The morning call., 1891-06-20
CONCERNING SILVER.
Wall Street Stirred Up by the
Advance in Prices.
America Produced 62,93O,S3i Ounces in
the Year 1890
Growing Sentiment In England In Favor Of
Silver Views Of a French Fin
anCier on the Subject.
Special to THE MORNING CALL.

New YORK, June 19.-The Executive
Committee of the National Silver Associa-
tion met to-day. 1t was stated that none Of
the proceedings had yet been made public.
An evening paper says: Rapid advances in
the price of silver bullion yesterday set
Wall street to thinking. On the 9th of this
month the operations of the big French pool
in silver were reported. To-day 1t was
learned that while there were indications
that the first pool was lquidating to some
extent, another pool, also European, began
work and was ready to take hold where
the first pool had left off. The plan
of the campaign seems to be based on the
same lines as that of the first pool. At the
present time the Governments annual pur-
chases of silver to I'LL the requirements of
the Silver Act of 1890 use up 54,000,OOo
ounces of silver. TEis country's production
of silver for 1890 was 81, ,930, ,831 ounces. This
leaves S,O0O 600 ounces for the total require
nent8 Of arts and to fill the export demand.
Up to the passage of the July bill this coun-
try always exported annually from five to
ten million ounces.
STOCKS IN NEW YORK.
The Mercantile Safe Deposit Company of
New York reports on hand June 1st, 1885,
256,779 ounces of silver. As was told on
June 9Th, one concern is thought to own at
least 100000 ounces of this amount.
1t is said this second pool has been
purchaser of silver on the grounds enumer-
ated 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 other of the great parties
will adopt free-cOinage position. AT any
rate the growing power of the farmers will
demand such legislation, and European
spectators are alert to make use OF the ef-
fects of this agitation. Silver bullion
touched 81 per ounce to-day for the first
time since February 14th.
MExIcos SILVER SUPPLY.
Outside of this supply there is in this
country probably 100000 ounces of silver
bullion at various points. The only large
supply of silver is said to be in Monterey,
Mexico, where about 100000 ounces is held
in shape Of lead ore pending certain rail
road construction. Mexico produces annu-
ally about DO, 900, 900 ounces of silver, of which
about 25,000,000 ounces are coined. The
rest is shipped to China and Japan via San
Francisco. The production Of white metal
from sources other than those named is in
considerable. This morning rupee paper
was active and stronger In London. This
is owing to the passage of bill in the lower
house of this Spanish Cortes giving the
Bank of Spain power to increase the note
issue based on silver. A bill has also been
introduced into the Portuguese Cortes fa-
voring the adoption of bimetalism. These
are straws showing the tendency of the
wind. A letter from a leading French
'fnancier recently received in this country
says:
The passage of a free coinage oil by the
United States Congress would put silver to
SOD in London. or 81 90 per ounce in New
York. Up to 1873 France fought single
handed for bmetalism. She would GER
tainly resume it if the United States should
adopt free coinage Englang will not follow
so long as Goschen is in power, and Glad
stone is also a gold-bug, but there is a
growing sentiment in favor Of silver in En-
gland, and this must tell in the end. The
United States made mistake in adopting
the limited silver act. They should have
either passed an unlimited coinage act or
none at all.