Tombstone epitaph., 1921-10-02
INciAN AND EUROPEAN
BUYING ADVANCES SILVER
PRICE TO YEARS HIGHEST

origin silver market since December
4. 1890. The Indian rate on London
has advanced in the past two weeks
from l6 151Sd. to II sd. and at New
York from &c to IS 1-2 Bombay and
rs TO IS IL (Calcutta). The London
rate is higher because payments are
still being made in sterling.
The Equitable Trust Co. quoted sill
yer at 6S IA bid, Sept. %. Bids at
San Francisco were 1-2 to 3-4 of a
cent higher. at Bombay / IL to "a
cents and at Shanghai / l.. to "a
cents higher.
The highest official bid price on for
eign origin silver this year was 50 SIS
cents or Jan. s. Since that time
prices have declined so that prevail
ing quotations are the highest this
year.
The announcement that the French
government was proceeding to re-
place the paper franc with one of sill
yer was received with considerable
surprise and satisfaction. II is re-
ported that 100000 paper francs
have already been converted. The to-
tai conversion is to be 100000, 600
francs or about 100000 ozs. of sill
yer. Silver reserves of the Bank OF
France Sept 15) are about $4,000, 900
ozs and were about 100000 TO So
100000 ozs. in 1914.
In the past two years about 10000
900 ozs, OF silver has been sold in the
London market representing metal Sc
cured through the melting down OF
silver currency. The Russion Soviet
government was the first to announce
its intention TO recon silver rugles
and it was reported in July that it
would proceed on Sept to coin about
100000 rubles daily.
According to the N. Y. Times the
French government will try to replace
the 300,000,0 600 paper trans by the end
of this year This would be depend
ent upon the ability of the French
mint to handle this amount OF coin
age in this period Of time.
Total American origin silver at the
81 an ounce net price purchased by
the government this year and to Sept
81, amounts TO 43.150,430 ozs.
Silver production of Mexico for the
first six months of this year was 30
4S9,5e4 ozs, or 2,613,lS3 ozs less than
in 1920. During this period about the
same amount was shipped to this
country. Apparently Mexico is ship
ping greatly in excess OF actual pro-
duction.
China has not been prominent eth
er in the silver or the import and eS-
port markets. Silver stocks at Shang-
hal are slightly larger than earlier
in the month.
A Canadian banking syndicate has
advanced s600,000 against 1-year
bonds to the Chinese government
Shanghai rates, however, were up
to IS at the close OF the week against
"a IL last week.
Japan, despite its efforts to place
Manchuria and Chosen on a gold bas-
is, appears TO be more interested in
the silver market For the first sew
en- months of this year it purchased
$2,642,50O (vaiue) against but 5000 in
the same period last year. 1t secur-
ed s2,1O9,3ss silver. in this country.
January to July 81.
Weather conditions in Indian con-
tinue farovable. Cotton, jute, rice and
piece goods prices are higher. There
is very strong market in burlaps in
New York. Bombay cotton shipments
to Japan and China have mounted to
$4,000 bales so far this year, CON-
pared with $4,000, corresponding per,
iod, last year. and 5000 to Contin.
entail Europe. There have been no
shipments to Great Britain.
Silver reserves of the principal
banks Of Europe show a loss Of fS5,.
300 IN the past week but the previous
weekly reserves were E3,5e0, 900 in
excess of those of a year ago. This
week, Spain. Belgium and Germany
lost. The reserves of Spain, Switzer'
land and Belgium are higher for the
year, Spain now carrying f25,113. 900
Silver movements for the first ten
days of September, reported by the