Tombstone epitaph., 1921-08-21
SILVER SHORTAGE INDICATED
 IN MANY DIRECTIONS

IN MANY bth6SbtSN
 New York. Aug. 19.-Stress in the the London silver market is evidenc- ed by the continuation of premiums on the immediate delivery or spot, which has been selling at onehalf to one cent an ounce above future deliv- cries. This condition is contrary to normal conditions when the premium is based .on futures of 60-day de- liveries.
 Reports of huge shilver shipments 10 this country from Germany is at tributed to the bear" clique in Lon don.
 Decision of the Soviet Russian gov ernment to mint new silver rubles is not affected by the famine conditions in the volga district. On the contrary its quite likely that more grain from the non-drought districts would have been distributed if the silver or gold ruble Cthere is TO gold left for this purpose, il is said) had been placed in circulation two years ago.
 Although it is prepared to purchase any part of 145,O0O.OOO ounces of sil- yer at sl an ounce, product of this country. the government has been un- able to purchase any silver since July IS.
 Since June 30 only 4,sOs.l19 ounces have been secured.
 Total purchases fer the year are 35.626.Sl6 ounces.
 These figures appear to indicate yearly output in this country this year of anywhere from 40 to 49.000,O00 ounces against 5s.00O,OOo ounces last year
 It was reported this week that l35 cases of silver had been received by the Equitable Trust company from the German Reichsbank, valued al 66,- 6l1,000 paper marks, or about sl00,- 900. This is approximately 1.s50,0oo ounces. The Rechsbank two weeks ago reported it's silver reserves a. 4,s50.O00 ounces, (s572,250D
 An additional shipment of s6 cases valued al 1,6l1 600 paper marks, was received on the same boat by C. liar dy-Ruper,i. This smaller shipment is probably from the Mansfield Works An embargo against silver exports ex lists in Germany with the exception that the Mansfield company is allow ed to export 50 per cent of it's outpa;
 Total silver received from German, January l to July 70, was s2s9,00s Cs 7cN-tN' oGAN-Ss
 Total received from Great Britain is 1,s50.O0O ounces.
 The German Reichsbank shipment' the supposed to represent collatera against loans
 Lcndcns Silver Trade Imports of silver into Great Britai: for the first six months of this yea were valued at s4,S96,014 (about 42 100000 ounces) and exports s5,-2Sl 007. Excess in exports were therefore G1,615.007 or about 12,5O0, 900 ounces Silver received from this country wa s6,027,1s value or about 10,000. .00 ounces. On this basis about 31,0o0 1000 ounces have been secured iron other sources and one half of thi may represent remeltings in othe parts of Europe and sold in the Lon don market.
 In 1920 a total of f5,s00,000 Wa shipped out in the first nine month and about s12.o0o,OOO for the year o , about 55.O0o.oo0 ounces Of thi ! amount all but s,0oo.oO0 ounces wa
 shipped to China and India U. S. 4 f shipments to London in 1920 were $4 s24.77s value, and about 4,so0,0o [ ounces.
 .! In 1919 London received $15,635,3s Q frcm this country or about 14,900, co
 ounces.
 f It is well to remember that whe n silver is cheap las at present on fo n eign origin) that the bulk of the trad with the Far East will be through ths ! market With silver above s5 cent c this business is diverted to the Ne f York and San Francisco markets.