Show IU U. U S. S Silver Policy Branded Failure by Bullion Dealers Dealers' NEW YORK Jan 13 UP UP The The United States silver policy has failed of all its m major jor objectives tives except to subsidize domestic producers producers pro pro- Handy Harman silver bullion dealers said today in an m annual review The dealers urged the policy be abandoned i and the United States withdraw from the world market in Ln our opinion the tho firm said sald no permanent good can come como from increasing and supporting the price level of or silver sliver at a point beyond that warranted by the economic conditions conditions conditions condi condi- of the world market And when the effect Is to accomplish results diametrically op opposed opposed opposed op- op posed to the tho intended objectives it would seem as if the fallacy of the program had been proven The review listed the adverse effects effects ef ef- cf- cf feeLs of the plan as forcing China and some smaller countries of off the silver standard slowing of ot exports of American agricultural products and the inability of treasury purchases purchases purchases pur pur- chases heavy as they were to approach approach ap ap- ap- ap the announced goal of silver holdings of third one-third of ot stocks The brokers recommended that if it silver is to be used more widely in monetary system the United f I I States can contribute more by working for tor monetary stabilization I and by making silver sUver of secondary importance The estimated the United States government bought ounces of silver in 1935 IncludIng Including including ing under the nationalization tion order 3 from domestic miners and ounces in the world markets Total world consumption in 1935 1035 was placed at ounces in includIng including in- in eluding ounces for arts and industries In tho the United States Canada and nd England World production production pro pro- as vas estimated at ounces of which SS 38 ounces came from domestic mines The balance of ot world supplies came from old stocks l r tf |