The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-01

Silver IS still nuctuatlng very HlOu-
erately in the neighborhood Of %
cents, the close on the New York mar
ket last Saturday being 665s cents, an
advance Of p Of cent over the quota
ton of the day previous. To date there
has been no realization of the predlc-
ton ventured some months ago by
those who should be on the inside, to
the effect that the price of the metal
would reach 20 cents and over by the
first day of July This is the LIST of
July and no such price will be paid
for the metal today, if all indications
are not at fault. Yet there is still talk
of an early advance in the price of the
white metal, and did the shelters and
miners but grasp the full situation
tsSe would not be much delay in the
aEival of the change for the better.
IL is stated on the very best of al
thority that an English syndicate is
Buying Up All the Silver
it will require for the payment of the
Chinese indemnity to Japan and doing
the work so slyly that but few people
in America realize the exact condition
of affairs, and the producers of silver
continue to sell their silver al the re-
duced quotations, thereby allowing the
foreigners to reap all of the benefits
OIL the Chinese payments. Shipments
OF EeilVer are made to London by al
mast every Outgoing steamer, the lat
s. movement being that of half a
million ounces, which left the port of
New York on the new American
steamer St. Louis This silver is part
of the purchases of the syndicate. and
1t Is said that the amount of the white
metal held in London is now simply
enormous According to the treaty be
tween China and Japan, the payments
OF the indemnity may be made in
eight lnstailments. seven years being
the limit The first payment. of So
O0J'O0O taels, must be made not later
than the first week in November. Half
OF the whole amount. 200 coo, 600 taeIs
must be paid in one year, in two equal
4 1nStallments, and the other 100 900 900
NSels IN equal annual installments. In
te1ieSt Is fixed at > per cent but if
emma pays the whole amount she NAV
anticipate the payment of all or anv
part OF 1t within three years, and if
she does this. ali interest will be
waived and the interest for two and
one-half years. or any shorter period
II already paid. viii be included as
part Of the principal
On this subject the Chicago INFER
ocean mas just received an important
special dispatch from New York. In
the article appears the following:
NhlIe there have been many con-
lectures as TO which country would
take Yp the proposed Chinese loan.
10 sSiAsty the Japanese war indemnity
OF Ap90JoO0O taels. il has been impos-
$500 ltherfo TO say positively where
M he placed 1t has been sug-
sester 1that this country might take
up thet loan, Is We are the largest
producers of silver in the world. but
a representative of the Inter-Ocean To-
day learned that while large part of
the silver will be bought here. the
loan viii doubtless be floated in Eng
land.
No syndicate has as yet been formed
TO take up the big loan, but a syndi-
cate of spectators il England has
been buying up silver for several
months in quiet way, So as not TO
alarm the market, and is boarding il
IN Great Britain. solely with the idea
Of selling it 10 the combination, which
will take up the loan This is the
first authoritative news on the sub
ject which has been published. and
may not please the syndicate of specu-
1atorS much, as il has been keeping its
OBJECT Ill purchasing the white metal
extremely dark, for ii feared the price
Suld go up. Indeed, its purchases
'have been so large at times, that the
price has gone up. and it has had
10 sell some Of its accumulated sill
Yer to depress the market to its own
fl res.
This buying has been going on for
several months, at the rate of about
a million ounces a week. Hur dreds of
thousands of ounces have been eX-
ported every week from this country
alone. 1t is impossible, of course, to
tell how much has been bought in
Mex CO. South America. and Australia,
which stand second, third and fourth
respectively to this country in the
production of the much-discussed
Nmetal But as the weekly exports
from this country have recently been
between 100000 and 000.0 ounces,
ii may readily be seen that the accu-
mulated silver in England in the hands
of this syndicate now aggregates an
extremely large total, and these spec
ulA.3rs undoubtedly now absolutely
cohYrOl the market
sd American Syndicate Unlikely.
A reporter in the last few days has
seen a number of the most prominent
foreign bankers, exporters of silver,
smelters, etc, and most of these men
agree that no syndicate will be formed
IN this country TO take 10 the loan, al
though one or two think that part of
II may be taken here Those men
who are in the best position to know,
however, assured the reporter that
while d large part of the sill yer would
come from this country, no part of
the loan would be floated here. This
country has never been a lender and
there is no reason 10 suppose that it
will begin to be one now. That, at
least. is what these men say When
the call for the loan is issued, a syn
dictate of English, French and German
bankers will be formed, with an Eng
lishman at its head, to supply China
with the 200, 900, 900 taels of silver it
viii have to pay TO Japan
1t seems almost certain that the
silver market must experience a boom
if this steady buying continues; but
it is impossible to tell what will be
the result, because it is not known
how much metal this silver syndicate
has accumulated.
At present it controls the market
absolutely, and, with manipulation, it
may succeed in keeping it under its
thumb 1t is a difficult thing to speak
definitely about, because no one can
III how much silver there is which
van be bought when needed. Silver
is not boarded like gold, and, in fact, |
this stock which is held by the syn !
dicate is the only known large stored
amount of white metal in the world. |
excepting what our government owns. /
Proposals were made to the large
emelters in this country TO accumulate |
silver, with the idea of selling il at
an advanced price for the liquidati ton
of this big loan, but they were not
entertained. 1t is said that the syn
cate has made contracts with the