The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-07-31
Recent Remarkable Advance in
White Metal Due to Am
bilious Spectators.
INDIA SPECIE BANK
BEHIND THE SCHEME
Purchase Fifteen Million Dol
lars Worth, Thirty Million
Ounces in London.
BY PRESTON o. ADAMS.


here into the recent remarkable ad
bilious movement has been projected
and entered upon by the India Specie
Bank, financial institution controlled
by natives of India and possessing large
means Basing their calculations upon
the helpful monsoon, the inspiring crop
prospects and expectations of govern
ment purchases, these native bankers
have formed the conclusion that the de-
uand for silver will be sufficiently eN-
Sensive to carry the price much higher,
and they have accordingly purchased
some S15,00O,000 worth of the white
metal in Bombay and London, For
this sum they have received approx
mately 30,000,000 ounces, which repre-
sents 4 very large percentage of the
available supplies. The scarcity thus
shipment, according to private cables
received here, of $l,250,0o0 worth of
the metal from Shanghai to Bombay.
The Indian spectators have been en-
couraged in their operations by be.
lief that the Indian government will
have to buy silver at this time, after
having been out of the market since
1907, but other authorities doubt
whether such purchases will be neces-
sary, at least for some time.
Fight Among Cotton Brokers.
The fight between the old crop longs
and the shorts IN the cotton market,
yShich has been going on for months,
viii evidently not end before the end
of the season The cotton year ends
on August 81, and from September l
it is another year. New crop cotton
begins to move before September l,
but not in sufficient quantities to make
. H. . H. al.
In the market. In some seasons the
crop has been so late that new crop
cotton has been of little weight on the
market during September. There has
aever been Il year in which 1T was pos
sible to deliver new crop cotton on
August contracts in New York at
profit, and the fact that the season
is rather late this year makes it out
of the question to count upon the de
livery of any new crop cotton next
month In the history of the New
York market there has never been such
contest in real bales as has been
fought since January l. The future
trading has not been in ''paper cot
ton, - but-thauks to the Southern and
Western men who believed that cotton
was cheap--it has been real cotton
market.
New Mexican Railroads
q ANTONIO u 'andlIo, Il McAlCduy WHp
is promoting two of the largest rail
road projects in the republic, in dis
cussing them SAYS that connection with
the Frisco over the international bridge
at Brownsville, Texas, Will give con
tinuous interchange between New Or
leans, through Houston to Campeche,
Yucatan They viii also have connec-
tion with the National Lines of Mexico
and the United Railways Of Yucatan,
Tho 1,ooS or cericc of lines will follow
the gulf coast, touching at several I'M
portant seaports, and connecting with
the Central Lines of Mexico, will pro-
vide q very short route from New Or
leans to Mexico City. The main line,
which is being built by the Mexican
government, will extend from Mata-
moros. lust across from Brownsville
through Sotola. Marina and on to San
Juan. where it will connect with the
National lines and run into Tampico.
Canalizo and his associates are build
ing feeder from Columbres, on the
Rio Grande. to San Fernando. The
l'route of this line has been surveyed
through from Brownsville, and it is ex-
pected that work Will begin within Il
very short time, the road TO be com
pleted in time to be of benefit TO the
development of the country.
Condition Western Banks.
bureau in the treasury department and
made public by the comptroller OF the
currency has rendered it evident that
the banks Of the Middle West are IN
some sections, at least, undertaking TO
put themselves into better condition
before the coming OF the fall demands.
Most of the figures show decided i'm
provement over the conditions exhi'
bited at the time of the last call.
Revival in Iron Industry.
There are signs of revival in in
quirv for pig iron though stocks have
piled up in furnace yards during the
first two weeks of the new quarter.
Restrictions of production i'll Pittsburg
and valley territory has reached the
stage where practically al the interest
not having contracts calling for ship
ments this month have suspended oper'
Setions. IL the Pittsburg and valley
Producers can avoid it there will be
40 over,production Of pig iron during
The present quarter. Producers and
consumers have accepted the price
levels prevailing at the close Of June
rs the absolute minimum of the mar
ket There has been no attempt u
shade these figures. Foundry iron hat
moved in small lots on the basis OF
bl4.50 furnace for No 9, and some smal
sonnages Of basic have changed hand:
at $14.75 valleys, though it is possible
this price could be shaded on a SUB
stantial inquiry for second quarter
The most important inquiry recently a
Pittsburg came from the Andrews Stee
Co. of Newport, Ky. which want
1000 tons Of basic and from 3;ooo T.
5000 tons Of Bessemer for August
December delivery inclusive.
Wall Street Crowd Suspicious.
They are suspicious crowd down II
wall street and prone to believe ina
men Of high finance are experts In IN
use Of Mnrds To cnnnpal thOnnhtS. FO