The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-05-28
Operations OF an Alleged Silver Conn.,
bination Are Probably Much
Exaggerated.
The White Metal Has Maintained
It's Position With Remark
able Steadiness.
European Governments Ready to Unload
Should the Market Go Up-Heavy
Foreign Buying.

New YORK, May 27.-Biadgtreet's says
that according to the surface Indications
silver bullion and silver certificates are and
have been for several months ono of the
least active features of the international
markets. The offerings Of bullion to the
United States treasury under tho law of
1880 have been reasonably large, and the
government has shown disposition to re-
strict its purchases rather than to accept
tenders ut slightly advanced prices. This,
however, has not prevented the treasury
| from obtaining its monthly quota of 4 ,5OO,-
600 ounces. as provided for by the law,
without any great difficulty. Abroad the
bullion market seems to labor under the
usual duilness incident to the season when
the decreased demands from the east natur-
ally tend to fatten the silver market.
This is increased by tho general financial
pressure on the European markets, which,
of course, tends to discourage operations
in silver, and has further depressing in
fuence on oriental exchanges. Yet, in
spite of these circumstances silver Las
maintained its position with remarkable
steadiness. In fact, prices have not materi-
ally declined in thei last two months.
although in the meantime the general
markets here and abroad have suffere'
materially from financial disorganization
and disturbance of credits Of no small
magnitude. Russia's demand for gold.
the apparent financial breakdown of Por-
tugal and the unfavorable position of the
Argentine continue to create distrust and
| anxiety. But though silver prices have
| fallen to q low level, the movement does
| not seem to have extended as far as the
general situation would have probably
| justified.
Some interesting advice comes from Paris
| in regard to the operations of an alleged
| silver pool. 1t would seem that there is
more or less exagGeration in connection
| with the matter. But there is a reason to
| believe that substantial foundation exists
| for the statements which attribute to GER
| tain foreign fnanciers an intention of in
| augurating speculative movement III the
| white metal, based On the absorption by
our government of the current production
of the United States and the small stock
which exists in the world. 1t is urged that
tho moment for such operations is noppor
| tune. that the Austrian government is
about to Introduce gold standard, and
| may at any moment market a silver stock
OF $50, 000,C00 forms more or less) which it
| holds, while Italy, France, Rcumanla and
| other countries stand ready to throw Oh the
market large surplus stocks of silver on
which they would be only too glad to
| realize.
The facts of the matter so fer as they
| have developed on this side of the Atlantic
are we'll known. There has been heavy for
eign buying of siver bullion in this market
| recently. The bullion purchased amounts
| to between 1,00U,0OO and 100000 ounces,
| and is still held here for account of its for
eign owners. 1t has been in the main
turned into bullion certificates, the deposits
for this purpose accounting for tho remark
able and sudden increase in the amount of
bullion certificates outstanding from below
100000 ounces to about 5.s00,O0O ounces.
This action was dictated by two-fold causes.
Not only did it prevent any speculative ad-
vance of silver prices on the decrease of the
| visible supply, but in the form of silver GER
tificates the metal is available for loans, and
eau be carried at comparatively small
cost. These facts are comparatively we'll
known In Wall street. In the absence of
any sp eculatve tendency they have failed
to attract much attention, and the general
impression is that the transactions are of a
purely speculative character, based on the
small stock of mercantile silver existing in
Europe and the certainty of large eastern
ueiuunu within few months.