The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-21
GOOD MINTAGE DEMAND
SENDS BAR SILVER TO ITS HIGHEST
POINT IN THREE MONTHS.
Determined Raid by Bears on New
cessfuI-LOcaI Markets Improving.

At New York, yesterday, money on call
was steady at 2021z per cent; last loan, 2l4
per cent; closed at 24Q212 per cent.
Prime mercantile paper, 49412 per cent.
Sterling exchange was firm, with actual
business in bankers bills at 4.S43sQ4 S412 for
demand and at $4S2q4.s2A for sixty days.
posted rates, $4.S21zQ4S312 and $4S514; COM
mercial bills, SASH.
Silver certificates $4,000; bar silver, 59i4c;
Mexican dollars. 45a4c. The price of bar sill
Yer in London yesterday rose s. l6 of a penny
TO 27ssd and in New York the price rose 12c
to 59Ac. This carries the price above the
rally Of Sept. 20, when it went to 27l4d in
London and $3.50 in New York. This price
of silver has not been equaled since July
Il, when it was II 7-16d in London and $3.50
in New York. The present strength of sill
yer is attributed to various causes. There
Is at present good mintage demand in
London, and there is also some covering OF
speculative short sales. This is coupled
with a present scarcity of supply The In
dian demand for silver also continues good.
Total sales of stocks to-day were 4O2 200
shares, including: Atchison preferred, S,l4O;
Chesapeake * Ohio, 1896; Chicago, Burling-
ton q Quincy, 27,120; Louisville q Nashville,
1885; Manhattan L. 16,60O Missouri Pacific
Central, n,S0S; Northern Pacific preferred,
ll,195; Northwestern. 400; Ontario q West
ern, o,1z.; Reading, $3.50; Rock Island II, Sz3
St. PAU, 2I,770; 81. Paul a. Omaha, 1850
southern Railway preferred, 3,42O; Unlon Pa
Clio trust receipts, second assessment PAID
500; Wabash preferred, 1900; American To-
bacco 1919; Bay State Cas- 500; Chicago
Cas- 3S,4SO; Pullman Palace, 1852; Sugar,
o5,1y1; tennessee Coal and Iron, $40; West
can Union, 4,SO9; Chicago Great Western,
II, 1876.
Yesterdays New York stock market
looked very much as ii effort was being
made to test 1t for rise. Many OF the pro-
Iesslonal traders have concluded that liqui-
cation mas about run its course, and there
has been u cessation OF the bear campaign.
OplmoFs nave dlnered among the profess
SionalS as to whether conditions in the Stock
market are ready Tor sustained advance
III prices again. Inc bears mace an abortIVe
enUrt early in the day TO raid the market
ana directed an attack against sugar and
ChicaS Gas. The failure OF the RAID en-
couraSed the bulls to aggressive action, and
there were indications OF the temperance
IN the market of some of the large buying
interests which were prominent ia the laue
rise of the market. This professional buy
ing carried prices up quite strongly, net
N;tnceS throughout the list ranging from l
to points; but the buils We're apparently
satisfied with a short turn and they COM
menceO to sell to realize profits about half
an hour before the close. This carried
prices down in some cases below Tuesday
they were in almost all cases fractional.
'fAe success of the bears was frustrated in
part owing to the special strength in Sugar
and Chicago Gas, on which they relied TO
work a sympathetic decline in the rest of
the list. Sugar was strong on the decision
or the treasury department 10 hold Dutch
refined sugars conditionally liable to the
counterVailing duty which applies to inn
ported sugars on which an export bounty is
paid
Chicago Gas derived strength from rumors
of compromise with the threatened COM
petition. The market showed considerable
increase of activity as compared with the
last few days, but was still almost purely
professional. London changed from its re-
cent attitude and sold stocks in New York.
Additional reports OF railroad earnings for
the second week in October all show hand
some increases, and many vague rumOrs
were afloat of still more striking improve
ments to be shown in statements not yet
issued. The large movement of cotton along
striction was shown by reports and gave
strength to the railroads affected. The eX-
change market continued firm and the local
money market easy, the small Withdrawals
of American eagles from the Bank of Eng
land for shipment to New York not being
considered of Importance. Some business is
being done in the placing of loans on long
sterling, which is in effect the lending of
money abroad This naturally tends to
keep up the rate of exchange. The con-
tinued ease of the local money market and
the large resources in hand by interior
banks owing TO the large payment OF debts
following the crop movement are the in
ducements for thus deferring the movement
of gold this way The marked net changes
were gains of points by Hooking Valley
preferred ga by Manhattan, by Metropol-
itan Traction and New Jersey Central, by
Rubber preferred. by Minneapolis d ST.
Louis second preferred and 2ls by Pullman;
Bonds were strong. in sympathy with
stocks One $3.50 600 block of Union Pacific
collateral trus; notes sold at SO and an
other block OF $4,000 at the same price.
Total sales were s.. 325, 600. United States
new tours advanced Il bid and the fives
coupon declined y bid.
III faf nv r
Louis Room il. Board of Trade shows the
range of quotations: