Arizona silver belt., 1890-08-23
Ths 1iss ID silver.
(BradstIeet's.)

has been strong, almost without inter- ruption, and confident assertions were made that the advance is bound to ex- tend considerably further. It may be said that the present demonstrations, US well as the anticipated continuation of the rise, are based almost entirely upon the presuinabie effect of the coming purchases by the United States Treas ury of silver bullion under the new sil- yer law. At the same time, the com- paratiyely small visible supply of the metal and the manifestation of u consid. erable demand for silver in London are naturally factors of the grentest impor- tance in this connection. While, there fore, the rise has been in part specula- tive, as the increased trading in silver certificates would indicate, there is s substantial basis for the bullish expec- tations which for the time being seem to pervade the market. The express ions of prominent Treasury officials in dicate that the provisions of the law will be fully complied with, and that i, 500,- 900 ounces will be taken per month at the market price until such price reach es Sl 29 per ounce, or, in other words, until silver bullion rises to an actual parity with gold. The latter contin- ppnoy Is one which can scarcely be ex- 1 pected. AS a consequence, within the next two months the Treasury can be 1 rehed upon to take 5000, 900 ounces out of the market At the moment the 'isible supply of silver bullion is repre- sented almost exclusively by the so- called silver bullion certificates; that is to sny, by bullion deposited in New York institutions vaults, and against which the certificates which furnish the basis of speculation in silver on the New York Stock Exchange have been its5ued, The amount of silver so depos- rad amounted to but few hundred thousand ounces at the opening of the ye,--e Under the prospect of silver legislation tne amount so held com menccd 10 grow rapidly, and has con tinued to increase until at prcaen. it amounts to some G. 500. GOO ounces.
 Owing to the fact that the speculative prices obtHinable for certificates were better than the current commercial or export prices, producers aud receivers of bullion have generally deposited it and disposed of the certificates ill the market. It is accordingly thought b1 those qualified to judge that the supply
 of silver bullion outside of that repre- sented by the certificates is exceedingly small. Coupled with the fact that considerable foreign demand for silver has to be satisfied from the same source.
 and that for the moment there is no prospect of an increase ill the produc- ton over the normal rate pf some 900. . 900 ounces per mouth it would seem reasonable to regard this stock of 1000, 900 ounces as below the require ments of the Treasury for its 1, 900, 900 ounces per month It is therefore thought that the advance in the market price can not but be regarded as legiti- mate, and that the Treasury will, with out hesitation, effect its purchases on such basis. One effect If the steady deposit of silver bullion during the firss four months and its conversion into bullion certificates was to altogether check the export of silver from this country to Europe. At the outset, too.
 the London market being behind the prices made here, dealers in silver there and shippers to Eastern countries ap- peared skeptical of the reality cf Con gressional action on the silver question or of its effect on the price. Indeed,
 until some 100000 ounces We're bought in London for American ac- count and shipped here the London prices kept pace with New York in q very unwilling fashion. But, as is well known, the actual stock of silver avail able for the purposes of the London market is normally small, and from the recent causes it has been greatly re- duced. In 1889 of the GIG, GOO, 900 of silver imported into the United King dom no less than ES, 900, 900 came from or through the United States. The London market being now bare of sil- yer, it is natural that supplies should be drawn from this quarter. The export movement accordingly recommended about Q fortnight ago, and up to date upwards of 1000, GOO ounces have been shipped. At the same time, it is to be noted that June and July are. usually the duilest period of the year in respect to Indie remittances and the accotnpa- nying demand for silver for shipment to the East. In Angustand September an increased demand for silver, with } rise in quotations for bars, is usually seen in London. It may therefore be expected that the demand for silver