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Show foreign mm I good mm Pittman Urges Producers to Form Export Association to Sell Output. XEiv YORK. Nov. 14. Toe month opened with silver quoted In London at 64 pence per ounce, too highest price In the annals of the unite nietai. With ex- Cittnge at par In New York, and making no. allowanco for freight and Insurance. tlie- London figure would be approximately SI .30 per flno ounce in New York. Tno Quotation sent out was $1.1?, leaving 11 cents to account for. Senator Key Pittman of Nevada. ta.l.er . .. ..... :i v.111 , ,',.! .Ivor! I lie ot ine i-iLtJiiau ii. v u, . , ,, , minimum price for that metal in the American market at 1.01 an ounce, said recentlv that the silver situation is oettcr than that of any other metal at tho present time- He said there was lll.ie uncertainty anions silver producers, and urged that they get together under mo Webb-Pomerene act and form an Amer-Icaji Amer-Icaji silver export association. It L-iis wcro done. Tie asserted, within a short time the price for silver would advance to SI. 20 an ounce, which is its parity at l;to 1. It was learned tliat large producers pro-ducers of silver have conferred recently on- a proposal to form such an assoeia- tlon. and have discussed t':e advantages it would offer. It was said that In conse--iuico a silver export association might formed within a comparatively few weoks. , ... . ., . At the same time it was zdm.ned t.-.a. silver producers a--e not so large or so olaselv associated ne nere the steel, copper cop-per textile and other industries whicn w:ied themselves of the new law ab6w-ing ab6w-ing combinations for export purposes, and. therefore, weuld have to spend more time in their organisation. "The old theory that credit was the bacitoone of a nation " said Senator Pittman. "is fairly well exploded. It is now more generally admitted that metal lias taken the place of -credit. The host proof of this was shown in the breaking up of a world na-I'on na-I'on in Germany and in the shattering of the Russian government." The pnee of silver, in Europe nb less than here, has dur'.p? tho week reached the sold parity point, above which it would begin to bay to melt silver coins nd seil the bullion, and. in tact. In France and certain o'her countries the narltv point has already been passed, tne Boston News Bureau pays. Tn such countries coun-tries the situation has already called for stringent covernment measures. Tne mere illegalitv of melting coin of the rElm is no; of itself a sufficient protection protec-tion fir a nation's currency, and it lias rs,'oiTte necessary to problblt export of the white metai as bullion or coin. This is what Great Britain nas now CQtyje to. At PT pence an ounce, the :netal Is about one Denny above the gold paritv of the five-shilling silver piece, for Instance, which is about penc. That Is to par, the silver content of tne five-FhiiUns five-FhiiUns D'ece 13 now worth more than ils face value. British silver coinage, therefore, way in glaager of being melted down and shipped tftn of the country. On account of the zr:ea: scaroltr of eold for reserve pur-pflt. pur-pflt. silver has hecome a valuable rart or1 European curencv. aid those nation? trust conserve, at all costs, their existing supplies of silver coins. |