The evening world., 1893-07-03
SILVER MARKET STRONGER.
But Money Is Still Tight and
Stock Trading Opens Weak.
Mashnttnn Elevated Dropa from
Saturdays Closing.

As the prospects OF the speedy repeal
OF the Sherman Silver act grow
brighter the market for silver seems to
improve In equal ratio.
since last Thursday, when silver
touched the lowest point on the decline,
g. cents per ounce, in the New York
market. there has been an advance OF
10 cents. and to-day It looks as II It
would go still higher.
In anticipation Of the holiday to-mor-
row. there was very little activity shown
In Wall street this morning. and no
early quotations for sales OF silver GER
tiflcates were made. They were bid for
at 72 l-2 which Is an advance Of 1-2 over
Saturdays prices. and were offered at rs.
The London market for silver was also
steady. the price for bullion being quoted
at 33 led, which is the same as last
weeks closing price.
The behavior OF the market since the
Presidents announcement Of the call
for an extra session confirms many In
the opinion that In the. panicky state
the price OF silver was unnaturally de-
pressed. and that the repeal Of the sill
yer act of 1890 would not cause such a
disastrous decline in the price Of the
All the news which has been received
from the West indicates that the mine
owners and smelters have been greatly
encouraged by the advance which has
thus far taken place. and that they now
believe the situation In by no means as
desperate as was supposed few days
ago.
Reports that the silverites have taken
steps to organize for a bitter fight
against the repeal OF the Sherman act
have led many to believe that such ac-
t!on by Congress Is by no means GER
tain 70 follow Immediately upon its as
sembling. but the general opinion is
silver advocates. will only result in the
ee"n Then repea toe It or wI vii rs. be- NOR. than
the object lesson Of Secretary Car
Isle will be in full swing. meanwhile.
may arise which viii render the repeal
of the present law even more urgent
than It has yet been deemed.
Money is still hard to borrow. and
about the same as those at the close
on Friday evening. 20 to Is per cent.
com Tne action Of the slearlsng, House
had a most beneficial effect in relieving
the extreme stringency OF the money
market. but It is believed that fur
ther issue Of certificates may be neces-
gin to have their full effect in bringing
NAL point.
the general market opened from ia to |
per cent. lower than Saturdays close
and. although there is believed to be a
the bears are showing no disposition to
let go their hold, and are confident that
they can safely keep their lines out still
longer.
from London. where the market for
American securities was lower this
| morning. the entire list suffering a de.
cided reaction from Saturdays advance
early trading In the Stock Exchange
here was In Manhattan Elevated. which
dropped 3-i per cent. from Saturday.
closing price.
The attendance of brokers and opera
tors at the Stock Exchange was unusuall,
slim. many having left the street at tn,
close OF last week to be absent over tn,
Nntional holiday.
It was announced from Washington
that the Treasury will make no siivel
purchases to-day.
The total east bound shipments from
Chicago by the Trunk lines last weel
vious week and 60. III tons for the CORE
spending week In 1892.
Speculation continued to drag It's SLOW
length along. and the traders found lit
lie in the movements to interest them
| The fluctuations were narrow, and tn,
transactions were nearly all In small
| lots.
Money was easier later In the day
lending Mt 10 a l5 per cent.
The Clearing House up to noon au
thorized the issue OF $2.5OOOO0 loan Ger
tihcates. making n grand total to-da!
1t is probable that the shipments o
currency to the interior to-day will ag
gregate $500, 600 to $35O.OOO.