The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-10
SILVER IS IN DEMAND
DOMESTIC AND FOREIGN PRICES
TAKE A SHARP UPWARD TURN.
Heavy Sales acknowledgement
tivfty I'm the Local Markets.

At New YORK, yesterday, money Oh can
was 4q14 per cent; last loan, per cent;
ruling rate, 10 per cent; prime mercantile
paper. 5dJA per cent
Sterling exchange was weak, with actual
business in bankers bills at s4.S6Aq4s61s
for demand and at $4.a1zQ4.S2 for sixty
days; posted rates, s4.ss1s and s4.sI1z; COM
merciai bills, $4S11zd4.s2.
Silver certificates were 591zd601zc: bar sill
yer was 5s7sc; Mexican dollars were 4l1zc.
Bar silver. at London, went up 9-16d on
heavy Chinese demand and closed firm at
q 3-16d per ounce.
At New York, yesterday, there were sales
OF silver certificates for 10000 ounces on the
Stock Exchange at sixty days. buyers OPP
ton, at prices ranging from 6Oc TO 6o12c,
and sale Of 500 ounces at 60c regular.
The asking price for certificates has been
591zc for some time past The sales were
made by Zimmerman & Forshay. and l..
Zimmerman, of that firm, said in explana-
ton: Il attribute this demand to the ac-
count of silversmiths, whose needs in their
trade are greater this fall than for many
years past. There is also an active demand
from China and India for minting purposes,
which has caused an increase in the price.
Silversmiths do not like to be short of sill
yer in this season. and under these circum-
stances are providing for the contingency
CT future advance In price"
A general disposition TO Hquidate in spec
ulative holdings was manifest in the New
York stock market yesterday. Early in the
day some general strength was manifested,
which was due, primarily, to the higher
quotations cabled from London, and which
was aided by strength in special stocks:
but the growing stiffness of money and the
total absence of outside buying demand
discouraged the bull element, and they were
sellers OF the list as the day advanced. The
weakness of stocks was very we'll distrib-
uted, except for the collapse of Leather,
and effected all departments of the list.
The declines in the industrials and special
ties are rather greater. because the COM
mittmentS for the long account in those
stocks wcJe larger. There was heavy SELL
ing throughout the railroad list, and large
number OF prominent stocks in that depart
ment show net declines of a point OF up
ward. In the specialties the average runs
between 1 and points for the Leading
stocks. An exception should be made of
the iron and steel stocks, several of which
offered good resistance to the decline. Steel
and Wire and American Hoop were exam
in the money market outlook The contin-
uing demands on the New York banks are
regarded as foreshadowing a still further
decrease in the proportion of cash reserves
1n the next bank statement. The emphatic
utterances by treasury officials against the
policy of any further measures OF relief
fby. the government dissipaIed the hopes
that were prevalent in Wall street. AS the
banks have lost already to the subtreasury
something like 100000 since last Friday
the attitude of the trade Is important. Ship
ments by the New York banks to their in
terror correspondents are reported to be
on as large a scale as last week. New
York exchange on Chicago fell again to 10c
discount, compared with 10c premium at
the opening of the week. The continued
expansion in the interior need for money
and the absorption by the treasury by
means of the surplus in the revenues is
met by the calling in of loans placed in the
stock market on stock collateral. There
was a sharp fall in sterling exchange yes
terday, partly due to the firmer local money
of cotton bills. which are now coming for
ward in larger volume. But the weekly
statement of the Bank of England, showing
progressive decline in the proportion of
reserve to liability, precludes the hope of
relief from that source The regeneration
shown by the Bank of France in its weekly
statement relieves the apprehension of an
immediate rise in that institutions rate of
discount. but this is small palliation of
the general hardening tendency of the
worlds money markets. The closing of the
stock market was easy and near the low
price of the day for most stocks. An Incl
dent of the day was the demand for silver
certificates al sharp advance.
The bond market was weak in sympathy
with stocks. Total sales. at par value, were
s.. $4,000. United States old fours advanced
IA, and the new threes, fours and fives, reg,
Is In the bid price. The twos declined a.
Following are the days share sales and
the closing bid prices: