Show I S TREASURER MODIFYING RULINGS RUL ON SILVER NeW York Juno June 23 ln In In response to requests requests- from silver dealers the treasury treas UP ury will modi modify r regulations under which It will m purchase silver Ilver at fixed price of or 1 H an on ounce under Pittman act New re regulations it is understood al allow allow alow al- al 1 low ow of ot offer otter of oC mixed silver to provided the vendor furnishes affidavits aida giving clear proof of oC what proportion of OC produce Is 15 mined American silver and what production represents reduction reduction tion of ot foreign ores This Is ex expected to simplify handling of or silver under Pittman act and would result In tho the mint paying tho the vendor two prices for tor silver sold It would pay 1 an ounce for American silver and quoted market mar mar- trot ket price for tor foreign silver sll Up to this time tho the treasury issued regulations directing that the vendor endor of oC silver sll under tho Pittman ittman act should furnish affidavit attesting it was the product of oC mines and reduction works In irs the United States supported b by sim liar Hal affidavits from both reduction works and mining company compan I To facilitate operations and reduce costs smelters nix many ores in process process proc proc- ess of oC reduction while under original regulations of ot the treasury the reduction reduction tion works would have hao to handle American American Amer Amer- ican silver sliver b by Itself Several Sev weeks ago aso the tho trew treasury ur announced It was prepared pro pro- pared to purchase oun ounces s at 1 fl an rut ounce under Pittman act net American Smelting Refining Refining- compan company com comA pan pany says The mint officials in Washington Tuesday concluded with representative of oC smelters and refiners e ers era rs the m method thod under which silver produced produced produced pro pro- and acid reduced in the Ute United States from ores Bold rold to sm smelters will bo ho re received received re- re b by the mint under the Pittman act at 1 per ounce which amount Jessan less Jess lessan lessan an adjustment account of ot mint requirements require require- ments meats of oC 1000 fine as against commercial commercial commer commer- cial fine and cost of transportation tion to the mint the two approximating three eighths of ot one cent will bo ho paid to the miners The American miner will therefore at once get for tor his silver er 99 99 cents per ounce It Is understood that under this arrangement ar ar- ar- ar tho the smelting and refining companies will be enabled to offer oHer to the government o nt within a a. few days several se million ounces of silver pUrchased purchased pur pur- I ch chased d by br them durin during tho the last four tour months Four months has ha been en agreed upon as being the average e a e time It takes between bet receipt b by smelter of the ore and the time the silver Is finally re refined refined refined re- re fined and read ready for or market ma This arrangement will wUl mean that all silver er produced from American mines since the price loll fell b below low 1 1 will wIn be he to the mine on basis of or 1 with above o deductions deduction and that from this time on all an American silver as fast as s it is produced b by the mines will be settled d for at 9 cents All AU the advantages of the Pitman act are aro thus made to ensure to benefit of oC American mine caine and American miner and become como at once available |