Show BUYING OUR SILVER Foreign Syndicate Working Very Adroitly to That End RCES MAY YET ADVANCE I WHITE METAL SECURED WILL PAY CHINESE INDEMNITY pcrts Arc of the Opinion That here Arc SonIc Very Rich Gold t Deposits Underneath the Present Active Properties mid It Is Stilted That Some Important Development Develop-ment Work Is to He Carried On Shafts Going Deeper General Uning Acns Silver is still fluctuating very moderately mod-erately in the neighborhood of 67 cents the close on the New York market cose ket last Saturday being 56 cents an advance of of a cent over the quota 1 tion of the day previous To date there has been no realization of the prediction predic-tion ventured some months ago by those who should be on the inside to the effect that the price of the metal would rach 70 cents and over by the first day of July This is the 1st of July and no such price will be paid for the metal today if all indications are not at fault Yet there is still talk of an early advance in the price of the white metal and did the smelters and miriers but grasp the full situation grasp tJtj would not be much delay in the JiwfiVal of the change for the better It Is stated on the very best of av thority that an English syndicate is Biijins Lp All the Silver i will require for the payment of the Chinese indemnity to Japan and doing the work so slyly that but few people in America realize the exact condition of affairs and the producers of silver Continue to sell their silver at the reduced re-duced quotations thereby allowing the foreigners to reap all of the benefits of the Chinese payments Shipments i q0vTlver are made to London by al ol ost every outgoing steamer the lat I I < i movement being that of half a j i rnilliop ounces which left the port of j I I New York on the new American I steamer t Louis This silver is part of the purchases of the syndicate and i i is said that the amount of the white j i I metal held In London is now simply j enormous According to the treaty bo i I I tween China and Japan the payments j I of the indemnity may be made in 1 eight installments seven years being the limit The first payment of 50 I OOj000 taels must be made not later i than the first week in November Half l of the whole amount L00000000 taels must he paid in one year in two equal installments and the other 200000000 J r fi ls in equal annual installments In teivst it i fixed at 5 per cent but if cent V China pays the whole amount she may I f anticipate the payment of all or any i i part of it within three years and if she does this all interest will be i waived and the interest for two and I S onehalf years or any shorter period I if already paid will be perod as I part of the principal On this subject the Chicago Inter I I Ocean has just received an important special dispatch from New York In the article appears the following While there have fOlowing many con 3fctures as to which eountry would tale up the proposed Chinese loan to S v the JaPanese Uf Japanfse War indemnity of ZfigOOOOOO taels it has been impos i h JWVtherto to say positively where U W > he Placed I has been sug sestfr nrhat this country might take iP thbl loan as we are the largest producers of silver in the world but a representative of the InterOcean to I day learned that while a large part of the silver will be bought here the land loan whl doubtless be floated in Eng I No syndicate has as yet been fO med I to take up the big loan but tht 1ig a syndicate syndi-cate of speculators in England has I been buying up silver for several I months in a quiet way so as not to I alarm the market and is hoarding it in Great Britain solely with the idea I of selling it to the combination which I f will take up the loan This is the first authoritative news on the subject sub-ject which has been published and may not please the syndicate of speculator specu-lator much as It has ben keeping its obje t in purchasing the white metal j cfV emejy dark for i feared the price > I uld go up Indeed its purchases nave been so large at times that the price has gone up and it has had to soil some of its accumulated sil ver to depress the market to its own lif t es This buying has been going on for several months at the rate of about a million ounces a week Hurdreds of thoisands of ounces have been exported lsancs ported every week from this country alone I is impossible of course to I tel how much has been bought in I Tex co South America and Australia I which stand second third and fourth I respectively to this country in the production of the muchdiscussed I Ajnetal But as the weekly exports from this country have recently been I between 500000 and 1000000 ounces I i may readily be epn that the accumulated accu-mulated silver in England in the hands of ths syndicate iow aggregates an extremely large total and these specs ulr spec-s undoubtedly now absolutely n ul the market c L American Syndicate Liillkcly I A reporter in the last few days has seen a number of the most prominent I foreign bankers exporters of silver smelters etc and most of these men j agree that syndicate will be formed in this country to take an the loan although al-though one or two think that part of i may be taken here Those men I who are in the best position to know howEver assured the reporter that while a large part of the all ier would come from this country no part of the loan would be floated here This country has never been a lender and there is no reason t suppose that i will b gin to be one now That at least is what these men say When the call for the loan is issued a syndicate syn-dicate of English French and German bankers will be formed with an Englishman Eng-lishman at its head to supply China with the 200000000 taels of silver it Till have to pay to Japan I seem almost certain that the silver market must experience a boom if this steady buying continues but i is impossible to tell what will be the resilt because it is not known how much metal this silver syndicate has accumulated At present it controls the market absolutely and with manipulation it aY succeed in keeping it under its I I thumb I is a difficult thing to speak Jay about because no one can H J how much silver there is which j an be bought when needed Silver JS not hoarded like gold and in fact this stock which is held by the syndicate syn-dicate is the only known large stored I amount of white metal in the world I excepting what our government owns Proposals were made to the large cmelters in this country to accumulate silver with the idea of selling i at an advaiced price for the liquidation of this big loan but they were not entertained I is said that the syn cafe ha made contracts with the I October smelters here which extend troubh |