Los Angeles herald., 1891-06-20
The White Metal Suddenly
Advances in Price.
Two Foreign Syndicates Man
ipulating the Market.
A Tendency Toward Bi-Metallism ii
Foreign Countries.
Spain and Portugal Adopting the Idea
Growing Sentiment in England
for Silver.
Associated Press Dispatches.

New YoRK, June 19.--The executive
committee of the National Silver associa,
tion met today. 1t was stated that nols
of the proceedings would yet be made
public.
An evening paper says: The rapid
advances in the price of silver bullion,
yesterday, set Wall street thinking. On
the 9th of this month operations of a big
French pool in silver were reported.
Today it was learned that while there
were indications that the French pool
was liquidating to some extent, another
pool (also Europeans) had begun work,
and was ready to take hold where the
first pool had left off. The plan of cam
paign seems to be based on the same
lines as that of the first pool,
At the present time the government e
annual purchases of silver, to fill the
requirements OF the silver act of 1890,
use up 54,000,000 ounces of silver. This
country's production of silver for 1890
was 62,930,S ,S3l ounces. This leaves
100000 ounces for the total require
ments of the arts and to fill the export
demand. Up to the passage OF the July
bill, this country always exported an
nually from 100000 to 10000, 900
ounces. The Mercantile Safe Deposit
company of New York reports on hand
the 1st of June 1876, ,256,779 ounces OF
silver As was told ON June 9th, one
concern is thought to own at least
2,500,000 of this amount. Outside OF
this supply there is in this country
probably 100000 ounces of silver
bullion at various points.
The only large supply of silver is said
to be in Monterey, Mexico, where about
3,000,0 900 ounces is held in the shape Of
lead ore, pending certain railroad con-
struction.
Mexico produces annually about 40,-
100000 ounces of silver, of which about
25,000, 900 ounces are coined. The rest
is shipped to China and Japan, via San
Francisco.
The production of white metal from
sources other than those named is in
considerable.
This morning rupee paper was active
and stronger in London, 1t is owing to
the passaga of a bill in the lowkr honsa
of the Spanish eortes, giving the bank
of Spain power to increase the notes
issued based on silver. A bill has also
been introduced into the Portuguese
Cortes favoring the adoption of bi-me-
tallism. These are straws showing the
tendency of the wind.
A letter from leading French
financier recently received in this coun-
try, says: ''The passage of free coin
age bill by the United States congress
would put silver to SO pence in London,
or $1.29 per ounce in New York. Up to
1873 France fought single-handed for
bi-metallism. She would certainly re-
sumo it if the United States should
adopt free coinage. England will not
follow as long as Goschen is in power,
and Gladstone is also gold bug, but
there is growing sentiment in favor of
silver in England, and this must tell in
the end. The United States made a
mistake in adopting limited silver act.
They should have either passed an un-
limited coinage act or none at ALL"
1t is said this second pool has been
the purchaser of silver on the grounds
enumerated above, and on those pre-
sented in the article of June 9th, which
were the basis of the operations of the
former pool.
1t would seem that one or the other of
the great parties will adopt the free
coinage proposition. At any rate, the
growing power of the farmers will de-
mand such legislation, and European
speculators are alert to make use of the
effects of this agitation.
Silver bullion touched 81 per ounce to-
day, for the first time since February
14th.