| Show PRICE OF WHITE METAL Within Two Cents of Bullion Value Philippine Peso GOVERNMENT STOPS BUYING Strong Influences to Bo Brought to t Support Market I I Situation Being Closely Watched by Bureau or insular Anairs and Treasury Department TRIBUNE BUREAU 1 1 1117 G Street L V Vashington ID 1 C Oct 112 f J Got Tufts cable to Washington today to-day stating that the Philippine Government Gov-ernment will purchase no more silver for coinage purposes IP I the final reason for slopping the rapidly rising price of the while metal When the coinage ot Philippine money began silver was SV = cents an ounce It Is quoted today at over 02 cents or within less than 2 cents of the bullion value of the PhilIppine Phil-ippine peso Should the price go above G4 cents as now seems possible Philippine Phil-ippine money will be retired from ch culatlon by bullion speculators GOVERNMENT QUITS BUYING Some weeks ago the purchases of silver sil-ver for the Philippines were suspended sus-pended Holders of silver did not believe be-lieve this policy would be permanent as the purchase under suspension notice no-tice had no effect Notice that the Government is i permanently out oC the market has followed While the statement state-ment Is made now that enough = ilver Is I In circulation In the Philippines for all exchange purposes the demand is constantly growing and holders of all ecu bullion will not be stampeded thereby to such an extent as to cause a slump In I the market The American Smelting and Refining Refin-ing company controls SO per cent of the silver output and shaves by h contract with many oreproducers all over GO cents received for bullion This in i the I first time since such contracts were devised several years ago that the smelters have dens ed any profit there from TO SUSTAIN MARKET Strong Influences will be brought to support the market and the Philippine Philip-pine Government may not be able to escape an embarrassing money situation situa-tion In the near future even by retiring retir-ing as a buyer at this time The situation sit-uation Is being watched keenly already al-ready by the Bureau of Insular Affairs and the Treasury department here and necessarily by the Philippine Commission Commis-sion Silver Is seldom h tlAb those forced to tell and a contest 01 enuurance oe twnen the bullion sellers and the Government I Gov-ernment Is i a possibility with odds rather ra-ther against the Government and Itii fixed ratio I of 32 to 1 upon which the I Philippine coinage system It based |
