The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-04-27

We have received inquiries as to the
manner In which the important metals
other than iron and steel. are sold. says
the Engineering and Mining Journal.
We nave many times printed articles on
these subjects. but as new persons are
constantly coming into the business.
who are unfamiliar with IL. there is
ample reason for repubiishing informa-
ton that is well known to the majority.
Gold is. as is well known. the standard
of value. its price being fixed at the
British mint at us 1864 per ounce troy
of 0.s25 ~fneness, and at the United
States mint at s2o.s71s per ounce troy.
These minis receive unlimited quantities
at those prices. However, there Is
nothing to prohibit a private banker
from bidding higher IL he chooses. OF
course. no n will pay much above the
coinage rate. because gold can be OBJ
tanned always from the mints on h
basis of It's 10.5d and S20.671s per
ounce. respectively, but gold coin loses
something by abrasion and Is sugJect to
a further loss in shipment, wherefore,
there is a margin for bidding on gold
bullion. In December. 1903. the price
of gold bullion was 7ss 0.5d. the high
est of recent years. Shipments of bull
lion to London by the gold mining COM
panies are received by their banks
On the day of arrival, bids are asked
from the Bank of England and from
foreign banks which may want the
gold for export. The highest bidder
gets 1t. The market for gold is inti-
mately associated with the banking
transactions whereby international bal
ances are settled. In the purchase of
ores, and for all ordinary purposes. gold
has only the xed coinage value. The
silver market is also intimately con-
nected with banking transactions, large
exports being made from London to the
far East In settlement OF balances. The
silver market of the world, more than
any other metal market. Is determined
by london. The silver brokers of London
meet daily at 2 p. m. and fix a price for
that day. They are bound to sell at the
price thus Ike any quantity offered. II
more thar can be disposed of. It neces.
sarily goes over to the day following
and then has an effort in fixing the
price for that day. The London quota
ton is for standard silver. hat Is o.9s25
fine.
The New York price for silver fluc-
tuates generally in correspondence with
the London price, being lower than the
London price by an amount representing
commissions, expressage. insurance. in
terest and other charges between the two
markets, and also is affected by fluc'
tuations in the rate of insurance. Occa'
s~ionally the New York price foreshadowl
the London price for the following day
wherefore the difference between thu
two markets is not absolutely constant
The New FORK price is established b,
the firm of Handy G. Hartman, which
handles the great bulk Of the silvel
bullion business of the United States
most of the large reflners selling theil
product through it. Silver Is commonly
sold ingots a little upward Of 1.00'
ounces in weight 0.999 fine, for a
immediate delivery. The quotation abov'
referred to is frequently called h "of
fcial price," md IL commonly adopted
in business and by the press. n II
the quotation which IL published II
the Journal.
Occasionally there are quotations TO
Commercial BARS which are a littl
higher thar the Official price," Thes
represent the retail business that