Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1888-02-06
EILyE r
A Metal with which there is Q Good
Chance to Speculate.


Brsdstreetsl
While the year 1887 was d;s-
tinguished by no important event af-
fecting the value of silver-the mega
tive character of the English royal
commission reports on the subject Of
the cause OF the depression in silver
having been expected, while the re.
demption of the trade dollars by our
own government was calculated to
have little influence on the market
position OF the meta!--it has, never
thelesss, been marked as the first IN a
series of years when the quotation for
the bars has not continued to touch a
lower level. The figure of AID. per
ounce for bars recorded in London in
the summer of 1856 continues the
minimum figure for silver, aud while
in 1887 the price at which the metal
closed, A 9-l6d. per ounce, is lower
than that at which it opened, 464d.,
the lowest price for the year was 334d.
in April last, the total variation being
between that and maximum price OF
47sd., which was reached in January,
1887. The feature of the market,
therefore, has been its steadness, the
absence of any disturbing influences
in connection with India exchange,
as we'll as the apparently increased
ability shown by the eastern countries
to absorb the surplus production. In
fact, during the last half Of the year,
the London quotation was exception
ally steady in the neighborhood Of
AL, rising ut the close of the year to
45l. in spite Of the fact that the India
government gradually increased its
drawings to an amount which in the
aggregate reaches some f4,OOO,OOO
in excess of Its drawings in 1886.
AT the same time it would seem
that the movement of silver for the
year was not unoopnected with in
Auenees Of speculative character,
the movement IN other metals afford.
ing encouragement for similar mani.
festations in this connection. 1t
woul seem, indeed, that a tentative
effort of the kind was abandoned, but
1t is interesting to note that an
European journal, the Vienna Tag
hlat, which has followed the move
ment of the so-called French syndi
cate in copper, contains in a recent
issue the following remarks upon the
subject OF silver:
1t remains to be seen whether the
Paris reports about the silver syndi.
cate will he confirmed; but one thing
is certain, that rise in silver could
be more easily carried out and would
produce larger profits than rise in
copper. There are no accumu!ations
of silver in the world. The milliards
OF silver, which exist in the form Of
money and plate, are not for sale, and
bars exist nowhere to any extent
The demand for silver is quite equal
~ the production, and, commercially,
there is no reason for the depreciation
Ut the metal. The circumstance that
European mints were closed to the
coinage of silver at the time the de.
monctized silver of Germany came in
to the market sufficiently explains the
depreciation, which later on was &C.
centuated by rumors, such as that of
the approaching suspension OF the
BLAND act. Tho position of silver as
an article of commerce does not justi.
|y the decline in price. Even at the
old standard of l5t to of gold, the
yearly production Of silver amounts
to only Sl05,OOO,0OO. The industrial
consumption reaches quite $4,000.
300 wear, and the coinage of dollars
in the United States under the Bland
act, absorbs nearly another $4,000
700. The average requirements of
the East must be estimated as at least
s30, 200, 900, so that there remains on
y from S25,OOO,0OO to s30,OOO,OOO
yearly for the supply of silver curren
" in the remainder OF the world
Under these circumstances there is
more likely to be in the future scare.
ty than superabundance of silver.
t is at present only question of i'm
proving the market position of tie
metal. The London market, which
requires silver for remit
anc.s to India, is known to possess
10 stocks. Should, therefore, u syn.
iicate succeed IN intercepting the
supplies to the London market, a rap.
d rise must ensue both in bar silver |
md in the Indian exchanges.
1t is worthy OF note that the posi-
ion taken is in line with the views
advanced by the ADVOCATES Of the sys-
;e,n of trading in silver bullion Ger
ifcates which was attempted in con
iection with the New York Stock Elk,
change last year, That scheme, how.
aver, seemed to find little support in
any quarter, and appears to be held
II allegiance, bullion producers ap.
parently seeing no advantage in de-
posting their product with the insti
Ines0,,c ,.L:..k a. l.a..