The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-09-19
SILVER AS A COMMODITY.
The Precious Metal Bought and Sold
by the Ton.
From the New York Press.

From the New York Press.
The silver trade of the world is CEN
tered in London. whence the metal Is
sent by the traders of the British me-
tropols TO those who call for 1t in every
country In the United States the sill
yer trade is centered in New York. both
by reason of that commercial law which
causes concentration here and also be-
cause here only are found the great
capital and the practically unlimited
credit that traffic requires. Perhaps the
stringent demands in these two directions
are what limit the number Of concerns
that deal In silver; at all events, .here
are but few of them, and they handle
the actual silver. shipping IL by almost
every eastbound steamer just as they
would ship anything else.
As Il is not very unusual for one single
firm to carry 100000 ounces Of ore at
time, generally worth in the neighbor-
hood OF 100000 II Ia clear that the total
amount of money IN use in the trade
must be truly enormous. 1t should be
understood, too, that all this money must
be practically spot cash, since II Is to
the New York silver dealers that the
refners must look for their money, as 1t
is to the renners that the mining COM
panies must look for theirs in return for
the ores furnished. The rehners always
deal in other metals as well as in silver.
for silver ores are rarely or ever found
sfree from some other metals, lead and
copper being frequent combinations, and
a percentage of gold. really considerable,
though relatively small, being not at all
unusual.
AS the silver is separted from the baser
and more precious metals by the refner
II is run into molds Of bricklike form
and the blocks of metal thus produced
are called bars. Each weighs from 1000
TO 1000 ounces. Upon each Of these
bars figures are stamped, showing the
weight and fineness.
II is in the form of these bars that most
of the silver sent from New York to Lon
don is shipped, and in that form the metal
is i'm much greater demand than in the
form of coin 1t is more nearly pure than
coin silver. which must necessarily be al
loved with less valuable and harder met
ais In order to preserve loss by wear, and
It suffers little or no loss by attrition.
As a rule, American bars. which are
known on the London market Is cake
silver" are brought TO New York from
the refiners by express, like ordinary eN-
press matter, and much less carefully
watched In transit than coin or curren-
CIV since, owing TO its weight and the
dificulty OF disposing of it, bar silver IS
not good material for thieves. A rea-
sonably close track is kept of the silver,
however, for such bars have been pur-
Joined before now.
Readers of the Press will no doubt re-
call the theft of three bars in New York
two or three years ago, while being
"trucked" like so many pigs" Of tin be-
tween a North river ferry house and the
office of the bankers to whom the consign-
ment had been sent. These bars were ~e-
covered afterward, but the scare caused
by their temporary disappearance led to
more careful espionage of the metal there-
after during its passage through New
York.
When silver is shipped in coin 1t Is
backed in boxes or kegs and placed in the
specie box of the ship, an apartment built
somewhere away down In the depths CT
the vessel, for coin could be handled much
easier by thief than bars. When the
shipments are in bars they are never
boxed and, though generally placed in the
specie box, are sometimes slowed in the
hold along with the other merchandise,
and 1t is not unusual for refiner at the
order of the dealer TO send the bars di-
rect to the ship, instead of to the banking
office.
Notwithstanding the preference felt for
bars over coin silver by the English deal
ers. there is a big business in coin silver
between New York and London, for there
is a constant inflow here of silver dollars
from Mexico and the silver coins brought
into this country by immigrants aggre-
gate a large sum in the course of a year
These latter coins are bought up by New
York dealers and sent to the British me-
tropolis. whence they are forwarded eth
er directly or through exchange TO the
countries of which they are the regular
circulation medium. The Mexican dollars
are generally sent to China and elsewhere
in the far east, where they are a favor
lite coin.
The bar silver is disposed of in various
ways. A very large portion is absorbed
in the arts and is furnished by the London
dealers to silversmths in all parts of. the
world Manufacturers in New Zealand,
Brazil and other South American coun-
tires, Australia and the uttermost parts
of the earth look to London for their sup
ply of the white metal, and will continue
to do so until New York by reason of in
creased marine communication Of the
world shall become its commercial center
Many bars sent to China are cut into
pieces for circulating purposes. and
known as "taels." These "taels' vary in
value. according TO weight, and the
weight of a ''taer depends altogether
upon the locality where 1t is cut from the