Tombstone epitaph., 1920-09-05
SILVER MARKET ON
 ENTIRELY NEW BASIS

metallic fever complained or Dy British dealer. In London bid prices advanced to 61 pence. equivalent to 9S l,o cents New York. These bids were ignored, however, because the demands from China were around 99 cents and equivalent to more than si on Shanghai exchange. The nation al bank of Germany is again buying silver and is credited with s675,0oo additional silver holdings in the last two weeks In an interview in the Wall Street Journal,' Director of the Mint Baker discussing the probable acton Of the government if silver advanced to s1.i2
 Pronounced demand for silver by China this week carried the price of ioreign.origin silver from 95c to 99 II. For nearly a week this demand has made New York the leading silver market of the world. and has, tempor' ari'y al least. relegated London to a secondary position,
 Silver purchase by the |. s. Mint since May 1910 have been at the rae O. about i300o,oOO ounces yearly, aeainl an estimated domestic produ,- lion of 52,0o0,oO0 ounces or less. Imports nd exports Of silver since 1917 show liquidation Of practically all the foreign-origin silver which the smellers have been holding. The drop in Mexican imports have been large factor in this changed situation. IL has been sponsible for nearly .j per cen, Of total imports, and for the past three weeks shipments 10 this country have been on the average of about Ss50.000, against previous week ly averages of around sl.400060. The provisional president of Mexico i, is said 10 be using one half total silver coinage. This loss of about S55e. .ooQ
 Is ralhe rpositive and leaves com. parat.ve,y small amount oi foreign origin silver available, This is partt cuiarly evident in the London ma- kets. where demands for the past two weeks have resulted in the inability of bullion dealers there to supply these wants without showing their position 10 New York dealers. with the effect ,ha, New York Is doing larger direct business.
 President Manson. of inc Consoli dated Coriez Silver Mines company who has jus; returned from Mexico reports that the scarcity of silver coins in that county is just as pro nounced as il was three months ago Or previous 10 the new policy Of plac ing large amounts of silver coins ir circulation IL is also reported tha' the Mexican government is preparing 10 replace the present copper cents and ten cent pieces with silver coins MT Manson says that on one railroad rip the train was held up by Yaqu soldiers. heavily armed. What was demanded, however was that the pas sesgers exchange s20 American gold pieces into small currency. Because of the lack Of silver coins the govern ment has been paying the soldiers ir American gold coins.
 American business interests since the sharp break in silver prices, have been shipping gold 70 India in settle ment Of trade balances. Those ship ments SO far this year amount 10 SC ll0.0os. India herself has been buy ing gold and silver in the London market With the higher price for sil yer Il Is expected that American mer chants will return .u-the use of silver
 The silver demand from China is said 10 be chiefly for the account O, spectators at Shanghai and other ports Of northern China. who antici pate much higher prices. Sales tc China in the past week have been more than 1,5O0,000 ounces. Tota' shipments in July were s2.s7s,371 For the first seven months of this year shipments have been on an av craze of s7,OOo,0o0 monthly. Shang hal sales at Ill 7-S in an advance from LOS since last week and repre- sents an attractive basis for bushes: operations between New York and the Chinese financial 1apitol.