Show SILVER LOWEST JN IN FOUR YEARS Smelters Do Not Lose Whether Price Is Up or Down Says Barton Sewall Bar silver r reached ached r a new low level fo to tot the year today when when it t was quoted in London at 24 pence per ounce equivalent equivalent lent le t to 53 33 cents here says a New York paper of the Local bankers attribute the recent steady decline principally to conditions in India which ordinarily a heavy he vy pur par purchaser purchaser chaser of silver for tor coinage and use in inthe inthe Inthe the arts has turned seller and by throw throwing throwing throwing ing much of its reserve on the market marlet has broken the price The subjoined table shows the range of silver prices quoted in cents Since 1900 S High LOW MOT BOi 7 1 70 iO 53 1906 1006 71 zi 1 J 62 1905 65 55 1901 lOOt 62 re 53 3 1903 1003 61 47 1902 1002 58 41 47 1901 1001 64 61 6 54 1900 The h highest iii price since it isoo 1900 was W attain attained t I ed on 1906 at 71 cents cats c The low record of 47 cents was made mane on thre oc occasions occasions occasions Nov 28 1902 and Jan 22 and 29 1903 This year the highest figure was 70 v Naturally the decline affects to some extent the smelting and refining compa companies companies companies nies The largest of ot these the Ameri Amen American American can earns at least annually from treatment of silver alone In its metals stock silver is given a valuation of 60 cents cent per ounce There is only i cents margin between this figure and the thelast thelast thelast last quotation and If a further decline ensues the metal account placed at in Its last annual re me report report port will be subject to some depreciation tion The Thc high and low prices which tile the stocks tocks of the American Smelting Refining RefinIng ing Co the United States Reduction Refining Co and the United States Smelting Refining Mining o have reached during the past seven years are shown below Am US R B U S S Smelt 6 E R R IL HI 1907 1007 5 M 30 5 i 70 iD 21 2 1905 40 24 66 68 51 1905 1903 1 79 40 18 1904 82 46 40 36 1903 1 03 52 t 36 35 10 1902 49 37 44 41 25 1901 1101 68 69 38 g 1900 56 34 42 Quotations on the stock of the United States Reduction Refining Co cannot le lc given further back than th n 1202 1 because s the company was incorporated In iii the year previous the record for the United States Smelting Refining Mining lI Co Cois Cois Cois is necessarily short hort because th the Company om ny was incorporated In March 1001 The I IS of the stocks show no sympathetic movement with the rise and fail faa if silver It if i generally believed that an im mi improvement provement in the silver situation is at t hand When low prices prevail producers po restrict but this c n Is ison on temporary for automatically the price advances when the supply de decreases creases crea cs The curtailment of production by b sil siler siler il ilver ver er miners naturally reduces gross STOSS busi busin business ness n ss of the smelting and refining refilling cum com companies panes The recent shutting down don of many man copper mines reduces the silver output for with many of them sUrer silver Il er is isan isan isan an important byproduct Vice President Barton Sewall of ot the American Smelting Refining Co says that his company neither makes nor loses money by of ns in the prices ot of silver or any other metal When ores are purchased outright the trie transactions are arc based on the quotations pre prevailing prevailing on the date of settlement and the company follows the policy of ot sell selling selling selling ing its production as fast us as treatment Is iI finished By B this system practically th the same quantity of metals is received d dand and delivered each day on about the same name price basis |