Tombstone epitaph., 1921-12-18
IMMEDIATE FUTURE FOREIGN SILVER PRICES DEPENDS
 UPON CHINESE SITUATION

cal condition of the foreign origin sil- yer market is that it is temporarily oyer,sold. Exceptional accumulation at Shanghai during the run on the Bank of China and the Bank of Com. has resulted in d limited demand from that direction. India has been out of the market for som time. London on Indian exchange rates are the lowest in some time.
 The Chinese New Year begins Jan. -S and silver shipments from foreign centers to meet the customary holi- day demand are also probably at an end
 The anticipated next Chinese de, mand should be around the middle of January or even later in that month.
 During this interval general polit'- cal developments may be of more i'm rortance to the silver market than O., Ginarily Notifications of what Is known as the Goschen plan and even b. metalism have been brought to the attention of the Administration at Washington by certain British inter sts from time to time.
 The Mexican government is also iu. torested in proposal 10 adopt a fixed" price on silver somewhat si. rilar to the plan Of the Pittman law in this country.
 Weakness in London-Indian eA change is probably due in great part tc the severe curtailment Of business ;etween that country and Great Brit ain. Cotton shipments from Bombay. to London, however. are only 1000 bales less than for the corresponding reriod of last year, Aug l to date On the other hand cotton shipments t. China and Japan are 1850 bales against lli.C00 fast year. and even ?ll.0O0 to the continent of Europe or 3 0OO bales more than last year.
 With this country Indias trade shows continuous improvement.
 The compulsion O. Far Eastern countries to use gold ir their trade w:,h the United States is shown in gold movements. India has sent us nearly s32.0O0.0O0 for the first 10 ', onths and 20 days cf this year, and China. s23,5-3,926. Last year India did not send gold. and China sent less than s..000.00o.
 Canton silk is nov selling in our markets at the highest as compared vith other grades of :aw silk It is about v per cent above 1914 levels
 It is quite likely that political de velopments both in Cana and India will exert positive influences on the silver market during the next 50 days
 If, as is now indicated the Chinese delegations at Wash. rgton walks out" the Pekin government is likely 90 fall, and it may fall even without this additional influence This would result in another demand for hard as against paper money which is largely hard silver money" both in China and India.
 The situation in India is much more difficult to .e'trmine but it $ greatly unsettled and may becorIa even more 50 al an early date. Bank irg and ship ng CI'.trol of Indian business IS in tho hands of the Brit ish, and ID pronouncsu influerce on  this country : a:.d.rs can be safely expected.
 Total domestic :i;ye- purchased by our Government Uuder the provisions C: the Putnam law and at the s1 an ounce net ? ,co amounts to 54,S5l ,S63 czs. and Si.7oJ,SS3 cas. since June Is, 1920. ProGuction thIG year is around 32.Oo0,0oO ozs.
 The Treasury Department has re- sumed coinage of gold after a lapse of nearly a year. Total coinage of silver under the Pittman law to Nov. 30 is ss4.s17.0o.