The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-28


Tho SILVER Fanatics Modifying
Their Views-Mr. Warner Takes u
Gloomy View Of tho situation-He
Thinks the Indian Move tho Result
OF u General Conspiracy-The situa.
tlon Critical iu Financial Circles,
But no UncasinosS Manifested.
NEw YoRK, June 27.-The situation
in Wall street has boon further COM
plicated by the latest developments in
oliver This started renewed liquida-
ton yesterday, and rivlted attention on
the attitude Of the incoming Congress
regarding the Sherman silver purchase
law. The great majority OF Wall street
people are anti-silvorites, and their in
teres! lies in repeal Of the law. They
argue that the compulsory purchase OF
silver monthly must bo abolished be-
fore there can DO any lasting improve
mont. In the meantime speculations
ut tho stock exchange are at very low
cbb, and the variations in prices which
occur from day to day simply reflect the
operations OF the professional element.
Even II the general public was disposed
10 enter the market us buyers the lack
Of money for borrowing purposes would
prevent ventures.
LIMITED TRADING.
Conservative houses arc doing evcry.
thing in their power to limit trading
for tho reason that tho leading firms do
not caro- to charge their clients moro
than tho legal rate of interest on thoir
transactions; neither do they care to
pay the difference between six per
cent, and 35a4O per cent. which wore
the rites yesterday. For time even
these fancy rates did not bring out any
money to speak OF. Orders to purchase
outright naturally arc not refused but
the absorption OF securities from this
source at present is insignificant and
confined chiefly to stocks selling at low
figures and which have been cut in
two, 80 far as price is concerned, during
tho past six months or 30. The clear
ing house banks have not taken out
loan certificates In sufficient amount
TO influence the market to any,appre-
ciable extent, aud it is hardly to be eX-
pected that they will consult the
wishes OF stock speculators in this re-
spect, especially when distress prevails
in tho mercantile community
The feeling at Chicago is also dis
tinctly easier, and tho indications
point to a return flow Of currency this
way. Still, no great relaxation in rates
can be looked for until somo time in
July, after the semi.annual intoroat and
dividend payments havo been COM
plotod. Ono Of tho bright spots OF the
situation is the Generalization Of tho
sterling exchanges. This holds out the
hope OF gold imports To-day 1t was
rumored that about 100000 had been
engaged in London for shipment 10
New York. Here again money comes
as an important. factor, rs the wide
fluctuations in rates, brings an clement
OF doubt. With noneyat 9 ono minute
and 35 or 40 the next, shippers Rre apt
to 90 slow before ordering this way, as
tho profit at best is small one.
Silver was weak again today. The
best bid iorttho certificates at the stock
exchange was 10 against rs sales at the
close Yesterday. Commercial bar ell
yer dropped to 70 while Mexican dol
lars arc nominally GO cents. Brokers,
prefer however, not to give a quotation
Tor tho latter. At tho stock exchange
Ontario silver mining stock broke 1! TO
l25. The market is still influenced by
the closing OF the Indian mints.
REPORTS RrsronE CONFIDENCE.
whio according to bank officers to-
day there wnu no change Of conditions
to wntrant any marked increase in
stock exchange prices, there was not
lacking ropoMs Of character calculated
to inspire confidence as well Ns some
facts which justified the belief that the
outlook was brighter to-day than 1t was
yesterday. ono Of tho rumors was that
tho President was going to call an extra
session Of Congress In July to ropeaI
the Sherman silver law, the reason fol
the change from September to July
being the action OF tho Indian govern
mont In closing the ludia mints &c
private coinage Of silver. Tho question
was being discussed 1t was said, ut 1
meeting ui tho cabinet to-day
Another rumor was that DrcXal, Nor
gan & Co. were going to import 5000,
OOO Of gold Mr.. Morgan, when asked
Rs to this story, said that as soon ns hC
imported nny gold ho would make thu
fact known.
The rate OF exchange to-day amply
warranted imports OF gold II thero wcrt
enough OF exchange obtainablo nt The
figures quoted. Brown Bros, & Co. sole
demand bills at 4S3, but 1t was not DO
liovud that thcro werO enough bill
offering to cause imports OF gold at thii
time. ~
Early this morning $4,000 IN gold
was deposited In tho sub.trca'ury fol
lplcrrnnhic trnnutoF TO San francisco
md 1t was expected that 100000 more
would bo aunt In the same way to-day
No currency shipments to the country
were reported ut tho sub.trCusury to
day, but tue banks shipped botwoer
$4,000 aud 100000 to San Ftanclse'