Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-06-29
CONDITIONS ARE EASIER
in the New York Money Market-rhe Ao-
tIon of India Discussed.

IN the New LOrk money MhrkeG-1ne AC-
sion OF India Discussed.
New YORK, June 2S.-Bankers re-
ported an easier condition in the money
market this morning. There were no
extraordinary shipments OF currency
reported up TO noon. No telegraphic
transfers Of money have been made
4 from San Francisco and the demand
a from that section is believed TO be over.
4 The only thing noticed out OF the Ordi-
= nary was q large number Of demands
for rediscountss from all over the
country.
The silver question was the chief
kopic of discussion on Wall street. Later
lin the day the clearing house loan COM
mittee issued Sl,33O,OOO OF clearing
house loan certificates, making the
total amount issued Sc, 500, 600.
There was much talk in Wall street
5 TO reasons which prevented the
president calling Congress together i'm
mediately. One report was to the effect
that the President, In conversation with
q leading member OF the House, had
said that while there was no reasonable
doubt about there being a majority In
the House favorable TO the repeal OF
the sherman law, il was by no means
certain THAI q like result would follow
in the Senate, and that this uncertainty
OF the Senate was the prir cipal factor
against the calling OF an extra session
earlier than September. An intimate
friend of the Secretary OF the Treasury
in conversation with a reporter, said
that according 70 Mr.. Carlisle, q
canvass Of the members OF Congress
\ -.
half Of Mr.. Cleveland, with the result
that 1t was learned there was major
ity Of the House in favor of the repeal
of the Sherman law, but that In the
Senate there was a majority Of 20 the
other way. Ii was believed that enough
Senators I'll at least) would be convert
ed before September TO enable repeal
measure to be passed in the upper
House.
An ex-Treasury official when asked
about the effect of the Stoppage Of free
silver coinage by the Indian mints said:
I.rhis Is very complex question, and
nntil we know just exactly what the
British Indian Governments intentions
lhre IL is impossible to discuss the Ques-
HtiOn thoroughly. In some respects il
country. Heretofore an English mer-
chant has heen able TO buy say dollars
worth of silver for sixty-eight cents and
have ID coined into q dollar Indian
money! with which he could buy dol
elar's worth Of wheat, and that gave him
ID decided advantage over the American.
THE British government will no doubt
kry TO avoid interfering as far as posSi-
bls with commecial interests not only in
their own dominions, but with the rest
pf the world. They are always very
eonservative."
HeAry w. Cannon, president Of the
Chace National bank, aud one Of the
Representatives OF the United States to
she international monetary conference,
bald: ''The closing Of the Indian mints
Yto the free coinage OF silver will not in
my opinion, have any immediate dis
dressing effect upon our trade or CON-
nerce, although 1t must. OF course, de-
rpreciate the price Of the white metal.
Our merchants, as a rule, can adjust
themselves 10 the fall Of prices occur
ing Ia the East without any serious loss,
and the United States is In 3 better po-
sItion to ward of any depreciation in
silver than any other country. Az
though the annual production Of silver ID
sthis country is large, India ard the East.
France and the Latin Urion, are
ahe largest holders of silver money, and
ngland's attempt.to place India upon
gold basis may not be suecessful, q