The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-06
THE FINANCIAL STRAIN.
ONLY FINANCIAL MATTERS TO BE
WORKED ON BY CONGRESS.
The Session May Be Brief. Merely Grant
ing President Cleveland Authority to
Suspend the Purchase Act-0pin-
ions Of Gresham and English.

WASHINGTON, July 1.-The opinion
is held by number of congressman
that the extra session called yester'
day by the president will not be 8
lengthy one, but financial matters
alone engage it's attention. Prominent
among this class is G. f. Wheeler o
Alabama. Said Wheeler: "The peo
pie have tested the virtue of the silver
purchase act and will now be given
an opportunity to observe the working
of it's appeal. Numerous members
believe it would be wise for congress
as soon as organizer to pass resolu.
tion giving the president authority to
suspend the purchase act. Congress
could adjourn at once and then in
regular session in December the finan-
cial condition could be dealt with in
telligently in the light of the result OF
four months work under any policy
the president might under the resolu.
tion inaugurate.n
GRESHAM ON THE SHERMAN LAW.
INDIANAPOLIS, July 1.-When
asked this morning if he had seen that
President Cleveland had called con-
gress TO meet in extra session, Sec
retary w. @ Gresham said: "i es,
and am very glad indeed. 1 believe
the call will do much toward allaying
the doubts that exist as to financial
conditions"
"Do you think congress will repeal
the sherman act?n
"I certainly believe it will. 1 will
say too, that two weeks ago congress
would not have repealed the act. 1
know whereof 1 speak when L say
that.n
AS ENGLISH VIEWS 1T.
INDIANAPOLIS, July 1.-Hon. Wm
H. English today said: " There
is an unfortunate tendency
for hard times to como Pc
riodically, but now there seems
to he a special reason for rouble. The
main cause is undoubtedly wide
spread fear that the country will ulti
mately be brought to a silver stand
ard with silver coin worth only it's
bullion value, about so cents on the
dollar. There should be something
done to raise the ratio between the
two metals gold and silver. Disuse of
bank bills and gold coin below SIS,
will be beneficial, and certainly most
persistent efforts should be made to
induce foreign governments to join in
widening the field for the use of
silver"
NEW YORK STOCK EXCHANGE.
NEW YORK, July 1.-Wall street
was in more confident mood today
and the anxiety which has been 80
profound during the week gave way
to a feeling of relief. The change is
due entirely to President Cleveland's
proclamation calling for an extra ses.
sion of congress to provide Legislation
to alleviate the financial distress.
The opening of the stock
market was active, excited
and in the hrst Is minutes business
prices bounded up 1.2 to 43.4 The
bears were the most anxious buyers,
but purchases were not confined to
shorts Commission houses reported
little more inquiry from outside
sources, and if money should work
easier next week they look for contin-
uance Of demand. Toward II o'clock
the market quieted down considerably
and prices ran off. Some of the
traders then began to discount
the effect of the bank statement,
which they expected would be unfa-
vorable. They were correct and the
whole market weakened. The decline
was from top figures of the morning,
1-2 to SC, and the reaction was great
est in the industrials The market
left off comparatively weak, although
a majority of the prominent shares
showed gains of 1-2 to per cent
for the day. Railroad bonds were
fiji m