New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-28

tionary, effect on the commerce and credit OF me
world of hostile action by India ana that pro
posed by the United States against siINr' Wv
not believe tina: such radical acton can ~ t"nnn
lV both rations without producing caliriish an
without results which would be prcJddlcial 10 or
highest commercial and financial interests III ,n.
end. cannot better state nay opinion a. " "in a
the effect will be iii India OF the proTo~u sur
sitution OF "A gold for silver stahiarl tiiah -
quote the words of Tire London S,aIls isl,
Deccmber "a 1892: We're that done there wonil
"A disastrous fall IN prices: the burden oi dcDts OF
all kinds would bc increased trade would De us
turbod-cspcciailg the export triie-wohid 1c III
jnrcd the vast boards OF SILVER wodiu n, "T of no
litical trouble. We hold. therefore, that the 1rue
policy for the Indian Government AT the pr' Sr
time is TO maintain the existing currency inIs
is from a high mono-metallic gold organ. IL In
dja gives up its silver standard il must adopt
gold standard instead. even il 1T be standard
only in name British trade AMI banking inter,
ests in India, China. Japan, MeNico. sentr ri
America. Portugal and Spain must be put In seri.
Gus Jeopardy by any further probation in silver
COURSE or TIE STOCK MARKET.
The uncertainties of the silver question were
ignored by the stock market yesterday, IN VIE"
of the moderate relaxation in the monetary stress
due to preparations for making the usual July
settlements Rumor played an important part
in changing speculative temper. one story being
that shipment of 81, 10000 600 gold from England
had been arranged for, and another that the
President had decided upon calling an extra SEES
sion of Congress at an early date, These reports
checked the generalization in early prices causeu
by renewed bear raids, and there was prcclpil-
tate movement to cover shors contracts ,,cr in
carried prices up rapidly las per cent Lat,L III
the day Washington advlces declared .ha' 'nGl.
prospect of session OF SolgrG d nnnrts
than September The rumOr oil 'gOld Imports
could be traced to no responsible source. ,.
The foreign exchange market again was weak,
but it closed steady in tone, with some disposition
~ recovery bankers generally, said that there
Of an
to the abnormal state of the money market ~
was suggested that some large bank or oa nnr
tificates on the deposit Of gold collateral sccur!
ties, and thereby obtaining money at per cent,
the funds for d 5he no sISs of Of
yesterday, however the amount on.i'anc cnmfi ba
naming at S5,S00,o00. No information co.ia ~
obtained leading to the suppositlon .Hai o omt'
scheme of gold imports might be carried ou';
Pankcrs declared that only by such an EXCEPTIONS,
transaction could the precious metal DE imported
at profit. With the rate 1or none ne hs,e would
use its capital in importing gold, WlhG up VIZ
sum for six days on the ocean. Whctnt, soi'
imports might occur II the money n'i en-; an.
lansed 70 n normal frmncss after the senil-ah-
NAL navments were completed, depended II was
asserted, upon the course of international traue'
CONDITION OF THE MONEY MARKET.
The large lenders of money on call at the STOCK
Exchange yesterday morning renewed loans d.
5a20 per cent. This removed large part Oh
tho dov's demand and in the afternoon money
rates fell to 10 per cent. The Sub-1rcasury PAID
ont for Government interest Sl.2s2,569 In"
Chicago and Northwestern, the Chicago ~ rau''
MINNEAPOLIS and Omaha, and the MILWAUKEE,
Lake Shore and Western paid out interest que
nm Juy l. II was officially announced by inc
Treasurer-E " w. ROssitcr-that totidy pay
mont would be begun Of the semiannnai huics'
on the first mortgage bonds OF IN" VS. III III
Railway. the scmi-annual interest on 'nc ponus
1iNi
Recch Creek Railroad and tho seml-amnua sI I,
dividend of the Harlem Railroad. all due July
I The amount of interest and dlvidenns Ihus
anticipatcd is S2.67s, 900. Baltimore uispa,cI,
ann6unccd that the city authorizes hiu u',li,r"
"a anticipatc the July interest on III" cry s'w..
amounting TO $500 Gao This money r'lcaseu I'm. uiis
week when there j. necessarily large shllun-
of loans on account of the july diSpur,,'I'IIl,s
will tend 10 lessen the strain attending 'hc July
settlemcNts The fact that July falls on Sar-
urday makes this week a particularly haru T n
in the money market. because me STOCK ~
Change by its rules, or Friday - coInp'hco "
make loans over Saturday and sunday AN,
The currency movement 70 me Interior sr,s
continues light There was 100000 transferred
AZ Tho Snb-Treasurv for payment at San Francesca.
snd the direct shiDmcnt 10 California amohh,'u "
ahout 5000 900 There was some demand lor lun',
f,ou, Ncv.Orleane and other Southern poln,S. an,
some shipments 70 Buffllo. The southern o'ha"'
6 incidental 10 the seas and r"preS"nts no nm
nernl StroSs Tho rooucsts from RnGaio wcr" pre-,
coutionary in character. Tlr total shipments u.
Money IN nlacrs outside OF California were anont
oono oo0 There is a lighter pressure Tor re-
discounts from interior banks. buy numerous ~,
ou;rios are made "a 20 the amount OF Iuhd> WHICH
| could bo obtained here if needed.