The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-09-02
SILVER IS LIKELY
TO HOLD STEADILY
No Speculative Move in Sight
for the Present i'm Case of
White Metal.

The silver market for the last six
months has been remarkably steady,
showing only a very gradual and slow
decline from the high point reached in
January OF this year. The average for
that month was very close to 63 cents
IN New York and 90 pence In London,
the highest point which has been reached
for several years. says tho Engineering
and Mining Journal. The conditions,
however, have not proved sufficient to
maintain the level which was then
reached. and although the strong specu-
lative interests which have domino ted
the market for nearly three years past
are still In evidence to some extent, It
was not possible to advance the prices
IN the face Of adverse conditions. The
consid derations which advanced silver at
the close OF the last year were chiefly
the antlcipa uon OF q heavy demand from
China, but the political and business
conditions In that country have been ad-
verse throughout nearly the whole Of the
present year The new government was
not strong enough to undertake the ex-
pected revision Of the currency. and the
unsettled state Of political affairs pre-
looked for. The placing OF a large gov
ernment loan. which had been generally
expected, was not possible. and conse-
only on n moderate scale.
The average price Of silver IN London;
however, has declined by only small
amount falling from 2s.9s3 pence in
seems inclined to remain at about that
level. Possibly 1t might have fallen
further. but two or three influences. com
first was undoubtedly the support of the
syndicate of Indian banks and specula-
tors. and the second was the compare
lively moderate receipts OF new silver,
Nevertheless. shipments from London to
the east for the seven months Of the
present year have been the smallest re-
corded for six years, In the early
months they We're rather in excess OF
months they have been falling off and
the total TO date Is now consid erably be-
low that of last year at the same time,
ly good, but the demand from that coun
try has not been sufficient to overcome
the effect Of the heavy stocks accumu-
lated there. which have been Weighing
half To the effect Of these stocks was
added the large imports Of gold Into In
dia, which were the heaviest ever known
and which necessarily took the place, to
needed there.
The success OF the speculative syndi-
cate In preventing any great fall in
prices has been remarkable. and It seems
standing the, existence OF large unsold
stocks. AT the present time. 1t is esti-
mated that stocks In London are about
.2oo. 900 Those In Bombay are com
Shanghai and Hongkong they have risen
70 pretty high figure, being reported at
Ss,o6o.Ooo. This makes a total OF a lit
tie over e1o, 900. which is a heavy
in China brighten sufficiently to require
some Of 1t for immediate use, and this
looks rather doubtful.
On the other hand. the new supplies
coming in have been unusually light. The
production in Mexico has been consld-
erably reduced so that the shipments
from rom that country have shown a decided
nished about the usual amount, the
quantity of silver refined here having
been kept up by receipts from South
America and other countries. so that the
net net exports so far this year have been
little larger than they were year ago
The net exports from this country
nearly all OF which went to Europe-for
the seven ao months ending with August.
The shipments from London to India and
China for the same period were 4o,5d2,-
600 ounces: and these, as we have said,
were @ the iishtest for several years.
There appears to be no disposition at
the present time to start any specuIa-
tive movement in silver, the market be-
ing quiet and the important interests
DelHS sdllSIleu WIN the present price.
There is no reason to anticipate any
special movement. The Indian crop ad-
vices are favora bic. indicating that there
Will be normal demand for the metal
The currency reserve Is reported large,
so that there is little or no probability
that the Indian government will be In
the market for a good while TO come. II
anything, a decline. rather than an ad-
vance, might be anticipated, but It Is not
likely that there wifi be any notable
change for some time to come.