The evening world., 1894-02-23
THE DROP IN SILVER ABROAD.
Bears Said to Be Working to GET
American Aid.
No Effect Upon Stocks Sugar
Goes Up.

The sensational drop In silver at Lon
don from 2S 3-4i. per ounce at the close
on Wednesday to 81 I'D. this morning,
ana advices that securities abroad were
depressed in consequence, had no effect
OF incubation at the Stock Exchange
here.
The bulls took hold OF the Industrial
shares. laying a good deal OF stress upon
the statements of those Identified with
the Sugar interests. that the continued
delay OF the Sena a Subj Committee In re-
porting the Tariff; bill IS favorable to
their cause.
As n big short interest has recently
been engendered in Sugar. 1t was n
comparatively easy matter to mark
up the price this morning. The stock
opened - higher at ~ IA. n marched
up rapidly to so "a. General Electric
moved up !, to 3s l-2, but speculative
operations In Sugar. Otherwise. the
fluctuations were confined within mar
row limits.
to 2! Ia; American Tobacco IL. to 10 10:
Rock Island 3-S, to CO 5-S: Burlington IA,
to 20 IA, and Aichison IA, to IL 5-s.
The stock market quieted down after
losses. however, were. not marked in any
case. and Sugar continued strong in the
face OF the reduction OF l-lG In certain
grades OF rehned sugar: London sold
stocks.
There was a good borrowing demand at
me following rates: Chicago. Burling-
Central and Louisville Il Nashville. l-6i;
Rock. Island, Union Pacific. Northwest
and Northern Pacific preferred. fiat to
LIPS, and st. Paul. Sugar. Chicago Gas
and Atchison. fiat to l per cent. for car
rying.
Money lent at 1 per cent. on call. and
round amounts were offered at that rate.
debit balance at the clearinghouse to-
day OF s63o. 900. which was liquidated in
notes.
The big drop in silver at London was
ion dealer said 1.-THE silver market is
demoralized and purely nominal.
prorre ees'e to d iaat a p .he p mHyen as far rs a ~
possible. with the view Of having the
United States lend It's aid to European
and other silver countries.
This Government having stopped Its
purchases has the whip hand. and the
foreigners are evidently beginning to
realize this fact"
Mexican dollars sold at As l-2. the low
The reduction in the Bank Of England
discount rate from 2 1-2 to 2 per cent.
caused an advance in long sterling this
sight remains 4.S9. The supply OF com
mercial bills continues light and there is
fair inquiry from remitters.
Bar silver closed ir London at q Lad.
per ounce, the lowest figure yet. Com
mnrcial bar silver sold here at 80 "a.
Nesslage & Colgate attributed the de-
cline In silver to the fact that the India
Council Is compelled to sell n large
amount OF bills before the close Of the
fiscal year on March l.. The Council has
been forced to pccept the market rate OF
silver after a long struggle to sustain
OF rupee bills at l3 1885,, while, the
week before the price was IL ga, and the
preceding, IA IA. The Eastern market
IL overstocked already with silver. and
absorbing the metal which Is dumped
into 1t from all the silver-producine
countries OF the world. The truth Is,
the ovarproduction OF silver since 1896
has worked its own destruction as to
values.
zimmerman & Forshay ~corroborate
this statement of the case. and say the
world Is now producing more silver han
it can use. The trouble In India aud
China Is not yet ended. This decline
only aggravated the serioua condition
already existing IN those countries. and
inless England finds some way to help
her Eastern dependencies In their dis
tress. further declines In silver are prob
able.
The stock market was absolutely de-
void of feature in the late rading. The
changes In quotations were insignificant.
and outside of Sugar. Chicago Gas ana
one or two other stocks. the dealings
were unimDortant. Speculation In the
main was firm in tone and Sugar was
conspicuous for a rally to 50 "a.
The sales of stocks were lSO.400 shares.
In the unlisted department, $1,000 shares
of Sugar was traded in.