Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-06-29
THE SILVER SLIDE.
Bankers and Politicians Absorbed
by India's Act
NEW YORK BROKERS APPROVE.
WIN Compel This Country to Repeal tho
Bullion Law-views Of A. J. Warner
and other Friends Of
silver.

silver.
NEW YoRK, June 2s.-While, accord
ing TO bank officers, there was no
change Of conditions to warrant any
marked increase on stock exchange
prices there were not lacking reports
OF n character calculated TO inspire con-
fdence, as well as some facts which
justified the belief that the outlook
was brighter. One of the rumors was
that the president was going to call an
extra session of congress in July 10 re-
peal the Sherman silver law, the reason
for the change from September to
July being the action of the Indian
government in closing the India minis
TO private coinage OF silver. The
question was being discussed, 1t was
said, ut meeting of the cabinet An
other rumor was that DreNel, Morgan
q Co. were going TO import e., 600, 900 Of
gold. Mr.. Morgan, When asked as to
this story, said that as soon as he inn
ported any gold he would make the fact
known.
The rate of exchange amply war
ranted imports of gold, II there were
enough of exchange obtainable at the
figures quoted. Brown Bros & Co.
sold demand bills at T. 81, but IL was not
believed that there was enough bills
offering 20 cause imports of gold ut this
time,
Frederick d. Happen, president of
the Gallatin National bank and chair
man of the clearing house loan com
mittee speaking OF the situation, said:
"The clearing house balances were
small and well distributed and every
thing looked easy and comfortable.
think lie continued, that there will
be great improvement in the situa-
ton after the July disbursements have
been made. do not expect TO see any
great shrinkage in values on the stock
exchange do not see on what any
one can base an expectation of shrink
ages In my opinion the shrinlnge has
already taken place. The action Of
the Indian government on the silver
question Is the most important piece of
news published this week II leaves
this country as the only one in which
there IN u market for silver and is UNI
doubleday a strong argument in favor
OF the repeal Of the Sherman silver pur-
chase law"
Russell Sage said regarding the sill
yer situation: 81 think the action of
the Indian government will have the
effect here OF Fastening the repeal of
the silver law. | consider that law as
done for now. What disposition to
make of the great amount of silver
which the government has on hand and
TO place some fixed value on II are the
questions now"
Jesse Seligmdu said that one result
of the Indian governments action would
he to bring about an immediate estab-
lishmcnt of an international monetary
basis OF u fixed ratio, 1t will have us
much effect in England and other
European countries as in the United
States. II will also be strong argu-
ment in favor of the repeal of the Sher-
man act. Unless this was done better
times would not be effected.
A very serious state of affairs has
developed in Philadelphia. Several OF
the big banks are practically unable
TO remit to the banks of this city the
balances due them for remittances, and
Philadelphia exchange is practically at
premium to-day in this city. The
Philadelphia banks say they are un-
able to procure New York exchange,
and they can not get gold or cur
rency to ship. One bank In this city
has 5000, 900 locked up in three Philadel-
phia banks in that way. OF course, It
could send down and demand the cash
but IL is unwilling to do so. The prob
ability is that there will be larger is
sue Of clearing house certificates in
day or two, and the balances due in
New York will, It is presumed, be paid.
In the meantime, however, business
men having drafts on Philadelphia
will not be able to get credit for them
here except at pretty large dis
count