New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-28
A BLOW TO SILVER VALUES.
THE ACTION IN INDIA SEVERELY DE-
PRESSES THE WHITE METAL.


WHAT NEwYoRK FINANClEKs SAY OF lhE
srsprxs1oy OF SILVER coINAGE-coSsE-
orrxcrs DIFFICULT TO MEASURE
STIMULATING REPEAL SENTIMENT
WALL STREETS MONETARY
PINCH.
r,,.. the action OF The British Government in
....no the coinage Of silver for private account
- India will have momentOus consequences was
t,..,v admitted in banking and financial circles
...terday Yet il generally said that these
conseouenoes were difficult TO measure at pres
ant There is a general belief in Wall Street
that the step taken by Great Britain VIII insure
On. abandonment Of this country's policy In sup
uortiue silver by monthly purchases, and this
view givee the favorable aspect Of the news
But IL cannot be concealed that great uncertainty
awaits a 10 the effect upon the United States ana
fear exists that q hurtiuI influence may also DE
exercised BY Engand's action. There Is some
hestation in discussing frankly the situation, but
the blow given 10 the silver interests oil the
country is shown in the market decentralization
of the white metal. There is such variety OF
,hases 70 the question that financial sentiment Is
unable TO shape itself with positiveness.
DEPRECIATION ALREADY LARGE
Tho depreciation in the value of silver already
Ia great Opinion is general that the low prices
,v,I check mining and smelling operations, and
,h,s I'm turn raises the question of the effect upon
railroads which are engaged largely IN the trans
....,o,ior OF ores and bullion. 1t may not be dis
ou,..d that fears exist as to the financial consc-
,.rc.s in communities largely dependent upon
A.. ,,,o.nerity of the MINING industry. The effect
-, Indian wheat competition with American
,.o, and on this countrys trade with the East
Ya,os ond with South America, is a subject that
4. ;rvolved in uncertainty. And not the hast Of
.ho conseouences which shrouded in doubt is
.h. nossble result of EnClands action on her own
Ca.tern dependencies. AID the reaction which Will
- +e,t eyerywhere on international trade con-
.;. r,.r are loath to commit themselves TO
n.s,,;ve ouinion upon the different aspects of the
a+r.tion. Only on two points is there general
o,;r.r namely that the effect on silver will be
,niuricns and that impetus should be given to
..,nd currency legislation in the United States.
TIE SILVER MARKET IN CONFUSION.
r. .ontrs;on into which the silver market
has been thrown was indicated when the dcal-
,nr. ~ silver bullion certificates began yesterday
.hn s,oct Exchange These certificates arc
i.r.a nv the Mercantile Safe Deposit Company
unon hulIon deposited with il. The company
.arv ho,d. only 2lO74o ounces. There has been
m .rtenave speculation in thes" certificates Snce
the big bull movement which attended the
nropress OF the legislation that took form IN the
socalled Sherman law in 1870. Yesterdays mar
ket for the certificates opened in complete de-
mo,alization First bids were a cents an ounce
but no offers were made below IS cents. Monday
ninht'e price. As sales were possible az '"'
h;rbar oures holders began to reduce their offers,
but would-be buyers the more rapidly lowered
thai, b;ds By the close. the difference between
hod sfa
ounce had widened to 6 cents. oilers heing mace
a, ,s cents and the best bid being 20 cents.
Thar was not single transaction In nullion
ce,tifoates in consequence of the wide oispariN
between the views of buyers and holders Inc
commercial market for bar silver was prdcucanS
at a standstir but 73 cents an ounc" was inc
nominal price. In London the price OF bar silver
fell l penny to SD ounce, following the de-
cline of i-2d on Monday. Opinions diner as 10
the immediate Of the silver market. Inc
depreciatng effect of Englauds action is admitted,
but some dealers contend that the full ehcco vi
the shock has been felt for the present.
EXPECTS on MINING SHARES.
In smaller way the speculation in mining
shares at the Consolidated Stock and Petroleum
Exchange reflected the detrimental eject OF 'he
suspension Of free public coinage in lndla lhere
In no speculation in these shares in this city eN-
Cept AZ tnat Lhcndnee Inc U1nbdttioHS o"o'
ed TO 100 shares. against 100 shares on Moii-
day Some of the declines in prices were as
follows Best and Belcher stock fell from 80
cents a share 70 20 cents: Crown Point nom ao
70 30; Comstock Stock Company from 10 o
Could and Curry from 60 to 49, Hale ana NUT
cross from 40 TO 80; Little Chief from 10 20 49,
City Of Nevada from 10 TO :o Union Noh-
solidatcd from 20 to 40; Ontario from sll 10
$40: Consolidated California and Virginia from
81 65 TO 81 80; Horn Silver from S3 % TO - oo
and Yellow Jacket from 81 80 to 81 a share.
AN INFLUENCE TOWARD REPEAL
In Wall Street speculative circles the Silver
question was discussed generally in an op'lihis'ic
mood. The action Of England was accep'cd d. dill
important influence toward the unconditional re-
peal OF tho silver purchase law. Most foreign
bankers declared that they could not say what
The effect might be. member OF one large
Broad-st. house said This action is unfavoranle
for this country. OF course. silver must stu DE
used in settlement of Englands trade debts 10
India, but the suspen sion Of Indian coinage VIII
increase the use of gold in these settlements 1he
demand for gold will be increased and in the pres
cnt condition Of our currency system here that
increases the danger Of losing the precious
metal The first step in scf-protection for the
United States 10 take is to cease its purchases o.
silver repeal of the Sherman law might re-
storS -kyapean confidence sufficiently to nullity
much O, the bad effects of England's step
The prevailing opinion, however, was that this
country was strong enough TO Withstand any sill
yer crisis. and good results were hoped for from
the stimulus expected to be given to remedial
financial legislation by Congress
TALK WITH l.. zIMMERMANN
l.. Zimmermann Of Zimmerman & Forshay,
large dealers in silver bullion SAID: IL Is n',
possible to tell what ultimate effect the action ol
the Indian Government will have. 1t has already
demoralized the silver market. and prices are al
most unauotable. Mexican exchange, when YES
terday wss l52. is now lso The effect on feru'