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Show ilK 10 BUY METAL UNDER ! NEW POLICY Western Senators Rennrrl Measure As Vital Step In Plan WASHINGTON, .)'uno 20 In llu: pi'i'seiK-o of a n'roup of .cnaloi s and eonyivssitn'it 'who have foujfht throughout this session of congress for .silver legislation, President Roost volt signed the ritfman silver purchase hill, Tuesda.v night. The measure directs buying" of the metu! by the treasury until it comprises 25 per cent of the nation's na-tion's metallic monetary stocks. Mr. Roosevelt invited Senator Pittman (D., Nev.), whose name the bill bears; Chairman Douyh-ton Douyh-ton (D., N. C. ), of the house ways and means committee; Senator King (D., Utah); Representative Dies (D., Texas), and others active ac-tive in drafting- the legislation to witness his signature of the bill. Orlays Signing The chief executive delayed signing until the exchanges were closed. Simultaneously Guy T. Helver-ing, Helver-ing, commissioner of internal revenue, promulgated regulations concerning the tax on transfers of interests in silver bullion to carry out the purposes of the sil- vcr purchase act. Treasury experts have estimated estimat-ed that the purchase of approximately approxi-mately 1,300,000,000 ounces of silver will be required to reach the 25-75 ratio with gold. The silver futures market on the -Commodity Exchange, Inc., so far as speculators are concerned, con-cerned, ended when the president ;;igned the silver purchase act. According to Jerome Lewine, president of Commodity Exchange, Ex-change, Inc., I ho facilities of llie exchange will runt ;nue to b available to thoap who wish to" hedge or trade. Lewine pointed out in a statement, denying the exchange would close, that the silver lutures act exempts industrial indus-trial hedging operations and hedges aginst silver foreign exchange ex-change from the tax of 00 per cent which is on speculative profits. |