Arizona weekly citizen., 1896-11-28
SILVEk'S CHANCES.

SILVEH'S CHANCES.
 It is well known fact that Brad streets predictions regarding 6nsnoes are almost without exception, thorough ly reliabie. Iu the less issue of that journal there is a comment upon the effects of the recent election upon the white metal market, which sets forth the matter ID 8 very clear, as we'll as a very interesting light. It says that all the evidence thus far confirms the be- lief that in the silver market, at leest, the result of our election had been pretty we'll discounted. Mir. Moretop Frewen, the noted English bmetallist, who wss here for some time before the election, hEd, indeed, predicted a free silver victory. His claims, however, did not appear 10 have stimulated any speculative purchases in London, and the decline in the commercial quota tions for bars in that market which fol- lowed the news of the success of scund money in the United States was of sentimental kind, and was upaccom- panied by any indications of specuIs- tive liquidation of silver values such as would have followed If there had been any large bull account ID them opened on the chances of free-silver triumph. It is true that in this market on the Wednesday succeeding the election silver bullion certificates had sharp but momentary drop. The price, which was 6555s on the Monday before the elsc- tion, opened two points down and touch cd 621a, though this was promptly fol- lowed by rally to 641s, and since that time silver certificates have been rather steady and neglected. The drop itself was apparently the result of closing out @ few speculative holdings, the remnant of the comparatively large amount which Wall street operators had taken during the summer, when the prospects of the | free-silver candidate looked much more promising than they afterwards became. In fact, the bulk of this speculative bull account in silver was liquidsted some weeks sRo, when the decline in the l London market, due to the Indian l famine. the depression of eastern ex- kchange and the decreasing demands for l ucpuntries east of the Cape of Good |
 serted themselves and made I
 parkst c tangible prob
 dian situation |
 factor in the
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 %skss thistt ]
 continued |
 tsl in Lon- |
 fleet upon |
 kly the result |
 Elent in India,
 state Of exchange |
 kilver using countries of 4
 ID6e London Ststist, in its |
 6ctober 3l, goes so far, indeed, to say that if the sllverites in the United States were defeated the outlook for silver would be extremely gloomy. The decline in the commercial price 10 | the past fortnight indicates, however, es already pointed out, that there has been no extraordinary depression from the cause. On the other hand, the issue of the journal in question and the other To1ln1 GpopoipI ncnorc of bond thie week, though written prIor to our cleo ton, contain references 10 another factor that has the apparent effecs of steady ing silver for tde time being. The cir cumstRnce to which they direct Rtten- tion is the higher value of money in h. dis, snd the strengthening of India exchange, with its natural tendency to steady the price of silver. On this point the Ststist observes, speaking Of the considerable demand for India Council 1 bills and the high rates obtained at the allotment on the 18th ultimo: ''So long as money in India continues scarce, the value of the rupee is likely to remain firm, and should money become dearer, which is considered probable, exchange is likely to go still higher. The govern ment will be compelled to make large disbursements to those employed on re- lief works, and money may gradually filter back into the market, although, OF the ether hand, the movement of the rice crop early next year will again de- nude the market and may keep the value of money ID India at high level" The fluctuations of the Indian price for silver, though well below the London quotations for oare, are in sympathy l with exchange, and this. it appears, constitutes fer the time being en obs- tacle to more decided drop in eilver.
 Nor a little interest ie being taken in I the coming city election IL IS well |