Elko independent. [volume] (Elko, Nev.) 1915-current, 1918-01-31
SILVER PRODUCERS
EXPECT D OIL A R
Decline Was Due to Easing OF
Demand in Orient and Delay
in Announcing Price


George Graham Rice writes in his
paper:
The decline was due TO two causes.
First, there was slight easing off OF
the demand from the Orient. and,
second, continued delay OF govern.
ment officials at Washington in an
nounCing the price which Will be paid
Tor the metal in making the proposed
purchose OF lOO,OUOOOO ounces for the
account OF the United States and
Great Britain in monthly installments
during the coming year. This delay
has caused small producers not in
position TO further hold back sale OF
their accumulated silver to seek the
market, and as result there is a
slight improvement in the supply This .
improved supply is insignificant how
ever, and there seems no reason TO .
question the general understanding f.
/ that the government price, when fixed. /
will be around 81 an ounce. The larg /
or silver producers Of the west are /.
J 80 certain that such price will be
made that they are not at all anxious
to dispose of their metal at around
current quotations. They show a dis
position 10 sit tight and await the de
cision Of Washington a. to price.
In connection with the delay in
price fixing. adyiccs from Washington
Indicate that several snags have been
struck by treasury department OFF.
ciaIs. It is known that these oAicials
are contemplating the release Of all
, or part Of the silver stock now held
TO cover the S4TU,OoO0O0 Of silver Ger
tiGcatcs outstanding This would en-
. tail the calling in of suCn certificates.
: To replace these certificates, it j. pro
p posed to issue federal reserve notes
! in the denominations OF 81 and g.
: This plan struck snag No. l when il
- was found that 10 carry it out il would
8 be necessary to amend the federal re
: serve act. which in its present form
be specifies that no notes below the 50
D denomination be issued. This dItli
+. Guilty Is likely TO be overcome, as the
p amending Of the law along the lines
h'lhtu i o'l"- Co''9'u'''N an" -,
PLoO'OI! D' '"''''u o"' ''''
, release the silver held to cover the
D outstanding silver certificates and the
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