New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-15
Corner in Silver for
Protection of Coinage
United States Government, Acting win oriush Ofheas
Plans to Buy Up Output for Coming Year
Large Amount for India

England and ths United States a.,
Japan. but not enough TO supply =
demand, and as result India ru,.'
exchange has scared TO unhesrd a
levels. Great Britain has attempted.
induce the natives to take paper. H.,
they have refused. Apparently Il A.,
been found that the only. way A
worlds obligations 20 India eouA 4,
met is through the actual shipment A,
silver. Bankers said yesterday a.,
the silver, if il is shipped to India. v,Ii
probably never return, for India
known as the "sinkhole" for both e,iI
and silver. the natives boarding n,
metal in huge quantities. India. :,
a matter of fact. has long been a.
largest consumer Of silver in the worp
millions on millions OF dollars Wort,
of the metal having gone there, ney,,
TO return.
To Reimburse France
A portion-of the 10000. 900 ounce, Al;
silver which the United States govern,
ment has contracted for on its ON,
account will, it is said, be shipped "a
France in bars, TO reimburse the Fpn,S
government for silver coins paid IA
the American troops there. The r,,,
of it will probably be used to nee,
the steadily increasing coinage a..
mands in the United States.
Bullion dealers called attention y,,.
terday TO the fact that with the euv.
eminent buying up most Of the Amer.
can output for 1918 ,00.0Ooe0
ounces out of a total Of about 10000.
600 ounces-the supply left for use |,
the arts and other manufactures vi,
be smaller than ever before. The trl
production of silver for the who,
world in 1916 was l7j,000.000 ounc,,
Ii was said that the combined demast;
of the leading silyersmiths Of he
United States amounted 10 about g..
100000 ounces of silver a year.
Check to Punctuation
The conference between British ana
American smelling officials and h.
smelling interests took place at Wash.
ington recently. Lord Reading, shs
came here from London a month Or
so ago as representative OF the Bri,,.
Treasury. and who only returned u
England this week, is said TO have bee,
a party to the conference. The sg
trade has long expected some such q.
ton by the government, owing to IL
wild fluctuations in the price Of Il,
metal. As result OF the buying y
the Allies and the United States prta
have recently scared TO the highG
levels in years. In October silver bar
which were quoted before the va
around 45 cents an ounce, tousas
S1.08ia an ounce, with sales repOrs
at $1.l5. This was the highest Prize i
twenty-five years-in fact. since d,
silver boom of the early '90s. Rect.
ly prices have slumped badly, sndh
dropped back to around So cent? u
ounce, which was the market quoalNt
yesterday.
In many quarters the large silva
purchase is believed 10 be one mon
step toward the RECOMMENDATION Of 81
yer. All Of the belligerents on a'
other side have long since stopped, .
all intents and purposes, the use q
gold as a circulating medium PsPe
and silver have taken its place. Nes
Of the Allied troops operating y
Europe and in Asia are being paid u
silver. This has created a huge cs.
mand for the metal, which on mp o.
the Indian demand has caused me
great rise in price.