The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-06-08
EASTERN MARKETS.
Nrw YORK STOCK rxcuANor.

NEW YORK, June 6.-The stock market to-
day was dull and steady in the main, but Arm
tone was developed in few stocks, which gave
character TO trading and was q means of leaving
most of the list slightly higher at the close.
Trading was in the main merely professional,
and reached only small proportions.
The New York Evening Sun says that for sew
eral days past there has been animated trading
in silver bullion certificates upon the stock ex-
change. Tho price, however, ruled steady
around Csc per ounce, and has seemed, In Wall
street, to have been pegged at that figure. It
was rumored in Wall street this morning that
a large French syndicate had been formed to
purchase the entire stock of silver syndicate,
represented, 1t 10 said, in this country by the
The head syndicate in Europe is thought
to be the house of Thorsieh & Co.,
OF Vienna. II is said that Heidel-
bach has held about 100000 ounces OF
the stock. represented by the receipts of the
Mercantile Trust Company, which last night
was $50 ounces. As the needs of the syndi-
cate, which proposes to purchase about 500 600
ounces, are not yet filed, silver will not yet be
withdrawn from the Mercantile Trust Company.
II this were done, the shortness in the supply
would become at once apparent, aud the price
would advance. The plan Of the syndicate
seems to be about as follows: 1t is thought that
the stock of silver held in New York represents
year England held large stock OF silver, but II
has since been sent to Japan, India and China.
The whole production of this country was used
up by the government in meeting its
legal requirements for coinage and by
arts. Hence, if Europe needs any
more silver, syndioates which control practically
the larger part of the supply are in position to
dictate the price at which they will part with 1t.
Moreover, as election time approaches it is
thought that the West viii renew the silver agi-
tation, and another effort be made by the next
congress to put through the free coinage bill.
Silver went up TO 30 last year on the cxpecta-
ton of free coinage, and II the bill should be-
come law this year il would undoubtedly go
up TO that figure again. The third point that
the syndicate is said 10 be calculating upon is
that the recent and present troubles in Europe
will force the gold standard countries to adopt
the bfmetailfc standard. During the Barring
panic in November last the Bank of England
was forced to become borrower from the Bank
of France of 100000 The Bank OF France
was able to advance this sum only on account
of its ability, through its charter, TO pay out
silver as well as gold when its notes were pre-
sented for payment.
Government bords-Steady.
Petroleum--5uly closed at 791 4d9c.
WEEKLY BANK STATEMENT.
The weekly bank statement shows the follow
inc changes: Reserve decrease, $50, 900: specie
decrease, 81, 200; circulation decrease, $751;,
COO. The banks now hold 600 in excess of
the legal requirements.
MONEY AND EXCHANGE.
Money on call. easy; closing offered at s.
Prime mercantile paper, S9aG. sterling ex-
change. steady; 6o-day bills, sA.s4; demand,
S4SS Bar silver, 9I54.
RAILROAD Stocks