Tombstone epitaph., 1921-08-28
SILVER STRONG IN
 LONDON MARKET

ported rom LOndon tCwarCs the end of the week that demand there for Chinese bonds was pronounced. It was also intimated that the buying was by bullion dealers and others who were known to be on the short" side of the silver market. Apparently much higher foreign origin silver prices are now expected and the short" silyer-sellers are hedging by going long" on Chinese bonds.
 A sharp advance in Chinese and In dian exchange rates was also record ed at the end Of the week when Shang- hai taels advanced to 72 l-4 and ru. pees to 25 1-2 tBombay) and 2s 1-2 (Calcutta). These are the best prices since last January
 The U. s. A. Government on Au- gust g purchased 17400o ozs. of Am eriean-origin silver al q an ounce and 326,O00 ozs. on August II: also I,o0o,00o ozs. on August r. Since June 30 total purchases have amount ed to only 6.5Os733 ozs
 The government is still in the mar ket for 140,7s4 ,570 ozs. and the indi- eated available silver for the balance of this year is from 5.000,oo0 to S,o00- 000 ozs., against 37,s27.430 ozs. pur- chased from January to August IS, 1921.
 This scarcity in this country and Chinese Indian and Russian demand at London is probably one of the strongest influences towards uneasi- ness among the shorts" in that ma-- ket.
 For the last le days of July (the most recent report of the Federal Re serve) China received s2,4s6.717 si!- yer from this country. one of the largest shipments of the year.
 The Far East shipped sl,523.557 in gold to this country July 20 to 31. China sent s479,441 and India s2ss,- 10S
 Montague & Co. ip their letter of August 4, state, considering that the gold equivalent Of the Indian rupee is now fixed at onetenth ot a sovereign, ii is interesting to read in the Times of India that the price of sovereigns had advanced to 20 rupees per coin, that is to say premium of 100 per cent over their legal tender value" :" We beg to repeat that the rupee is and not in terms Of gold sovereigns. The selling price of foreign origin silver at New York has held above 61 cents for more than 4S days. During this period most of the transactions have been around 62 cents. On July prices were 59 cents snG on August l 50 12 cents; these were the two lowest quotations during this July l to August IS period
 This steadiness and strength in the foreign origin silver market has been source Of considerable surprise even to experts who are optimistic on the silver situation; it was expected that the summer months would record fairly low prices and that the recov- cry would be in the autumn period.
 For more than veeks Shanghai exchange has been strong and for the first weeks of August the Indian rupee rate has also been higher. Pro. babiy of more significance is the fact that the premium has prevailed on spot or immediate delivery rather than forward or future delivery.
 Ii is somewhat interesting to record .he various adverse rumors that have been circulated so far this year and almost exclusively by London. First operators on the bear" side were waited into the realms of blissful sat. isfaction by reports of huge output in Mexico and then in Canada; later a gigantic silver horde from the Euro. pean Continent was reported and this has been followed by equally true ."reports, of huge shipments from Germany.
 Early in April newspapers credited Germany with shipments to this coua. try of 1.300.oo marks (5e5.000 ozs al e5 cts); this was followed by state. ments in June and July that 3 ship ments of Sl.OOO 900 had been sent to