OCR Text |
Show AMERICA TO CONTROL THE SILVEfl MARKET That the United States will take determined deter-mined steps to retain Its hold on the silver market of the world Is the word brought from New York by Frank M, Manson, manager of the Western Ore Purchasing company, and Charles D. Kaedlng, according to the Nevada Mining Press. "Since the European war started, this country, which produced the bulk of the silver, has been able to take its natural place in the silver market, and has named the price of the metal for export since the war board raised the embargo," said Mr. Manson. "The large marketers of silver, the American Smelting- &. Refining Refin-ing company. United States .Refining, Smelting & Mining company, the Anaconda Ana-conda and other producers, and silver brokers, have formed an export association associa-tion on the lines of the Copper Export association, which all producers and marketers mar-keters will be invited to join. This association asso-ciation does not conflict with the law when restricted to sale of metals for export only, and has worked admirably in shaping the copper market so that heavy losses have been avoided. It is my opinion that both silver and copper will advance in price. I regard 20-cent copper as a certainty within a short time. Cost of production since the war ended has not decreased, and copper cannot can-not be sold at a fair profit for less than 20 cents." Mr. Kaeding, who Is connected with one of the most powerful syndicates in the oast, is optimistic over the future of silver, and prophesies higher prices in the near future. "If Great Britain keeps hands off, the natural demand for silver in China and India will bring better bet-ter prices; and if she interferes America will be able successfully to oppose her. For the first time in my knowledge business busi-ness men of the Atlantic coast realize the importance of silver In our export trade, and they purpose to protect their Interests. There is not the hostility to silver in financial circles that prevailed before the war, and it is realized that the second precious metal must be admitted to bear part of the burden of a worldwide world-wide Inflated currency." The condition of eastern opinion In high financial circles Is reflected by the fact that unlimited funds are available for the acquisition and operation of sliver mines. The purchaseaof the Candelarla Mines company is an. Illustration. The men who have invested in this enterprise are experienced operators, who own large interests in American and Canadian mines. The old Argentum and Mt. Diablo mines of the Candelarla company contain more than 800,000 tons of ore that carries car-ries 12 to 14 ounces silver. When the price of the metal was around BO to 60 cents this ore could not be profitably worked. At present prices It will yield a handsome profit. |