The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-04-29
Money 10 Be Shipped Friday.

money 10 De SLlpPGQ Z may.
The authorities at the San Francisco
mint are now busy experimenting the
packing of ], 500. 600 pesos, which are to
be shipped 10 the islands on the trans
port Thomas. sailing Friday. The sys-
TEN cannot be put into operation, how
ever, until 5.00G. coo pesos have been re
ceived at Manila. and until tnen there
IS no danger OF the coins being hoarded
as q silver bullion speculation
The anxiety Of Government officials
IS not decreased by careful investi-
CATION of the situation at London, where
are made the silver prices OF the world.
The silver industry has for . long time
complained Of the manipulation Of the
London clique
Cornered by Four Brokers.
There are four London brokers who
deal in silver bullion Virtually the en-
tire amount of bar silver shipped TO
London is reshipped largely through the
Eastern banks to Africa and Asia These
Eastern banks, or their London Offices
act only a. agents IN buying, and IN
order 10 relieve themselves OF all re
sponsibility insis- upon making their
purchases through oHe or the other OF
these brokers'
The four brokers meet a. 40 o'clock
every afternoon, compare notes and make
" Nhat is known as the official price. Since
the sellers Of silver are obliged to throw
their daily product upon The London
market, these brokers have an absolute
control and have used il for a long time.
either speculauyeIy or otherwise. 10 the
detrimenu Of the producers Of silver, ana
81 is said TO the extreme deIriment OF
the commerce of the world.
Silver Always Scarce.
The comparatively small amount Of
silver which the Philippine government
has purchased. together with recent
purchase By The French government OF
soc, eco ounces Tor Indo-China, (which
was its first purchase since the agita-
tiol last fall 20 place the currency OF
the Straits Settlement upon the gold
b4sisi has doubtless made il harder for
the brokers' TO flI their short sales.
4 far greater effect on the marke,.
however. IS the fac, that India is be
ginning 10 buy again TO replete us
treasury, which is being exhausted by
tEe presentation Of geld received for
large exports, due 10 a good crop IN In
uia after TWO or three years famine
Where the Danger Lies.
As told by The Times yesterday. the
c-fnage value Of silver in the new pesos
5or the Philippines is 81 cents an ounce.
and the price Of silver IS within about
nine cents OF that figure and still ad-
yancing. Confron,ed by this situation.
il is not encouraging Ter officials Of the
Treasury and War Departments TO re-
ca that when the indian government
was obliged TO buy three years ago 1t
purchased about 60 .00O,O05 ounces for
coinage into rupees and the market ad-
yaneed under this demand from about -
to o. cents. New York. This is l cent
higher than is necessary to ruin the
Philippine monetary system.
Il is not believed. however, that such
extraordinary purchases viii be neces-
sary this year. but il is said that if tie
entirely unnecessary depression in price
can be overcome by introducing a new
buyer, and 20 certain extent coInpeJi-
tioH in buying. the effect viii be bene-
fetal TO the commerce Of a large portion
OF the world. governed by silver cur
rency. and likewise stiffen The market
for bullion