Tombstone epitaph. (Tombstone, Ariz.) 1887-current, 1921-09-18
ChiNA'S SILVER
STOCKS CWiNDls

in China appear TO be the strongest /
features OF the foreign origin silver /
markets.
Exports OF silver from London in
July were 5.5S66s3 ounces. and i'm
ports 1.3SSs6l ounces. For the first
6 months of this year they were "a
s33l7l ounces in imports. and 81
S2S.0sS ounces in exports The larg-
or movement in July is indicative OF
the stress in the London bullion mar
kets during that period.
From this country London secured
nearly 100000 ounces January to
August compared with about 1900
O0o ounces last year.
Aside from speculative demand
from India. currency needs there also
appear TO be much stronger.
The most consistent and conyic-
ing silver market in more than 20
years" is the manenr in which pro
minent New York bullion expert char
acterizes the domestic and foreign
origin silver markets of the past three
months. He also added that lit has
been strong-and consistent-despite
the most formidable circulation of
mis-statements that have any recol-
lection of"
For July ard August most sales on
foreign origin have been around 62
cents. June prices were opened at
IS Is cents. the low figure for the
entire months period. and gained
l.. cents for the 3O-day period. With
but 3 daily recessions of less than l
- cents high of IS cents. bid. was
reached August % August closed
with actual bids at 60 IS cents.
Higher prices in foreign origin sill
yer was not expected in July and Au
gust. and this earlier manifestation
of strength is a source of considera
BILE citation TO bullion dealers and for
eign producers interested in higher
prices on non-United States output.
The rumorcrop has embraced TIL
following features: Huge silver ship
ments from Germany that never ma
terialized: increased production il
Mexico where there is a decrease
distortion of mintage statistics Il
which world consumption was place
at l20. 200. 900 ozs. rather than 275,000
OOO ozs.: reports in the West that tn
Pittman re-purchase order would b
cancelled and statements that Indi
would be compelled to sell its siive
because OF adverse trade balance
whereas that country has been seliin
its gold and re-purchasing silver :
nearly two TO one.
The United States Government T.
the first months Of this year he
purchased 40.296,430 ozs. Of domest
silver at 81 an ounce net. Estimate
production is placed at 100000
45.001.o0O ozs so that or this bias
not more than 100000 ozs. will
available during the next month
This estimate Chat of 45.000.00oJ is
very careful one. The untitled ord
under the p.;;..,a. ~: row amounts
I37.o00oo0 ozs.
The Federal Reserve statement
silver movements foreign origin
and out Of this country 10 August l
shows excess imports OF 1.i11.09t o;
Mexico is credited with s22.05s.o
iyalueb or about 100000 ozs.. viii
is slightly less than imports from {
same country for last year. 1t is
tirated that more than 100000 o
OF foreign origin silver will be us
by the Photographic and silversmi'
OF this country, which takes care
this difference between imports
exports.
Mexico's silver production will
much smaller this year, but its
ports represent a large amount OF
melting.
CobaI producers insist that prod
ton this year will be 100000 o
compared with 100000 last y
and 100000 more than our own I
vious estimate.
Total silver received from Germi
is s1,27O.961 (valueb or about is
900 ozs. The larger part Is held
this country Chiefly by the Equita
Trust company as collateral and
.,oJ,.t.I from, the diFforeurp