The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-11
SILVER GOES UP AGAIN
RISE OF HALF CENT CAUSED BY
LARGE CHINESE DEMAND.
Lfqufdat I'm Stocks Continues and
Prices Sag neutrality-suspicious.
ms to Bank Conditions.

At New York. yesterday, money on call
was easier at Balls per cent; last loan,
per cent; ruling rate, II per cent.
Prime mercantile paper. 5d5A per cent
Sterling exchange was weak. with actual
business in bankers bills at s4.Sjg4.S5A for
demand and s4s1244Ls2 for sixty days;
posted rates. s4s312 and S4.s744S71s; COM
mercial bills. S4s.
Silver certificates. 5954G60kc; bar silver,
b9hc: Mexican dollars, 4713c. Bar silver at
London advanced sharply Chinese de-
mand and closed firm at Z7ssd per ounce.
At New York silver bullion up &c
per ounce further on the days local mar
ket. making a total advance of lac in three
days. Yesterdays bid price for CONNER
cial bars was seize; Tuesdays was 5S14c.
Yesterdays advance, like that of Thurs
day, began in London. where bullion was
quoted early "a SLID per ounce, as
against 27lsd Thursday and 26$4d Monday.
Local dealers were still somewhat at a
loss to explain the movement. In addition
TO the Hong Kong orders noticed yesterday
the French mint has recently ordered $780,
90 worth of silver for coinage purposes,
but this order was supposed to be already
filled. Some dealers in silver were in
clined to explain the rise a natural re-
covery due TO the fact that silver prices
cause.
The steamship Umbria sailing for Europe
to-day, will take out $4,000 ounces of silver
The early part of the day in the New
York stock market was given over to a
continuance of the throwing over of stock
holdings which was in evidence Thursday
The liquidation was a large scale and
embraced all departments of the list. The
more highly speculative industries showed
the widest changes but the selling of the
standard railroad socks was fully equal
In amount. There was no stock or group
OF stocks which took a conspicuous place
apart from others unless it might be said
that the iron and steel stocks were rela-
lively somewhat firmer than the general
list The same might be said of Northern
low point exceeded a point for many
standard railroad shares, and in q few
cases reached upward or two points. Leath-
er, after a break of five points rallied
somewhat and retired to the BACKGROUND
OF me trading, transactions in it being small
for the remainder of the day. Sugar and
Manhattan were rather weaker than the
balance of the list, but they rallied with
considerable vigor. The latter part of the
day was given over to a gradual and gen.
eral recovery of part of the earlier decline
on much diminished volume of trading.
Most OF the leading railroad stocks rallied
large fraction and a number OF the
specialtieS between and two points.
SohSiueIdllOn Vi the money OUTLOOK con-
tinued TO dominate sentiment on the Stock
Exchange. The banks continued to call
loans for large amounts, the rate for call
money opening at IL and running up to Is
per cent Large amounts of stocks held
with borrowed money were thrown upon
the market. After each successive period
of liquidation the market fell into a condi-
ton or semi-stagnatiOn. During the after
noon the rate for call money dropped off
as low as per cent, and the demand for
stocks developed which caused the re-
Guperatlon In prices TO the ciosing level
The usual preliminary estimates of the
weeks cash movements showed a rather
smaller shipment TO the interior than had
been estimated, though a loss to the sub
tions. The weeks net loss i'm cash is Jig
ured at over 100000 from all causes. The
easing OF the money rate late In the day
served TO ameliorate the dread that to-day
bank statement would show an increase in
the deficit The loan contraction during the
week has been large. There was a rumor
on the floor of the exchange that the banks
resources mad been increased by means of
cash deposits by institutions i'm New York
city with a view to relieve the situation
This rumCr could not be traced to any
authentic source, but affected sentiment on
the Stock Exchange and inclined specula-
tive opinion TO look for another surprise in
the Saturday statement The stiff money
market resulted in a further drop i'm ster-
also by buying of stocks here for London
account, estimated at as high as OOOO
shares New York exchange at Chicago
rose again TO par, but at New Orleans the
exchange continued TO against New
York.
Prices of bonds moved in sympathy with
stocks early in the day. but failed TO re-
spond to the late recovery. Total sales at
par value were 81. 100000 United States
threes advanced "a and old tours, registered,
in the bid price. The fives. registered,
declined y.
Following are the days share sales and
the closing bid prices;