Show I cUF1stOi U OF FAILRE The Indian Council Recedes from Its Position 1 VIRTUAL NULLIFICATION Council Bills Are Sold Below tho Arbitrary Arbi-trary Fixed Rate Tho London Press Devote Much Space to the Action Talcon The Financial News tCalls on India Admit Its Blunder NEW YORK Aug 16London cables received in Wall street this afternoon report re-port that the Indian council had receded from the position it took when it closed the Indian mints to free coinage of silver and was selling council bills below the arbitrary fixed rate of 154d Th advices were meager and did not state v hether the mints had been reopened in the absence of definite news it was supposed the council had been unable to maintain a rate of exchange in India at the price fixed Few persons understood what further fur-ther changes might be expected or why a reduction had been ordered It was the original action of tho council in fixing the rupee price and closing the mints that sent silver from 82 to 62 cents an ounce A London cable says the money market was surprised and disturbed today by tho sale of Indian council drafts at Is couuci Stfd When the Indian mints were closed to the free coinage of silver the council fixed the rate for drafts at Is 4d and the sudden reduction causira general gen-eral feeling of uneasiness and tenders for bills at Is 3 ad were refused In consequence conse-quence of the reduction in the price of drafts rupee paper dropped IKd |