Arizona silver belt., 1891-03-28
Hew silver Rnli,on |. Dealt Ia.

Tie bulk of the silver product of the United States comes from number of large smelting works, some of which are the property of and arc operated ill connection with the mines from which the ore they treat Is raised. The largest concerns of this kind in the United States are, however. indepeL dent, pur- chasing ore at various mines, the gen. eral process being to buy ore on an assay value of the precious metals 1t contains. After treatment in the smell ter the silver bullion comes out in a form known as commercial bars. These ere generally large oblong slabs of met al, weighing on the average 1000 ounces. Of course other supplies to limited extent furnish part of the bul- lion 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 smelting 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 1t, passes through the hands of Il few firms and banks in New York and San Francisco, which possess the experience and the facilities for handling if, and which make a speciality of the business
 There are probably not dozen estab- lishments engaged in it to any extent, and three or four houses it may be con hdently stated. monopolize the greater portion of the trade Silver IS con- signed by smelling and mining compa- nies to the bullion dealers or to the few banks which attend tD this kind of bus mess, who dispose of it in the market, sell it to the Government, ship 1t abroad or buy it themselves, and act as agents or consiguees for the principals. Commercial bars averaging about a thousand ounces each are usually 999 fine; that is to say, transactions in them are made upon that basis, and bullion shipped from the well-knosn smelters Is accepted as of that fneness, which corresponds to the United States com age standard \ 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, bear i ing ,ha United States Assay Office stamp ot weight and finepSss. These bars are in demand for commercial pur- poses; silyersmiths and others prefer them on account of the guarantee of i tineness. Silver bullion shipped to Europe, however, is usually taken in the form of commercial bars. They are simply carted to steamships and placed iu the treasure-room for trans port, it being very unusual to pack sil- ser bullion with the same care that is bestowed upon its more precious fellow, gold. Commercial bars also form the taik of the stock held at New York agaiust which silver bullion certificates gre issued Tbe bullion held against these certificates is considered as 1000 fine, although it is the practice to trans peso tRe figures, 1000 ounces of silver .999 fine beng represented by 999 ounces 1000 fine The price Of silver in the market represents the figures at which it can actually be sold, either for export or commercial purposes, it being the selling quotation of leading bullion dealers. Until recently, of course, the prize was fixed in New York by parity, at current rates of exchange, with the price in London. The London quota ton itself is made in the same way, the bullion market there being, in fact, the transactions and figures of a few houses aud banks which make speciality oI such business, dependent, of course, or rates of India exchange, the relative advantage of shipping silver to the East
 in place of remitting exchange, and the
 demand for coinage purposes from In
 dia, China, or European countries. Ii is to be obseryed that the English stan
 dard of fineness for silver is 1925 fine
 so that American prices represent ar
 allowance for this difference of .o75 il
 fneness, as we'll as for the rate of ex
 change, which may vary from day tt day. Bradstreet's
 Austin Corhin, of Brooklyn, an ! ,,,,,,,,,,. lie ,n4avtvon nf acfa hliS;}iyt,