The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1890-08-29
FINANCIAL:

with money on call easy, ranging from
2 to Is, last loan at 2, and closing offered
at 2. Prime mercantile paper, 5taa7 per
cent. Bar Silver, ll9. United States
Government bonds dull and steady. There
was decidedly easier feeling in the
money market and rates on call were again
down to reasonable basis, although they
would be called very high at any other
time. The squeeze being checked, the
street had time to look ut other factors
in the situation, and more attention was
paid to the threatened strikes than for the
past few days. Until the question is set
tied one way or another 1t remains cloud
upon the market. The market again re-
lapsed into something like the recent dull
ness and stagnation in prices and, III
though there were some marked move
ments in the list, the final changes show
only small fluctuations for the day. The
bank statement of Saturday was believed
to reflect conditions of days previous, and
the actual condition of the banks was
thought to have been but slightly different
from that of week ago, and it is expected
that before the next statement becomes due
that the deficit in the reserve will have
been completely wiped out.
The bulk Of the business was done at
about 10 or IL per cent, with increasing
ease as the days wore along. After OPEN
ing at advances of from 8 to g per cent.
as rule, there was a set back, but the
depression outside of sugar refneries was
of small proportions, and the easier feel
ing in money developed stronger tone.
Ill al
feature of the market and remained so
till the close. Toward the close there was
q decline to below the legal rate and
stocks responded Immediately. There
was the same scarcity Of stocks that was
a feature last week, and any attempt to
buy ut once advanced prices, and the COW
ering operations were therefore small and
the short interest remained at about the
same figure. c., c., c. g. st. Louis be-
came conspicuous in the last hour for
strength. The close was dull but firm to
strong, generally at small fractions better
than first prices.
The director of the mint says that there
seems to he general misapprchension as
to the operations of the new silver law in
case the price of silver should advance to
parity. "Some of the papers state" he
saws, "that in such case the government
will cease buying, while others hold that
We shall have free coinage. If silver
should reach it's old parity the government
would continue to buy 4,500,0O ounces Il
month, Or SO much thereof as might be Of
fered, under the present law. The new
law does not provide that purchases shall
cease when silver reaches parity, but that
the government shall not pay in excess Of
81 for 37l14 grains of pure silver; or,
what is the same thing, shall not pay in
excess of 81 1929 per fine ounce. The
amount of pure silver in the silver dollar
being 37lI grains, if the government paid
$l.2929 per fine ounce (4SO grains), it
would be paying exactly 81 for 3Il14
grains; that is to say, the market value
of the silver dollar would be exactly
equal to the face value of the coin-sO
that the government could lose nothing
by continuing to buy at that rate, which
the law contcmplatcs. While this would
not be free coinage, and in the absence of
further legislation there is no proposition
for free coinage, it would he practically
free coinage for 4 $1,000 ounces of silver
a month; that is, we would receive from
dcpositors 4,500,000 ounces of silver and
give them for it the exact amount of
money which $500, 900 ounces would make
in coin. Of course, the government could
not pay in excess of that rate, because if
it did the value of the silver in the silver
dollar would he greater than its value as
coin, which would be losing operation.