face value,
charging the s per cent; interest on the
money thus advanced" Mr.. Gould added:
'In my opinion. the attack on the stock
and the reports of receivership are the re-
suit OF a desire TO cover short sales i'm
other stocks. The operators on the short
side or the market cannot make money
now. for the country has started on the
march OF Improvement"
Upon the publication of this statement a
recovery promptly started in Missouri Pa
cific and eventually all the loss of the
earlier part of the day was recovered. the
general market also responding to the i'm
provement. the final prices being i'm many
cases the best of the day. The course of
the Industrial shares was largely independ-
ent of that of the general list. Sugar was
depressed a fraction at the opening. but
a very strong buying movement set in on
the strength OF estimates of profits pos
sible under the proposed Dingley tariff.
The price sagged TO Ills. ex. dividend, but
rose later to 1885. The Rubber shares were
strong throughout on Boston purchases.
the common rising rs and the preferred
ia. Total sales of stocks aggregated 235.-
900 shares. and of these Sugar and Mis-
souri, Pacific absorbed over I05. 200 shares.
The bond market moved irregularly on
moderate transactions. which included a
wide variety of issues. The undertOue of
the market. however, was firm and i'm
portant gains were registered in some cases.
Wabash seconds were notably heavy and
broke 2 per cent. Iron Mountain fiveS fell
on liz per cent. on rumors affecting the
interest disbursements. but subsequently
recovered the fraction. The sales were
81. f60. 1000.
Government bonds were neglected, but
weak in tone. The sales were $1,000.
The following table. prepared by l.. w. Louis,
Room IL Board OF Trade. shows the range OF
.s.r