The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-10-02
ADVANCE In SILVER !: ], !.
Immense Amount Of Bullion in ths Hands
:. !. 3. Of The Pools. :: f:

NEW YORK, Bet. 1,-Silver' was 4 per cent
higher at the opening Today than:yesterday
The World says: There was. tremendous
speculation in silver bulllori3yester{l The
sales ofcertificates alone amounted to 800 coo
eopnces, against 326;000an Monday, and phi:
Yate transactions to perhaps half as much
more The pools have SS,e00 eco worth: Of
bullion STAG iied UP in the vaults of the Mer
camille Safe Depusit Company, and at least
81 000,O60 ;worth th:more stored in banks and
other places: 1t: looked at one time yester-
day as If spectators were close to disaster.
, Soen after tlfa opening, Quotations dropped
TO 1G9A an ounce, n loss of l Il from the
closing price the day before: : :lhe decline
was in sympathy with:the london market,
where quotations fell .tO .495sd. Big silver
speeu late IS stepped in to :ayerta a wreck and
commenced: 10 buy silver, irrespective: of
London prices August Befm0nt& Co. and
j. .&G w. se1igman Mere reported to be
heavy buyers In addition. 1T: was an
neunced, that BenHUnt d Co. would send
2Q0,doo ounces of silyerto london to-day::-.::-
Although Now York is supposed to follow
ascended until 81 12b was: reached, IL
points higher tlEan MGnday's closing figure.
+. The thug that helpetf plt:up'th market
was the fact that October purchases of silver
bullion by the Goyern tllept:,w Will brEin to-
day. There is enough silver in New York
r.
months. Tie Treasury Department buys at
the market price, and the fact that silver
was held higher here than. in London ex-
cited suspicion thatthe price was marked up:
TO make a premium at the: expense Of the
Government. - .. r.: =: : :: -. - ::
:. Its said there is an immense amount of
silver. stacked up at the Western =minns and
spetfg works. When: the prospects be-
came good that the Silver. .Bill :w0uid go
/ through Congress and receive the approval
OF the President, mining operations were;
greatly extended, owing 40; tile certainty of
increased prpflt in production; The: recent
decline has. been hard. on the. small specala-
tors; and numbers were unable to put np-
any}ln margins and, in the :verriaeufar of
the street, were ShakenOlIt.. The silver: thus
released wentiuto the:h0nds of the pools.
. Vice President John ThOnlpson Of the
Chase National: Bankeia ,fong been a silver:
exponent. He said that silver is mot likely
10 come from Europe to this country, even
if the price is put up to- S1.29 80 gold parity.
because the American coinage Is 16 to: / Of
gold, while tile European coinage is l5l2 to
11ofgcld. That made Indifference Of 3 per
centin favor of American silver, : !: =
The course .of:tne silver market is watched
with the greatest interest in Wall street
Speculation is likelyao be very heavy DUR
ing the next few da, s,Glt. not for ii longer
t. period. -. r.:
A special from Washington says Bartine's
favorable report from the Committee on
Coinage withreference to the recoinfng of
subsidiary silver affects. nearly $4,000, ,000
now in the Treasury. tits expected that the
Director of the Mint will urgesaction.
WASHINGTON, Oct: 1.-The silver Offer
ings to-day amounted to ,375, ,0c0 ounces: The
purchases were 225 ounces, as follows !;
25.000 ounces at $1.390, and 100000 ounces
at 1885,. -; -