New-York tribune., 1890-07-16
CLOSING PRICES OF PHnADELPHIA STOCKS.
SUGGESTIONS ABOUT SILVER.


There seems 10 he a curious confusion Of ideas
about the effect of Section Of the new silver
law which covers into the Treasury the balance
held by the Treasurer TO redeem surrendered
bark-note circulation. The covering INT" the
Treasury is a simple matter Of bookkeeping II
neither adds nor dctracts one cent from Tie cash
actually in the Treasury, as it is reported in tine
Treasury's daily. weekly and monthly statements
Il neither adds nor detracts one cent from Tie
Governments debt, and il does not affect I" the
extent Of one cent the available surplus for the
purchase Of bonds. That surplus in the monthly
STATEMENTS hereafter, as in the past. Will hf ar
rived al by deductng from the total net cash III
vaults and on deposit with National banks the
amount of audited claims, inc!uding debt for re-
denption of National bank-notTs and accrued IL
terest on the funded debt. That surplus by the
statement Of June 80, was S55, 100000 Inc
transfer from special 10 the general account Of
SD 900 900 of Indebtedness does not affect the re-
naming surplus But if il did, If the Secretary
could not find bond market for tie use Of the
$50, 900 900 cash surplus Of June 30, now can lie
find one for a fictitious addition OF $4,000, 900
TO the surplus? That fund Tor the redemption oi
surrendered bank notes IS being reduced AT the
l,tp of about ~ 100000 per mOnLu III IT'S IceI,i-
mate use 1or the purposes Tor when II was co.
ueclally deposited. On June 90, 1889, thc luna
amounted 10 2 io,uOls lsIois bp ~ I@oi ''''"i''"S
10 mad been IcGuceI, by redemption oi bank-notes
10 80, 0,lUZ,e-o
counting their profits without tneir host Unih
Auuust 4, the secretary must buy silver at inc
rate OF only S2,OOO,OoO per month. On ana
alter August h, under the new law, he must pur-
chase each month I,1OO,O0O ounces or - mucli
thereof as IL offered al the mtfkct pilcc. Ic-
faults in buying in one month are not 10 De Gov
cred by extra purchases IL any succeeding nonih.
Even the authority 10 do SO IS not srduNd by Tn
law IL is cntilcy within the discretion Ol Inc
secretary to determine what is a fair hlarhrt
price We all remember how in 1855 a syndicate
col llccted some $40, 100000 Of Government bonds
and ATTEMPTED 10 force the market price up Oh
Secretary Farchld, when he taking all oilers
at market prices, and how lac suddenly decided
that the market price vas not fair one. Some
of those bonds, which, IN making market, cost
I30 were afterward sold 10 the Government al
l25al26 But those bonds paid their own IN
terest-the loss was all in the price Not 50 with
silver which carries charges Of cents day for
each certificate of 900 ounces and interest IN
The Government purchase Of S2,0o0,Ooo per
month during the last eleven years, has not pre-
vented a heavy decline IN the price Of silver The
53d Ger ounce; ii has been down 10 about 42d
per onnce. and now, duc to American speculation,
il il ouotrd at sod. per Ouncc--3d lower than be
fore the United States began the coinage Of
50 600 600 per month. The worlds stock Of
silver is an unknown quantity, but the silver
bullion on deposit in New-lOr{ is $3.50, ,i]S
ounces and the ,000-oUnce certificates outstand-
ing are CS59. The great carriers of silver do
not deposit their silver because they can carry
il In their own private vaults at less charge
than II costs 10 turn il into negotiable certificates
So IL spccnlatDrs carry the price Of silver to fig
ure that the Secretary considers not fair market
value and he refuses all offers for that reason
they will be carrying on interest and charges
only a portion of the worlds stock SUBJ cct 10 the
addition Of an American output Of about 4,900
0o0 ounces rcr month If we wanted 10 spccu-
late in silver at the present figures we shopld
want 10 know beforehand inst what the Secretary
would pay for its first purchase under the
law And we hesitate not 10 say that that j, n
problem that can br solved only when The first
purchase is made. which may he in August or
not till December The law was not paSScd 20
fattrn speculatOrs and il probably will not bo
pXccutcd i'm their interest Since the passage Of
the bill silver certificates have further advanced
? l-2 ccntS and have been active in the srccula-
ton. Charge. cents per 900 ounces per day
WHAT WAS DONE IN STOCKS.
To-day's speculation in stocks was dull. but
upon tLc whole firm. IS we suggested on Monday
morning, the stocks Of st. Paul and Urion Pacific
from speculative point Of view look more like
leading an important advance than following
nSi weeks frequent Ocll-jobbing predictions
OF being leaders in sharp decline. While To-
days market considerinr the extreme dulncsS.
developed nothing. il not remarkable strength.
feature II rdided, jammcd. pounded and
marked by short sales and matched orders. Ii
again sold down TO 80 "a. but its final figure
was 90 l-2-l-4 per cent higher than last even
ing's closing. Just at the time when the stock
was selling at the lowest figure, a Chicago