The record-union., 1891-06-20
A Rapid Rise in the Price of Bull
ion EXcites Wall Street
FOREIGN POOL GETTING CONTROL
OF THE SUPPLY.
The Greatest ST, rm Known In Years
Passes Over Several Kansas Towns,
Resulting in Loss OF Life and Much
Destruction of Property-The Cap
tain of German Ship Rescues the
Crew of Wrecked Bark I'm Mid
ocean.
Special to the REcoRD-UN1ox.

Special to the REcoRD-UNIoH.
NEW YORK, June 19.- An evening
paper says: The rapid advances 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 that while there were indica-
tions that the first pool was in liquidation
to some extent, that another pool, also
European, began work, and was ready to
take hold where the first pool had left
off. The plan of campaign seems to be
based on the same plans as that of the
first pool.
At the present time the Governments
annual purchases Of silver to fill the re-
quirements Of the Silver Act of 1890, use
up 100000 ounces of silver. This coun-
try's production of silver for 1890 was
2,93O,S ounces. This leaves 5000, 600
ounces for the total requirements of the
arts, and to fill the export demand.
Up to the passage of the July bill this
country always exported annually from
10000 to 100000 ounces. The Mer-
camille Safe Deposit Company of New
York reported on hand on the lst of June
1876, ,256, 779 ounces of silver. AS was told
OlA cuIy OliI, OllG COHjGIh IS InOugIlG TO
own at least 100000 ounces of this
amount. Outside of this supply, there is
in this country probably 20, 600, 900 ounces
of silver bullion at various points.
The only large supply of silver is said
to be in Monterey, Mexico, where about
q, 100000 ounces is held in the shape of
lead ore, pending certain railroad con-
struction. Mexico produces annually y
about 100000 ounces of silver, of which
%, ,000, coo ounces are coined The rest is
shipped to China and Japan, via San
Francisco. The production of the white
metal from sources other than those
named is inconsiderable.
IhlS morning rupee paper was active
and stronger in London. 1t is owing to
the passage of a bill in the lower house of
the Spanish Cortes giving the Bank of
Spain power to increase the notes issued
based on silver. a bill has also been in
troduced into the Portuguese Cortes IA
voring the adoption Of bimetallism
These are straws showing the tendency of
the wind.
A letter from q leading French finan-
cier recently received in this country
says the passage of the free coinage bill
by the United States Congress would put
silver TO ffty-nine pence in London. or
Sig per ounce, and in New York up to
seventy-three. France fought single
handed for bimetallism. She would Ger
should adopt free coinage. England will
not follow as long as Goschen is in power,
and Gladstone is also a gold bug, but
there is a growing sentiment in favor of
silver in England, and this must tell in
the end.
The United States made a mistake in
adopting a limit to the Silver Act They
should have either passed an unlimited
coinage bill or none at all.
1t is said that this second pool has been
a purchaser Of silver on the grounds
enumerated above, and on those presented
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 coin
age proposition. At any rate the grow
ing power of the farmers will demand
such legislation, and European specu-
Iators 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 18th
SILVER PURCHASES.
WASHINGTON, June 19.-The Treasury
Department to-day purchased all of the
silver offered for sale, aggregating 559,-
600 ounces, at prices ranging from .955 to
1.003.