The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-05-20
BULL ARGUMENT ON
THE SILVER OUTLOOK
London Authority Turns More
to Optimism Than in a
Long Time.

In reviewing the silver market for
April the London circular of Samuel
Montagu G Co takes a more svnpa
thetc attitude toward the bull operations
than in long time. The firm saws:
The month OF April witnessed a de-
gree OF life and animation In the move
ments OF silver to which the market has
been uraccustomed Of recent years ex-
cept under the stress OF artificial ma
nlpuIatlon by SPECTATORS IL is true
that In the early part OF the month a
squeeze Tor delivery was In progress at
bombay following the laundering OF the
steamship oceana with It's large silver
cargo. but neither occurrence had much
22pprec!able effect upon London prices
aeavy sales made to China and sub
stantlal purchases for the continent and
elsewhere gradually impaired a more
lively sensation of elasticity than has
been felt throughout the long period that
unWleldy stocks have oppressed and over
shadowed the market In such conditions
prices became increasingly sensitive on
receipt OF cables showing each week a
decrease In the total OF silver rupees in
the indian currency reserve.
men, therefore. the speculative group
(who. by the way are reputed to have
held the whole surplus-about 1000 bars
Remaining over In Bombay at the con-
clusion OF the April settlement. at which
the squeeze in delivery we have referred
TO- occurred replaced toward the close
OF the month on successive days, not
only the silver let out 10 the cornered
dealers but also that previously sold to
China. the market was impeled sharply
to higher prices, considerably above those
of the last three or four years
whether the reduction OF the quantity
or silver rupees In the Indian treasury
be the factor which governed the action
OF tho indian spectators In again re-
pientshing their holdings, or not, the is
sue sooner or later of large loans TO the
Chinese government renders the acou-
mutation of additional stocks less likely
to interfere with the natural develop
ments OF the market, and consequently
does not hazard the future to the extent
that such operators did, when they rest
ed upon Indian coinage prospects alone
for their success. and when such a con-
summation moreover was so exceedingly
remote"
The lowest prices were recorded on
the first day OF the month the highest
on the last, Highest prices were 2S 3-16d
for cash and IS 3-sd. for two months
lowest 26 3-4d, for cash and 26 12-16d.
for cash and 27,4o6d, for two months
The top figures were reached on April
80, cash being higher than at any time
since October %, 1907. and two months
since November 5, 1907.
PiXley & Abel say: Though silver
Is now quoted about 5 per ounce higher
than on January 1 of this year, there
is probably more confidence now in the
future OF the market than there was
then, this being due in great part to the
decree in the silver rupee holdings In
India by about 10 crores during this pc
riod. These have decreased by a quar-
ter of a crore during the past week
(ended May y whilst stocks OF bars In
Bombay are unchanged at 5000 bars
The stocks at Shanghai have risen from
267 TO 270 lacs Of taels in bars and
sycee