Western liberal. (Lordsburg, N.M.) 1887-1919, 1891-05-01
HOW SILVER BUII10N IS DEALT IN.

Ailc uhih VI tut SILVER pIOuuCO VI
the United States comes from NUM-
Der Of large smelling works, some Of
which are the property of and are
operated in connection with the enllnes
from which the ore they treat is raised.
The largest concern Of this kind in
the United States arc, however, inde-
pendent, purchasing ore at various
mines, the general process being to
buy ore on an assay value Of the pre-
ciQps metals it contains. After
treatment in the smelter the silver
bullion comes out in a form known as
commercial bars. These are generally
large oblong slabs of metal, weighing
on the average 1000 ounces. OF
course other supplies to a limited cx-
tent furnish part of the bullion dealt
in the New York market, such as the
melting down Of old silver or of foreign
coin. But the bulk of the supply, as
already stated is the product of the
smelling and reduction works Of the
country. A silver market per Sc
does not exist. The silver product Of
the country, or at least 90 odd per
cent. of it, passes Though the hands
of a few 6rms and banks in New York
and San Francisco, which possess the
experience and the facilities for hand-
ling it, and which make a speciality of
the business, There are probably not
dozen establishments engaged in it
to any extent, and three or four houses
it may be Confidently stated, monopo-
lie the greater portion OF the trade.
Silver is consigned by smelling and
mining companies to the bullion deal
ers or to the few banks which attend
to this kind of business, who dispose
Of it in the market, sell it to the
Government, ship it abroad or buy it
themselves, and act as agents or con-
signees for the principals. CONNER
cial bars averaging about a thousand
ounces each are usually 300 fine; that
is to say, transactions in them are
made upon that basis, and bullion
shipped from the well-known smelters
is accepted as of that fineness, which
corresponds to the United States coin
age standard. a certain number of
bars are sent to the Assay Office and
converted into United States assay
bars, rather thin bricks of silver
weighing about two hundred ounces
each, bearing the Uuited States Assay
Office stamp of weight and flnoness.
These are in demand for commercial
purposes; silyersmiths and others pre-
fer them on account Of the guarantee
of fineness. Silver bullion shipped to
Europe, however, IS usdally taken in
the form of commercial bars. They
are simply carted to steamships and
placed in the trcasu9e-room for trans
port, it being very usual to pack sill
yer bullion with t anne care that is
bestowed upon II more precious
fellow, gold. Commercial bars also
form the bulk Of the stock held at
New York against which silver bullion
certificates are issued. The bullion
held against these certificates is con-
sidered as 1000 fine, although it is the
practice to transpose the figures, 1000
ounces of silver .009 fine being repre-
sented by 900 ounces 1000 fine. The
price Of silver in the market repre-
sents the figures at which it can act
ually be sold, either for export or COM
merclal purpose, it being the selling
quotation of leading bullion dealers.
Until recently, Of course, the price
was fixed in New York by parity, at
current rates Of exchange, With the
price in London. The London quota
tion Itself Is maids In the same way,
the bullion market there being, in
fact, the transactions and figures of a
few houses and banks which make a
speciality of such business, dependent,
Of course, on rates Of India exchange,
the relative advantage Of shipping sil-
yer to the East in place Of remittlng
exchange, and the demand for coinage
purposes from India, China, or Euro
pean countries. 1t is to be observed
that the English standard Of fineness
for silver is .025 fine, so tnat American
prices represent an allowance for this
difference of 075 in flneness, as well
as for the rate of exchange, which may
vary from day to -Bradstreets
Socorro Advertiser: The river is
coming up to high water mark very
rapidly and trouble is expected by all
old timers. 1t is well that those liy-
ing in the bottom land should take
some step to protect their property.
Ration Courier: Some Of our south
em New Mexico exchanges have
evidently assured themelyes that
Italy's navy can not get up the Rio
Grande, and they are not a biz alarm
ed at the possible issue of war.
Catarrh
In the head
Is constitutional
Disease and requires
A constitutional remedy