The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-06-20
THE SILVER POOL
A Second European One has
Been Formed.
PROSPECTS FOR BI-METALISM
Indications that the Demand May be Greater
Than the Supply-North American
Commercial Company Protest

NEW YORK, June l9.-The executive com.
mittee of the National Silver association
met to-day. 1t was stated none of the pro-
ceedings would yet be made public. An
evening paper says: The rapid advance in
the price of silver bullion yesterday set
Wall street thinking. On the 9th Of this
month the operations of big French pool
in silver were reported. To-day it was
learned while there were indications
the first pool was liquidating to
some extent another pool, also
European, has begun work and was ready
to take hold where the first pool had left
OF. The plan of campaign seems based on
the same lines as that of the first pool. At
the present time the governments annual
purchase of silver to I'LL the requirements
OF the silver act, 1890, use up $4,000, OOO
ounces OF silver. This country's produc-
ton of silver for 1890 was g.
600 ounces for the total requirments of
the arts and to fill the export demands. Up
to the passing of the July bill this country
always exported annually from five to ten
million ounces. The Mercantile Safe
Deposit company of New York reports on
hand on the 1st of June 195, 256, 779 ounces
of silver. AS was told on July q, one con-
ounces OF this amount Outside OF this
supply there is in this country probably
1000, 900 ounces OF silver bullion at various
points.
The only large supply of silver is said to
be in Monterey, Mexico, where about
1000, 600 ounces are held in the shape of lead
ore, pending certain railroad construction.
Mexico produces annually about 40, 00O, 600
ounces of silver, of which $4,000, 00O
"a IL
to China and Japan, via San Francisco.
The production of the white metal from
sources otner than those named is consid-
cradle. This morning rupee paper was
active and stronger on long. This is owing
to the passage of the bill in the lower
house of the Spanish cortes, giving the
Bank of Spain power to increase its note
issue based on silver. A bill has also been
introduced into the Portuguese cortes IA
voring the introduction of bi-metallism.
These are straws showing the tendency of
the wind.
A letter from leading French financier
recently received in this country says the
passage of free coinage bill by the United
States Congress would put silver to SO
IN New York. UP to 1873 France fought
single handed for bi-metallism. She
would certainly resume it il
the United States should adopt free coin
age. England will not follow as long as
Gaschen is in power and Gladstone is also
a gold bug; but there is a growing senti-
ment in favor Of silver in England, and this
must tell in the end. The United States
made mistake in adopting limited silver
act. They should have either passed an
unlimited coinage act or none at all !"
1t is said this second pool has been a
purchaser of silver on the grounds enumer-
ated above and on those presented in The
article of June 6, 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 a free coinage
position. AT any rate, the growing power
of the farmer will demand such legislation,
and European spectators 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 l4th.