The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-27
WALL STREET DAZED.
But the White Metal Has but Few
Friends There.

EIfSiId1 IHSEC.
NEW YORK. June %. - Despite the
gloomy weather to-day Wall street was
comparatively cheerful and contented.
Currency shipments to the West were
almost nothing, and the only bank failures
reported were from Buffalo and Minneap-
oils, and neither of these had any effect,
the announcement Of one coming too late
to disturb the situation and the other be-
ing regarded as unimportant.
The rates for sterling exchange were so
low as to raise hopes of gold impOrtations.
and finally advices from Chicago indi-
Gated the return of considerable amounts
of currency to this city for disbursement
as July interest and dividends.
On the other hand, the quotations in
the Stock Exchange were lower, and the
money market was exceedingly tight; but
these symptoms were not unexpected, and
were not permitted to have any marked
influence on the general good feeling.
One of the new features in the situation
was the news from India indicating the
closing of the Indian mints to tree silver
coinage. Wall street did not know what
to make of this announcement. 1t was
surprise and it found nearly every one un-
cance. The silver market. however. was
not slow TO respond to the news, and sill
yer bullion certificates sold to II, the low
est they have ever touched.
Holders of silver bullion have been ex-
pecting report from the Parliamentary
Committee, of which Lord HerschalI is
chairman, and which has been investigat-
ing the silver situation in India, and it
was not doubted that the report would be
unfavOrable to the white metal. AS
consequence the silver market has been
weak and unsettled.
1t was not. thought, however, that any
definite action would be taken by the In
dian Government for months possibly.
Certainly not until the report had been
submitted to Parliament and its recon-
mendations had been approved by that
body. The sudden decision to change
Irdia's money standard from silver to gold
came. therefore, like a storm from clear
sky and Wall street was daZed. AS far
as practical action was concerned, nobody
took any and the stock nfarket gave 40
response whatever to news which might
have been expected to produce a most
marked effect.
There are only few pronounced silver
advocates in New York, and these men
yesterday wore long faces and predic ed
dire results for this country. They re-
fused to talk for publication. but in pri-
vate they declared that a great blow had
been struck at the prosperity of the
United States, the largest silver-pro-
dncing country in the world.
The great majority of Wall-street bank
erS and business men were of unite an
other opinion. They professed themselves
unable TO say what the immediate effect
of the Indian Governments action would
be, but were confident that in the end it
would result in The complete discontinue
of the advocates Of free silver coinage in
the United States and the unconditional
repeal of the silver purchase act. They
argued that this country could not possibly
afford to continue itslpresent policy of try
ing to sustain the price of silver almost
single-handed against the world. and pre-
dicted that in the near future silver would
take its place among the ordinary GEM
moditieS of commerce and bring prices reg
ulated only by cost of production and the
actual demand for the white metal in the
natural market.
India and Mexico have heretofore been
the only countries in the world where the
free coinage of silver was undertaken. and
now with India stricken from the list. the
United States. with its siiver-purehase bill.
will have only Mexico to assist it in keer
inc I'D the yalna of silver