The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1919-10-10
SILVER REACHES
NEW PRICE LEVEL
MEEK AND LoWLY MEXICAN M,
LAR, ONCE WORTH s.4ss. rs
NOW QUOTED AT SAYS.

"" SoOlEO AT $S75
Like a highl.Sstrung, thoroughbred
hehtacky race horse, never content
WIN past records OF achievement, sill
'eT' seemingly become animate with
the determination to climb 10 prav,.
ousis unknown price attitudes, sold
Yesterday on the London market for
o. pence, much to the CONSERVATION
loi those nations which,. in order 10
maintain commercial and economic
integrity. must buy heavily of the
White metal. Not quite a week ago
on Thursday. September 25. silver
was quoted at So 3-S pence on the Lon.
don market. a price which shattered
all previous records since 1850. The
same DAY silver sold In New York Mt
si.lS 80. Yesterdays price of "a
pence Is equivalent In United States
currency to $l.296. AS a result. IL NAV
De truly said that in London. IL the
pound sterling were normal. silver
would be at a parity with gold The
uiiIerence In price between the Lon
aon quotation of ga pence, or 1926
and the New York price quotation of
sl.IS ~ is due. no doubt, mostly Ia
the adverse rate of exchange and
partly to transportation costs, and to
the fact that London prices are quoted
on silver 925 grains fine and New
York prices on 999 grains fine.
With the price OF silver mounting,
the previously weak and lowly Mexi.
can dollar has sprung to extraordi.
nary affluence.. Tables published in
1918 by the department OF the treas.
Jury quoted the Mexican dollar as be.
ing worth $.49S5 in United States
money. The exchange value was rat.
ed at $685.. Yesterday the fact that
the Mexican dollar was quoted al
1878 was a potent reminder that the
world and standards of value are con.
stantly changing.
The British government has ad
yanced the value of the rupee to "a
pence from % pence, to which it was
advanced from 90 pence about a
month ago. This action was taken to
make the money value of the coin in
excess of the value of its silver con
tent and thus prevent its being melt
ed at a profit, says Gordon Hall In
the New York Telegraph.
There is q silver famine. There II
practically TO stored silver here or in
London. Production has been falling
loft and the demand is increasing sc
steadily that a silver famine is i'm
minent, If ii does not already exist
China continues TO be the worlds
heaviest buyer of silver for several
reasons. When silver sold at from
s1ef to S110, China commenced to
sell to India and now finds that Its
own stock of the metal is far below
normal. The Chinese settle all trade
balances at the commencement oil
their new year. which in 1920 falls on
February and 2, and buying for
these settlements is now in progress
and will probably continue until the
end of November.
This. however, does not mean that
the demand from China will cease
China is creditor nation and unless
the trade balance due to II by Great
Britain and the United States can be
paid or largely reduced By shipments
of merchandise the debt must be paid
in silver.
The demand for the metal Is no.
SO insistent that practically all silver
on offer in New York is purchased
every day before noon.
Another danger threatens the stu
alton. Since the war boarding OF the
metal has increased to tremendous
extent in Arabia, Serbia. Persia. West
and South Africa and Mespotamia
and the natives of all these countries
enriched by the war, in addition To
boarding coins are buying silver orna
menis fashioned in India.
From the miners point of view
silver is now ir stronger position
tAan gold, copper or any other metal
The law of supply and demand mus
carry IL eventually to higher quota
tons.
British investors and mining com
panies have been quick to realize this
situation and are searching the world
over for silver mines. A powerful
group of London capitalists have TAX
en- over some ancient mines on the
border of Burma and China. and the
famous Hidalgo mine near Panchuca
Mexico, was sold to another Londor
company last month.
In New York some of the biggesi
stock exchange houses which have ig
nored silver in the past are investing
in silver mines.