Tombstone epitaph. (Tombstone, Ariz.) 1887-current, 1921-10-30
PAGE TWO
DEMAND FOR CASH
FOREIGN SILVER CONTINUES
IN UP-ANoooWN MARKETS

with London following at 40 7.Sd !
against 80 Esd. the day previous. and
with New York also on the bid side
at Il l.2 cents. Indian exchange
'London ON Indiab at 16 SD with
sterling a, 1898 was equivalent to
Il "a cents an ounce.
After selling TO the high" of "a
cents. the highest in l2 months. fo--
eisn origin silver reacted to II cents
during the week This provided some
relief to those London brokers who
have been almost continuously on the
wrong side Of the market for the past
5 months.
This reaction of to cents was
cue more to sentimental reasons than
anything else. Shanghai is still the
worlds silver market and on the
morning of Sept is traders and
bankers there either were suffering
from indigestion or concluded that
the advance had been too pronounced
more severe decline is unlikely.
The advance of the past months
item in Shanghai alone where an av-
erage OF 6,5Oo.ooO ozs. is handled
daily.
The New York newspaper attribut-
ed the reaction 10 weakness in India,
which was hardly a correct diagnosis.
since rates there remained high al
though weaker in terms OF sterling be-
cause OF the advance in the latter
Shanghai on Oct 19 was bidding IL
% for silver, with India buying at the
offered price.
Silver stocks at Shanghai continue
TO decline
Cotton shipments from India were
less than during the previous 4 weeks,
but they now amount to 22S0e0 bales
for this period, against 1900 bales
for the corresponding period of last
year. China and Japan received 1922
600 of this amount compared with but
1900 bales last year.
Since the beginning of the cotton
season the Far East (chiefly Japan
has secured 100000 bales OF cotton in
the American markets.
Wheat shipments from Pacific ports
TO India are under way.
The cotton crop Of India for 1922
is unoffcially estimated at 5,4S0,000
bales. against 4,4s00O0 last year and
s.141, 900 two seasons ago.
Price on immediate delivery silver
still holds higher than that on future
delivery; it rules at one-half TO three
quarters of cent.
This phenomena Of cash silver sell
ing above future silver has prevailed
for more than months and shows
that most bullion dealers, especially
those in London, have mis-guessed
the silver market. This fact and init
mate knowledge of Shanghai market
conditions is the basis of professional
belief in higher silver prices.
The larger factors are the demands
OF Japan for coinage. the indicated
demand OF the same character from
Russia and the likelihood of greater
uses in Europe in the attempt to re-
habilitate sound currency and season
able commercial demand towards the
end Of the year
Even ignoring these factors the con-
tinuance Of premiums on cash silver
means strong silver markets with SEN
sational developments before they are
finally readjusted.
The U. 5. A Government DID not
purchase any silver at the 81 an OF.
price this week This is not surpris.
ing in view Of the fact that purchases
30 far this year are apparently in ex.
cess of domestic production.
Representatives in this country of
the nationalists Of India announce
that a boycott Of japanese goods has
been decided upon BY the National
Congress Of India The boycott is q
protest against the AngloJapanese
alliance.
The Bank Of France reports (Oct.
2o) a gain of 1s5,ooo francs in silver
reserves.
The temporary reaction this week
In the price Of foreign silver proved
rsther eoWelusiveiy thst London has
lost ts former supremacy In the