Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-12-14

II Few mining men, and this Ss' aeo-
essarily, includes some Of the
old-tlme shippers. do not thoroushlv
understand who is responsible for this
Important matter Of making up the
daily quotations printed In the pa
pers. nor have they an altogether in
telligent Idea OF the manner and meth
DDS employed in the buying and selling
of the metals coming from the mines.
They Just ship their ore 20 the smelter.
| they are accustomed to drawing down
| a checks for the proceeds and what hap
pens 10 the product or where it goes
10. is scarcely given a thought OF
course, the big producer is ~eu onto
the ropes but the little fellow" knows
just about as much about IL as a china
man does about Kentucky race horses.
But the Engineering & Mining Journal
the recognized authority on matters
bearing on metal markets, has shed
some light on the subject. and the
Deseret News believes now a good time
20 reproduce IL.
NNNfAfAff 4 III = 4 ~ AffhA ~
Gold is. as well known, the stand
ard Of value, its price being fixed at
the British mint at rs lO.5d per ounce
troy Of O925 hnoness. and al the Unit
ed states mint at s2O.67ls per ounce
/ troy. These mlnts receive unlimited
quantities at those prices. However.
there is nothing to prevent a private
| banker from bidding higher, u he
| chooses. or course, no one will nay
| much above the coinage rate. because
| gold can always be obtained from the
! mints on the basis OF US 1880 ana
/ so. 671s pcr ounce respectively. but gold
| coin loses something by abrasion ana
| is subject 10 further loss In shipment
! wherefore there is "a margin for biddlnk
/ on gold bullion In December 1903,
| tho price for gold bullion was lss ODD,
] tho hlghtrt Of recent years. shipments
/ Of bullion 20 London by the gold min
/ ing COMPANIES are received by their
| banks on the day OF arrival, bids arc
| asked from the Bank OF England ana
/ from foreign banks which may want
! the gold for export The hiBnest blu-
der ecta II. The market for gold 10 IN
| ti,r1toI, associated with the banking
| t~ers4eti1us whereby international pal
| arres are settled. In the purchase OF
/ ores and for am ordinary purpose
| po.d has only the fixed coinage value
SILVER IN LONDON
Tho silver market is also intimately
| connected with banking transaction
| i,rrr export. being made from London
| to The Tar cast lu settlement ot pal-
| auoes. The silver market ~ the world
| NOR. than any other m"fal market 10
| determined hy LONDON. The SILVER nfoh
| ers of London meet 4aIF at .. m' anu
| nE r price for fhlt day
"Vhcy arc bound tu SCH az the price
! thus uEDd any quantity required, hui
] aru not bound Goo take any quantity thhl
| may b.. offered. M the quantity offered
| is more than can Do disloscd N, 10
| necessarily goes over % thH dAf iolpN
| Inv and fnau hHH 1n cNrOl 'n liking inc
| price flr chat day Tho London quote -
| dion la for standard silver. D. a.. os-'
aTho New York price for silver 1uc-
| tuatss generally iu correspondence Win
| Or. London prIc. being lower than me
| London price uy au amount represent
/ lng commissions. eKp.fEstRr. lutores e
| and other charges between tne tNp
J markets. lrd also is affected By huCuH-
! tluuH Iu tuo rli. or rNrht nFn. brr.-
| -lou8uy tlr Sew York price for had
J oUa tae London price for the following
I day. wherefore thD difference between
! The two markets ls not absolutely cor-
! stlnt THO New York price la c1-
| mhNHhrd ly thr hru u. Handy q Ilarr
| mon. which handles tHH Er.lt bulk 90
| H. silver bullion bus'no of mo uni-
| ed States. most M taU lHrFa rrhnrfa
| selling NDir product through o. Fifrr
| a. commonly sl'l lu inguts lltue up
| ward ui 1000 ounces. DOB .sht, u3i'
| One. for cash. immediate delivery. Tho
| quotation above reformed tu is frequent
ly called thc Official price, ana ls COM