The record-union., 1893-06-30

which viii keep them in operation until
January lst, no difference what the price
of silver may be.
a large number of representative
smelling and mining men OF the State
met this afternoon and unanimously de-
clded to completely close down all smelt-
ers, mills ana silver mines in Colorado.
Ex-Governor }. b. Grant, OF the Omaha
and Grant smelter, presided. Resolu-
tions were adopted, which declare that
the world cannot transact business with
out silver money; that the actual cost and
value of metal far exceeds the incorrect
views the monO-metallists have formed:
that the inevitable course Of events will
quickly demonstl ate the enormous sums
OF money invested in railroad loans, and
other property will 50 depreciate in value
that the mOnO-metallistsw will also be con-
vlnced that some action must be taken
with silver to restore it to its legitimate
use which it has held from time imme-
mortal. 1t was therefore resolved to
completely close down all silver mines,
mills and smelters in Colorado until such
time as silver is appreciated at its proper
worth. This action will throw many
thousands of persons out of employment.
BANKS TO BE SECURED.
SIMLA, June 29.-The Indian Govern
ment is discussing the claim of the var-
Gus banks which have 100000 pounds of
silver on passage to India, and which
want compensation for the depreciation
in value of this metal arising from the
action of the Government in stopping the
frpn f.Ni1 E oil, l. II. ,e--
ernment is inclined to secure the banks
against loss.
THE MATTER BEFORE THE COMMONS.
LONDON, June 29.-Further inquiries
were made in the Commons to-day re-
garding the effects OF the action of the
Indian Government in stopping the free
coinage of silver. Russell, Parliamentary
Secretary for the Indian Office, said
neither the Government of India nor the
Herscheu committee expected the COM
promises in India to be materially
altered under the new currency arrange
ments.
Goschen, ex-Chancellor of the Ex-
chequer, asked whether the Herschell
committee and the Government were
prepared for the great fall which had
already occurred in silver. Would not
the fall modify the views of the Govern
ment and committee?
Gladstone then said there was no like
lihood OF any serious fall IN the value of
the product in India. In case such fall
should occur, he would readily state the
views of the Government.
THE DEPUTIES WILL NOT DISCUSS IT.
Rnrr-GIrrC
question in the Deputies to-day NJ.
Bernaert, Minister of Finance, stated
that the time was i'll chosen to discuss the
probable effects of the Indian monetary
question on the silver interests of the
nations forming the Latin union. He
added that the International Monetary
Conference would probably be assem- bIed
in Brussels shortly.
THE STRAIN AT BOSTON.
BOsTON, June 29.-The strain on the
financial situation to-day was severer
than ever. Stocks were demoralized at
the start Liquidation was extremely
heavy under the pressure, and prices
tumbled badly. The banks are calling
in loans on all sides, and some of the best
houses on the street had to pay alb
normally high rates to get carried
through.
HIGH RATES FOR CALL LOANS.
New YORK, June 29.-The rates for
call loans to-day reached the highest
figures since the present stringency set
in. They rose to 3-l6 per diem and inter
est, equal to about "A! per cent. per an
mum. The pinch was particularly severe
this morning. Efforts were made to have
the Clearing banks take out large
amounts of loan certificates to tide over
the first of the month, the critical period.
ana they proved successful, as the banks
asked for and the Lean Committee issued
S6,300,OOO certificates, the largest amount
for many day thus far, leaving out
standing Sl3,330,000. This relieved the
market and there was drop in tho rate
to per cent. per annum and a rally to 20
per cent.
The dealings in time. money and mer-
camille paper were practically at a stand /
still. The stringency in money demor-
allied the sterling exchange market and
selling rates fell below gold importino /
points. Bankers were liberal sellers Of
bills in order to take advantage of higher
rates for money.
The drop in silver in London demoral |
lied the market here. At the Stock Ex- |
change, certificates broke from 6s5 to So /
while outside Of the board commercial |
bar silver fell to 62, and Mexican dollars |
to 55.
Up to O'Clock not sale was reported
in the mining department of the Stock
Exchange. At the Consolidated Ex-
change the trading in mining stocks was |
light, and prices were nominally lOM2O |
lower all along the line
This morning the clearinghouse COM !
mittee virtually formed a syndicate bv |
agreeing to take out a lot Of clearing loan |
certificates for the purpose of putting a /
stop to the high rates for money. and the |
panic that virtually existed in the money |
market. Some banks, the GalIatin and /
Fourth National for instance. have never /
taken out loan certificates before. and |
had no need to do so now, except for the 1
moral effect. By taking out certificates
though, 1t enables them to lend large
sums of money without entrenching the |
cash in their vaults. AS a result Of the |
committees deliberations an issue of |
S9,OO0,OuU certificates was authorized, and |
all members of the loan committee |
availed themselves Of the opportunity in |
to their capital except the
Chemical and Importers and Traders /
National Banks. 1t is thought they will |
take out certificates later.
The condition OF affairs in Pbiladelnbia
banking circles is becoming more
marked. According to adyices from
Philadelphia this morning the New York