Show silver export association will be organized at once decided at recent reno meeting press reports and statements of returned missionaries to the silver producers conference at reno nevada on the fourth instant all agree agree that the jobje objects acs sou sought ht in the get together meeting were attained it was unanimously agreed that a silver export association should be formed and men nationally prominent in the mining and smelling smelting sm elting b industry to together 6 ether with senator pittman and other members of congress lucidly explained the difficulties of or the problem in hand and made valuable suggestions for the guidance of the association when formed W mont ferry of salt lake was selected as chairman the actual business of the conference has mazed as covering the following questions of import in the metal mining regions of the world 1 unanimous adoption of a resolution providing for the organization of a silver export association under the webb pomerene act and such amendments to such act as may be had 2 resolution of the present convention into a permanent organization to meet again within sixty days the date time and place of assembly to be set by chairman W mont ferry of salt lake who has been continued as head of the conference 3 adoption of resolutions asking 6 the railroads to restore the lead bullion rates from wes western tern smelters shelters sm elters to atlantic seaboard re finers to prewar pre war basis and thanking the united states senate 6 gold old and silver commission and particularly ticul arly arfy senator key pittman for the efforts made on behalf of the silver miners 4 decision of the conference to press action of mandamus against the treasury department in case the comptroller ge generals gerals opinion regarding the validity of undersecretary gilberts action in canceling the allocations made for w subsidiary coinage under the provision of the Pit pittman act ac is not amended organization committees named of three consisting t of alfred harrell of california as chairman W I 1 snyder der of salt lake and nry al rives of reno nev was appointed by chairman ferry 7 to draw up plans for the organization and financing 01 the conference under tander the separate resolution calling for the formation of 01 a silver export association a committee of not less than fifteen teen me members abers representatives of the silver mining indus try y of the united states and such other countries as desire to 0 participate is to be appointed within two weeks by chaigr airman rian ferry this committee is authorized and directed to 10 proceed immediately to the formulation of a plan for an export port association i alln making appointments to this coan committee litt ee I 1 shall not be guided by production figures nor by state lines said ch airman familiarity with the tre ferry but by ability V inen dous problems involved and capacity to cope with the many vexatious questions which will probably arise the best brains in the country will be called upon to cooperate in this matter to work out the best plans what is accomplished will then be referred back to the producers for approval anaconda president analyzes situation in a manner masterly for the clarity conciseness and logic displayed C F kelley president of the anaconda copper mining 6 company analyzed the situation confronting in cr silver producers and indicated the problems that would have to be solved in forming an 4 organization of any benefit to silver miners it would be unfair to tell you that it is only a problem of our getting together and forming an export association said mr kelly in the course of his searching and brilliant discussion it would be a mistake to preach to this silver miner that by the simple act of organization lie he can control the silver market it will be easy to organize za but when it comes to the matter of operation there are tremendous business problems to overcome the matter of organization b has three important aspects namely the legal the financial and the matter of securing Z a majority of the worlds silver production to join with us As a matter of enlightenment let me cite some of the experiences of the copper export associate association ion of which I 1 happen te tc be on of the organizers as well as a director under the terms of the webb pomerene act it is a crime to affect domestic prices either directly or indirectly by monopoly immediately comes the question of how are you Z going to help the foreign b price without affecting the domestic price for example the directors and officers of the copper export association were recently threatened with an indictment for acting in restraint of trade and only escaped prosecution by proving that in spite of the efforts of the organization the price of the red metal had not increased but had actually declined it is a question whether you can organize under tinder the webb pomerene act unless s you openly av avow 0 nv the int intention antion of desiring to regulate the domestic price then what are you going to do will you have two prices on one e foreign Z and one domestic foreign aid necessary here mr kelly suggested 6 that perhaps the senators who had b been een so helpful in conducting 6 the silver investigation b might be able to recommend a change in in the webb pomerene act so that the association could be legally organized loans metal while held in in to provide funds for on financial machine would have to be evolved pool a great he said moreover the cecur securing ing of the cooperation of the companies producing a majority of the worlds silver pro alone to for united states producers w was as vital believe they could control the price of the white metal would be folly but dont think I 1 am a pessimist added mr kelly for I 1 am an optimist I 1 only want you to see the dark side so 0 that something constructive may be accomplished there is is much that a silver export association can do it can collect information which will be of vast use to the producers it can coordinate the marketing of silver it can call eliminate the charge made for shipping silver from new york to london and thence to bombay when a great part of it goes directly from san francisco to the orient would not antagonize great britain 1 I believe it is a mistake if our deliberations assume a tone of challenge to the british banking interests it is true that the miner never has had a voice in the fixing of the price of his product ethically and economically I 1 believe this practice to be wrong wron but how are we going to change it from time immemorial the british through a control of financial and diplomatic channels have controlled the oriental silver market the determining factor in the fixing of the price of the metal and to say that by putting all of the silver in a bag and not allowing them to have any except at our price is nonsense my counsel amy my advice is to form a common selling agency if such an action is feasible meet the buyer with a united front take advantage of orderly marketing cooperate to restore silver to wider use and feel our way out of the present difficult situation into a future of greater certainty senator pittman stirs Co convention Mention A message of hope was sounded by senator key pittman in a stirring address made at the morning session advocating vo cating the formation of a silver export association great difficulties will have to be met said senator pittman sacrifices made suspicions cast aside and the desire to dominate and control abandoned we do not purpose to destroy anything we only purpose by orderly marketing and by study of world markets to place silver on the same scale as other products something must be done or the silver industry is dead and that something I 1 am convinced can be done and will be done encouragement from other big men senator thomas J walsh the fourth member of the united states senate silver commission to arrive told of the wide use of silver in the east all of senator observations ions were recent and made at first hand during a visit to the orient he was also optimistic that a silver export association could be made to function without interfering with the provision of the webb pomerene act A thorough analysis of the silver outlook was made by william loeb jr vice president of the american smelting smelling Sm elting refining company who indorsed endorsed indor sed the idea of an association for orderly marketing and for the gathering interpretation and dissemination of data of value to the silver producer mr loeb pledged himself to bend every effort to promote the organization of afan an association which would benefit the silver industry frank M smith smelter manager of the bunker hill and sullivan company also expressed great interest by his company in the proposed plan wednesday the silver producers were guests of the nevada mine operators and reno chamber of commerce on a trip to the famous comstock lode the big united comstock mill and lake tahoe the conference voted to adjourn subject to the call of chairman ferry for a meeting within sixty days |