New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-29
SILVER VALUES SHRINKING.
ANOTHER SEVERE DEPRESSION IN THE
PRICE OF THE WHITE METAL.
vxn,.s ACTION CAUSES WEAKNESS IN BULLION
AND sECURITI Es-DIsMAY OF THE NiNiN'
1NpUsrRY-MoNEY RATES HIGH sUf
THE JULY SETTLEMENTS NOT

LIKELY TO GIVE TROUBLE.
IT.. s,,ver question has been the principa' topic
-. A,.ccs,on IN financial circles since inc news came
Of the closing Of the minis OF ihda 10 '''e nee wa"
age Of the white metal The "soDei se'ohu 'no"e"'
Of Wall Street seemed to recognize .nat '"'s "'.",
WAS an untoward element IN 'he 'i'"auo' ~ I
,unctur. and the depression OF silver extehae" u
a., ,.ns-o, sneculatiye market. The weakness was
- Sc fresh rerorts OF Important hank and COM
m.rc,a, failures the INTERIOR although the poso"
a., N.wyork was considered by bankers as showing
enp stability under the extreme monetary pres
re fe ms the preliminary to the July settlements %
Co. .h.r. has been no indication Of any Important ae-
tau,t or suspensions in this city and the hope Is
strengthening that next week may be turned WIN
,sss friction rnan has been expected
little new light was thrown upon the silver PROB
,cm by the comments Of bankers and hnancmi men
Yesterday Uncertainty to the effect OF the acuo"
Of India continues to be the principal feature oi c
expression OF opinion While Wall Street looks 10 'he
repeal of the Silver Purchase law as step which VIII
holm 10 defend American finances the outlook beyohu
that action appears In no clear outline. The repeai
is recognized as only the beginning OF the "o'uS'
ment OF United States currency questions upon
sound basis and meantime 1t Is Impossible 10 eshma'e
fully what complications may arise out OF 'ne oc
ranecment of silver values and the mining Industry.
From some OF the cable dispatches published through
The day bankers inferred that even English ana
Indian sentiment not decided In IFS views as 10
the consequences of change In the Inciah so'"u"r
Of value The security markets In London wci" syn
pothetcay affected by the further severe dcchhe i'll
silver bullion and shares. An indication OF 'ne "'''
certantes Of the situation was furnished IN the "o
vice. that the Indian banks intended TO raise legal
ouestion over the refusal Of the minis on MONDAY
70 accept tenders of silver merely on teleerapne
intmations OF n change in the laws. bo"'o'S
cable dispatch conveyed the significant Information
that an effort would be made to have the Govern
ment compensate the banks on account vi '"
large holdings Of silver.
p,rtors here regarded these points Of discussion
. torxhoaow,ng the obstacles that might lie In the
NTH Of the English Government in its ehor's 10
establish a gold standard m india some pahhers
we're almost sanguine that the dmcniues "o"u
prove so great TO force reversal OF the nrii'h
nol,cy. Another point raised was as to the ehect
q, Inds's action upon the situation IN France George
n Gibson said: al shall not be surprised to see the
statpsmen ard fnanciers Of France take some acuoh
20 sustain silver. Not only Is the STOCK Oh eo"'u
silver In the hands of her people large but the BANK
NJ France holds over $25O,00OOOO OF II AT lace Ut
Iesaltender value and shrinkaee Of IS per cent
In the bullion value OF this store wouio represent
the entire capital OF the bank
The paralysis In the market for silver buihoh
certificates at the stock Exchange was broken yrs
terday at the Of values. The total transacuohS
amounted to 10000 ounces or within 1o'ooo ounces
Of the entire store in the Mercantile Safe Deposit
The first dealings were made at '3 cents against
the last sale on Monday at 70 cents. There were
10000 ounces which changed hands AT '3. lhc
next sales were OF 10000 ounces at III CENTS ana
then the market followed this course: 10000 ounces
At 60 cents, buyer days; 10000 ounces al 10 L.
and 10000 ounces at 6S IL cents. buyer 3 days
The net decline from Monday IL cents and
from last week 10 cents. 1t was believed that the
day,s sales represented liquidation. and the buying
was said to be for account OF bankers who ntenoea
to ship the bullion to Europe. Bullion Droher'
believe that lowest prices for the time being VIII D.
reached by silver this week as on next MONDAY the
United States Treasury will come into the market
as a buver under the requirements OF the Sherman
INV The commercial market for bar silver was
demoralzed Yesterday. Sales were reported as 10"
IS 81 cents IN ounce, but the closing quotation was
nominally at 60 81 cents. In London bar silver
continued downward in tendency, 34o an ounce
being the nominal quotauoh' A'uPee P"P'i "
lower, at go "a.
The quotation Of silver mining shares at the Con-
soldated Stock and Petroleum Exchange showed ad-
aional heavy declines Leadvil1e Consolidated fell
from Is TO IA cents share; Little Chief from ID
IA 1s: Phoenix from As to 90; Small Hopes from 45
10 30; Union Consolidated from GO to %; Belmont
from 20 10 rs; Best and Belcher from rs to So !;
Rodie from 60 to Is; Gould and Curry from 80 TO
a.: Mexican from 05 to rs; Sierra Nevada from 40
to 60; Yellow JACKIE; from 81 10 to 80 cents; Horn
silver from So 80 to 81; Caledonia from III to 40
10 81 IS; Ophir from 81 As TO 81 20 and ontario
from sl3 10 So Ontario silver Mining stock at the
Stock Exchange declined from S12 to @lo on small
ssles and at the close the offer was 81 and the bid
q a share.
Among railroad stocks at the Stock Exchange Den
yer and Rio Grande preferred was acutely weak on
the unfavorabe aspect Of silver values. There wer
only 27O5 shares sold but the price fell from ~ IL
to 80 I-2, against 40 "a on Tuesday The STOCK Is
held largely abroad and the selling was due In part
TO London liquidation In 1881 the precious ores
furnished SIS per cent OF the total revenue OF the
Denver and Rio Grande. and In 1332 Inc proPoruoh
was 1856 per cent.
The general stock market was weak from beginning
TO END, although the total transactions were only
moderate and were somewhat less than on TUESDAY :
The more important declines were In the ihous'ria
group American sugar Refining going from 81 Ia
Tussday night TO 20 LARS L.; Chicago Gas from
es 81 70 06 5-saG6 "a; General Electric from
90 80 10 GO S-sa61 Is, and National Lead from
3ln4 TO rs 1-S0 % a. The declines III the railway
list were: Chicago and Northwestern from los -
oil Tuesday to 1O2; Lake shore from ia 10 IL ,
Nsw-York Central from 1O2 Ia TO 100 1-2; ST. Paul
from % to Goa &C 3S; Rock Island from ~ "a u
% 5-sS 50 l.s: Chicago Burlington and Quincy from
IS "a to 50 346s4; st. Paul and Omaha from 80
70 80 81; Atchison from % rs 10 81 l-2@2l 80
Union Pacific from 20 10 to PIAZZA le' LOUISVILLE
and Nashville from 90 to "a La u 49, Northern
Pacific preferred from 33 "a to 81 7-o"32 H.. ;
Delaware, Lsckawanna and Western from l49 10 10
146 12 New-York and New England from Il IA
10 20 I-sa2O IA; Missouri Pacific from 3: to 30 La
81 I-s, and Erie from II Ia to rs 3-o"ld L.
Western Union Telegraph fell from 81 to 40 d. ana
Manhattan Elevated from l26 1-2 to l23.
The depression In silver has raised an Interesting
discussion 10 the cost Of mining the metal. IL
Seems impossible TO arrive ut u general average the
cost OF production varying largeiy according 70 tnr
richness Of the and the facilities oil transportation
Statc Inspector hutchsOn, OF Colorado, wns quoted
yesterday saying Every ounce OF silver taken OUT
Of the ground In Colorado cost 81 30, taking into ac
the sums spent In prospecting AM development
work. There are in the state perhaps u h;ltdoz.ii
bonanza properties which produce silver al 90
cents an ounce The best-nfOrmed men at Aspen
estimate that costs from SO So cents an ounce to