Weekly journal-miner., 1920-06-23
DECLINE IN SILVER

In of the fact that the regarding silver quotations that stey should hold around $1 per oz explanation eucidang significance of the recent drop below the dollar quotation, which recorded the early June market The expected dollar quotation is of course conformity with the prospective repucaes of silver produced the United States under the Pttman act The will only buy $ per beyond question have been minded and refined the United States The silver producers should realize that the price of $ ton for deliveries the mint that when the govern men plan in operation silver prices will net te less than the dollar quotation However the arrangement for purchasing
 this silver have been perfected and the machinery necessary expedite the purchases has not yet been put in moon the affidavit which the has prepared has been found unwoed Conferences being held between the smelling companies and the government determine details and it hoped that within weeks satisfactory arrangements will have been perfected.
 Foreign silver silver in markets outside the United States will depend for its price the usual market conditions and it this "outside" silver which is being quoted below $ per Mexican and Canadian silver for example be sold the United States government the $l price and seek its market general siver-consuming industries moving naturally will tend purchase foreign silver under the present condition Thus we have unusual situation silver with quotations really force taking of the domestic production at $ and the other quoting prices the market for silver produced outside the United States.
 Only ago causing anxiety the financial world the price seemed destined to alter existing subsidiary coinage systems resulting III extensive melting o silver coins. During the last months however great and tcpated change has From high in March of $132 to quotations around 8c present there drop of 38 perl
 
 y improbable from the developments in the last few weeks that sver recovery from the tremendous blow has received will take it the heights that exavagany predicted last winter.
 The of the decline in price have been currently n dicated in the edioray upon Engineering and Mining Journal Briefly, it has been at
 buted the abatement of the Chinese silver purchases which the principal sustaining influence during the winter, and still recently selling in India However, the drop may also be considered due the general economic tendency ward lower prices Most of the metals have gradually decned during the spring
 The seadines of present silver prices depends in the United States the governments purchases under the Pttman whereas the international looks India stabiz ing influence few months ago. India reoganzed her currency system to conform, stated quarters, with the high price of silver but the real purpose of the reorganization to link the gold and the pound sterling had been the under the former godexcange standard This step taken by silver authorities begging the price of silver to $3O per but subsequent events have shown the faacy of this assumption Although India by raising the rate February last restored the token value of that coin this had effect the price of silver than similar action the part of the United States would have had the exchange of the twenty-five cent piece arbitrarily raised three for dollar Nevertheless the change in the exchange of the silver rupee event of historical mportance this and the Pman may be sidered the most important bits of legislation affecting silver that have been enacted for many years.
 The uncertainty in making predictions future of silver lies the fact that silver commodity subject mainly requirements This realizes that about reequarterS of the worlds annual silver production goes India to disappear from view and that the silver imports of India made under authority of government Further Indias requirements about question of fancy of trade, which heighens the ennatca position ta Prediction what the Indian demand will of government circles is difficult
 MeYCo political difficulties should impair the silver production of that country this industry essential one to the conduct of the government As long the oontendng parties genuine control of county E that no attempts will be made to moest the svernHg in