New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-27
COMMENTS OF NETWORK BANKERS.
THEY HESITATE ABOUT SAYING WHAT IHf
PROBABLE EFFECT OF THE ACTION

THEY HESITATE ABOUT SAYING WHAT THF
PROBABLE EFFECT OF THE ACTION
IN INDIA WILL BE.
Despite the gloomy weather yesterday. Wall street
was comparatively cheerful and conteted. Inc
currency shipments The West, except TO California
were almost nothing the only bank failures rtpo'"
we're from Buffalo and Minneapolis. and neither OF
these had any effect the announcement OF one coming
too late to disturb the situation and the Other be1'g
REGARDED as unimportant: the rates for stcrne en-
change werc low TO raise hopes OF GOA import
atoms and, finally, advices from chicago m"ic"'t"
the return OF considerable amounts OF currency 10
this city for disbursement July interest ana dVi-
dends On the other hand, quotations on Inc BOOK
Exchange were lower and the money market was
exceedingly tight but these bad symptoms were not
unexpected and were not permitted To have any
markedly bad i2iuence on the general good feelns.
The one new lecture In the situation was the newsfrom
India indicating the closing Of the Indian minis 10 rec
silver coinage Wall street did not krDw what 10
make Of this The announcement was surprise ana
,o,na nearly every one unprcparcd 10 make an esti-
mate Of IT'S Significance. The silver market however,
was not slow 10 respond 10 the news, ana silver
bullion certificates sold down 10 ~ the lowest piice
they have ever touched. For some time holders OF
silver bullion have been expecting report from the
Parliamentary Committee. of which Lord Herschell
Is chairman and which has been investigating the
silver situation In India and II was not doubted that
the report would be unavorabe TO the white metal
THE NEWS NOT EXPECTED so SOON.
Az a consequence the silver market has been weak
and unsettled II not thought. however that
my definite action would be taken by the lndian
Government for months possibly certainly not until
the report had been submitted 10 Parliament and lis
recommendations had been approved by that body
The sudden decision TO change midas money standard
from silver TO gold came, therefore. like storm
from n clear sky and Wall street was dazed. AS
far as practical action concerned, nobody took
any, and the stock market gave response what
ever TO news which might have been expected TO
produce most marked effects.
There are only few pronounced silver advocates In
Newly ork and these men yesterday wore long faces
AMI predicted dire results for this country. They
refused 10 talk for publication, but in private they
declared that a great blow had been struck at the
prosperity OF the United States the largest silver
producing country IN the world. The great majority
of Wall Street bankers and business were Of
quite another opinion. They professed themselves
unable to say what the immediate effect OF the
Indian Governments action would he, but we're
confident that Ia the end 1t 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 Of 1880. They
argued that this country could not now possibly
AFFORD 10 continue its pre.ent policy OF trying TO
sustain the price OF silver almost single handed against
the world, and predicted that Ia the near future
silver would take Its place among the ordinary
commodities OF commerce, and bring n price regu-
lated only by the cost Of production and the actual
demand for the white metal In natural market.
India and Mexico have heretofore been the only
countries In the world where the free coinage Of
silver vas undertaken and now win India stricken
from the list the United states. with Its Silver Pur
chase bill, will have only Mexico to assist 1t in
keeping UP a fictitious value for silver.
SHADOWS CAST AHEAD.
report was In circulation about two weeks ago
that the Herschell committee would advise the clos
ing OF the Indian minis and the adoption OF gold
standard for that country. Questions as to the ac-
curacy OF the report put TO the Government
leaders In the House Of Commons. The explanation
made by Mr. Chaplin, president of the Board OF Agri-
culture tended TO discredt the story lie said that II
the natives OF India grasped the full Significance Of
such a report, 1t might lead 10 rebellion, incescd
were they with what they considered the Indifference
Of the Home Government 10 the gravity Of the financial
crisis In that country.
The sales OF silver bullion yesterday at the stock
Exchange amounted 10 10000 ounces. In lots OF
10000 ounces each, at IS IL. - IL. - and 49,
At the established ratio OF coinage the value OF silver
L. 81 20 ounce. At yesterdays market price the
value of the metal in standard silver dollar Is only
n fraction over 20 cents. The last previous sale Of
silver certificates at the stock Exchange
81 L. on Friday OF las, week silver certificates
were listed OIL the stock Exchange IN February 1900
They then sold a; 90 H. In August. 1891, they