The daily morning journal and courier., 1896-06-26
THE ELSE IN SILYER.


 Bullion Certificates Quoted at 70 on the Exchange Speculation Following an Active Demand Abroad and the Favor able Attitude of Democratic State Con- VentiOns in the West-Deposlts Increase From 35, ,0OO Ounces to iSS, ,OOO, and it is Thought Are Likely to Go Into the Mill ions.
 New York, June 25,-To-day's Even ing Sun says; Silver bullion certid- cates were dealt in on the New York stock exchange this morning at 70-the highest price yet on the present ad- vance.
 The recent increasing transactions in these certificates have attracted the attention of Wall street, From usual ly well informed sources on matters connected with dealings in silver bull lion the statement comes that before the presidential election the stock eX- change is likely to witness a renewal of heavy speculation in silver. There are indications that some large west ern interests are preparing to take hand, and with the uncertainties at tending the moves on the political chess board and the possibilities in- volved in the ultimate result which will be registered at the polls in November, the clements undoubtedly exist for q lively speculation.
 To-day's advance in the price of sil- yer certificates follows the latest form al declarations by democratic state conventions in favor of the free coin age of silver notably by yesterdays Indiana and Ohio conventions. In view of the speculative possibilities the fol- lowing statement from 8 very well in formed source is of special interest;
 Before the November election there will undoubtedly be a large silver spec ulation in Wall street. The legitimate commercial demand for silver bullion from abroad is good. It represents European coinage and shipments to the far east The statistical question, in fact, warrants higher prices than have been ruling but the real reason for the recent advances, without doubt, is the political Financial situation in the United States.
 "The transactions in silver on the New York stock exchange are carried 
 ing silver deposited with the Mercan- tile Safe Deposit and Trust company, These certificates are each for 1000 ounces of silver, 1000 fine. The certifi- cates are countersigned by the Western National bank and are regularly listed on the exchange. There is a storage charge of cents a day on each certi- ficate.
 "The total outstanding certificates has aggregated as low as thirty-tiVe only, representing 35,O0O ounces To- days daily report of the Safe Deposit and Trust company to the stock eX- change showed that 7SS000 ounces of silver were held against certificates. With an active speculation this amount will be very largely increased It may run up to 5000, 900 or to 10000, 900 ounces. In fact it will have to be something like that to permit of large trading.
 "The present weekly arrivals in this city of silver bullion from the west amount to about ,O00, 900 ounces. This is practically all exported as soon as it reaches here, but of course these ar rivals will be drawn upon to increase the stock of certifcated silver necessa- ry to back up speculative operations. Of the total arrivals the bulk comes consigned to the local agents of three large western smelting concerns-the Consolidated Kansas City Smelling and Refining company, the Omaha X Grant Smelting company and NJ. Guggen- heim'a Sons"