The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-06-18
SPECULATING ON SILVER.
a STARTLING FINANCIAL STORY
AFUOAT IN WALL STREET.

Profits will Como in-CountinE on FREQ
Coinage.
Nrw YORK, June 6. The Evening
sun says: For several days past there
has been an animated trade in silver
bullion certificates upon the Stock EX-
change. The price, however. has ruled
around ~ cents per ounce and
has seemed. in Wall street palllnce, to
have been p"ggcd at that figure.
1t was runored in Wall street this
that Il large French syndicate
had been formt Il to purchase this entire
stock of liver. The syndicate, it is
SAID was represented ia this country by
the banking house OF lIridclback, Ickrl-
heimer X Co. The head Of the Syndl-
cate in Europe is thought to be the
house of ThorSch X Co. of Vienna. 1t
is said that ITeldelback. lckleheimer Il
Co. hold about 3,OOO,COO ounces of the
stock represented by the receipts of the
Mercantile Trust Company, which last
night were ,, i3G, ,1j3 ounces.
AS the needs of the syndicate, which
proposes to purchase about 3WWWO
ounces, are not yet Tiled, the silver will
not be as yet withdrawn from the Mer-
camille Trust tOmpany. If this were
done the ShortncSS in the supply
would become at once SO apparent and
the price would advance rapidly.
The plan of the syndicate seems to be
about as follows: 1t is thought that
the stock of silver held in New York
represents large part of the whole
lloating supply. Last year England
held Il large stock of silver, but it has
since been sent to Japan, India and
China. The whole production Of this
country is used up 10y the Government
n 1 II c IA nj fn
coinage and 10y the arts. Hence, if Eu-
rope needs any more silver, the Syndi-
cate, controlling practically the larger
part of the floating supply, will be in Il
position to dictate the price at which
1t Will part with it.
Moreover, as election time approach
Is it IS Thought that the West will re-
new the SILVER agitation AMI that an
other effort will be made next Con-
grcSS to put throuh the free coinage
bill. Silver went up to $l2O last year
on expectation Of free coinage ana if
the bill should become Il law this year
it. Will undoubtedly go TO that figure
again
The third point that the syndicate is
$ul to be ralcul;,cing upon is that the
recent and present troubles in Europe
Will force the gold standard countries
To adopt himctallC standard. During
the Barring panic in November the
Bank of England, the greatest financial
institution IN the world, was forced to
become Il borrower from the Bank OF
Frauc' Of E3,OOUNUO The Bank Of
France was able to advance this sum
only on account of its ability through
its charter to pay out silver as we'll us
gold when its notes are presented for
payment.
Acreage of Cotton.
A>uINGTuN. June 1O.-The report
of the StatlStic;ln Of the Department of
Agriculture for June makes the acre.
age in cotton 90 per cent. Of the area
OF 1880, and the average condition 80.
The reduction Of area is attributed in
some districts to concerted action on
account OF low prices, b 1t it is evident
that 1t is mainly due to unfavorablr
conditions for planting and gerlnina-
ton. The record of planting in the
May report is quite an accurate history
of crops to the present time. Planting
was delayed by early rains and drought
in the latter halt Of April followed by
continued drought in May. Germina-
tion arrested, rcplanting Of defective
stands are the features of the record
frequently and almost universally re-
ported. Those conditions were less
general and controlling in Texas than
IN any other state. The areas as com
pared with those ot last year are given
as follows:
Virginia 46, North Carolina 81 South
Carolina 9i, Georgia %. Florida %. Ala
hama 96. mississippi -, Louisiana nf,
Texas lU1, Arkansas 96. Tennessee %
The general condition is the lowest
for June since 1874. though it Is only a
fraction lower than that of 1883 and
1889. The latter was year Of good
yield through favorable later c0ndi-
uonS. state averages OF condition are:
Virginia -. North Carolina -, South
Carolina 80, Georgia 80. Florida 90. Al
ALBANIA 80, Mississippi Ss. Louisiana IS,
Texas 81, Arkansas 80, Tennessee T3
The temperature Of May was quite
too low for cotton, cool nights checking
gcrminati"n and retarding growth. OF
course these conditions make the crop
late in development. in some places Il
few days, IN others week or two later
than in seasons Of early Development
There is frequent mention of bad
stands, but constant replanting will re-
duce the vacancies to minimum.
Cultivation is necessarily late and fields
are grassy with the usual variation re-
SultIng from differences in soil, amount
OF replanting, and relative promptnrSS
and efficiency of plantation managers.
misunderstood Uncle Sam
lQUIQIE, VIA GALVESTON, June =
There is great excitement here over the
decision of the American admiral to
take the ltata without allowing the
discharge of her arms and ammunition.
The press is very bitter, and considers
that the United States, the recognized
cradle of republican ideas, commits Il
grave error in TINS indirectly assisting
the dictator. III Nacional. in an cdito.
rial, says: I'VE know that we have the
sympathieS of the people of America,
also Of the people Of all other civilized
nations. but the act of the | nlted States
Gov crnmrnt against weaker power
in arms for libeies and rights, Is not
in harmony with the traditions of that
Government" The article concludes:
"Let Americans take our ships and our
guns, but let them reflect that they
leave mailed in the hearts of three mil.
lion men the sentiment Of having been
deceived in their hopes and Of hav ny
lost faith in the noblenCsS Of mind and
libcralltieS of the sentiments of tie
Government at Washington"