Arizona republican., 1902-11-21
SilVer'S Low Price.

SiIver's Low Price.
 The pulse of the Arizona miner is no longer affected by the quotations for silver in the markets of the world, but it is of interest, nevertheless, to note that this week a new low price record has been made in the London market On Monday the price of silver in Lon don was 22 11-16d per ounce. This was equivalent to about 493s cents per ounce in New York. In yesterdays Repub- lican the market report showed that the price had dropped still lower in New York on Wednesday, the ruling quota tion being 491sc. At this writing the quotations for yesterday CThursday) are not at hand. but it is not unreason- able to expect that the price will go still lower. When silver prices frs showed such marked unsteadiness, varying and mainly unsatisfactory eX- plantations were given for the fact. IL was argued by foreign financial authorities that American producers were heavy sellers, notwithstanding that the fact was pointed out that no unusual accumulation existed on this side of the ocean, and that mining and smelling interests in the United States not only were not exporting silver in any unusual quantities, but that there was actually slight falling off in the amount of metal sent abroad from this country. The decline in the foreign demand for silver indicated by the de creased amount which has been shipped from London to the Orient during the year to date was different matter. but, although it afforded partial reas- on for the way the silver market had acted, it did not seem adequate to ac- count for the decline in question.
 Although it is true, as indicated above. that mining men in Arizona and elsewhere are not disturbed by silver's low price-they having transferred their operations to mining for gold and copper-it is true, as pointed out by BTadstreets last week, that a move ment of this character, continuing as it has done from week to week, has d tendency to diminish the aggregate value of an important American pro duct and is, therefore, an element of some moment in connection with the foreign trade of the nation. Such fall necessarily diminishes the profit of mining and smelting interests and would seem to tend to further restrict the operations of low-grade silver mines throughout the west. The situa- tion also has an important bearing upon the finances and trade of Mexico. More or less notice has been given to the prevalent unsatisfactory and unset tied condition of Mexican exchange owing to the low price of silver and the injury inflicted upon the trade and in dustries of the sister republic. The situation in this respect is not without interest for the United States owing to the large amounts of American capital invested in Mexican railroads and other
 
 ously argued in some quarters that the continued fall in silver will have a tendency to accelerate the action of the Mexican government in regard to change in the currency basis of the re- public to a gold standard, in which connection preliminary negotiations are understood to have been already un- dertaken with American and European financial houses.
 It is worthy of note that a very probable explanation is now given for the way the silver market has acted It is claimed that it is the direct out come of the course of the allied powers in China and of the large indemnity ex- acted from that country as reparation for the Boxer outrages. In order Co prepare for the payments which the Chinese government must make to the various allies, it is understood that China has been d heavy seller of silver bullion in India and in London as well. This not only cuts off the demand from one of the most important silver-using but precipitates additional supplies at a time when the silver mar ket is ill-prepared to take it. It is intimated that a plan to put the currency of the Straits Settle ments, Englands Malay colonial pos session, on a gold basis is under advise ment.
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