Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1894-05-08
The Recovery In silver.

The position Of the market, how
ever, is much more satisfactory
than it was only a short time ago,
when anticipations Of the imposi-
tions of an import duty by the In-
dian Government carried the price
to the lowest figures on record.
The recent recovery and the pres
ent steadinegs OF the silver mar
ket are, in fact, regarded by COM
petent authorities as indications
that the acute phase of the decline
in silver has been passed. 1t is
urged, with considerable show of
reason for the argument, that the
danger of further legislative inter
ference on the part of either the
United States or India is past, that
the market for the FIRST time in a
number of years is now governed
by purely commercial considera-
tions, and that its recovery with
out assistance from the extreme
depression of value is indicative
of an ability to attain somewhat
better level.
In this connection the question
Of supplies is of importance. Data
are still lacking on which to deter
mine how far the depreciation
which set in after the closing of
the Indian nIints and the repeal of
the Sherman law has effected pro-
duction. 1t is known that many
low. grade silver mines in the west
have shut down permanently, but,
on the other hand, the concerns
whose operations are suspended do
not include any impressive num-
Der of large producers. Medium
qualities and .ores which contain
lead, and are therefore in demand
for huxing purposes, continue to
be produced in obedience to the
demands of smelters. The output
passing through the hands of New
York bankers and bullion dealers
certainly reduced, but this is al
ways the case in the winter and
early spring months, when mining
operations, as we'll as the shipment
of ores to the smelters, are sub
ject to interruption. The London
market also displays some diminu-
tion of supplies, aHd is more than
usually liable to appear bare after
theexecution of any considerable
orders TO buy. How far this re-
presents a cnrtailment of produc-
tion in other silver-producing couu-
tries as we'll as in the United
States it is difficult at this stage
to estimate. The probability of
the case is that while the output
of silver has been tangibly reduced
by the fall in its price during the
year, the aggregate decrease has
been less striking than If the mat
ter were regulated solely by that
fact, and were not affected by the
production of lead and other met
ais in whichsilver plays the part of
a by-product.
The demand for silver in con-
nection with Eastern trade is ac-
cordingly the main factor in regu-
lating quotations, its influence be-
ing even more plainly discernable
than when our own purchase of
81, 1000, 900 ounces per Rnnum were
in progress. India has closed its
mints, and silver, instead of being
available as a medium of exchange
between Europe and India, now
occupies the position of a mere
article of merchandise in the lat
ter country. The native popula-
tion of the country, il is true,
showed after the mints were closed
an ability to absorb silver which
has not yet been fully explained.
TIE imposition as an import tax
of fve per cent by the Indian Gov
ernment does not altogether ex.
plain the marked and sudden fall
ing off of this demand, which may
however, be partly ascribed to the
frmness of the Indian money mar.
kets. China and the far east are
for the moment at least, the chief
absorbers of the white metal
The principal demand, in fact, on
which the recent recovery il
based appears to have come from
that quarter. Bradstreets.
Krupp, the maker of great guns
is second in the list OF Prussiar
miIliouaires. His annual incom,
is almost 100000. Krupp's tar
ia SO. 900 a wear.