Show DEPRESSED IN ORIENT i 1 The Te price of ot silver l er which was vas tair fairly steady during the early half ot of the tho year eran er and an which Is 18 October ranged range between 61 1 and 62 6 cents In New Neyr NeT York began to fall fal after that time and ad Ills his since experienced a serious decline says the tho Engineering and erous Mining l Journal In Its Us current Issue Tho The first frt recessions were apparently due to reports of ot Insufficient rains rans and ami tho the consequent prospect t of short crops in India but a more potent cause was vaa a certain certai unea uneasiness felt as to the tho general financial condition condlon In that countr country That this un uneasiness was well weB founded found found- ed has ha been shown by bv the failure late In e November Oember of ot tho the In Indian lan Secie Specie Specie- ecie bank bankS of ot Bombay Bomby a largo large Institution mainly mahl under under under un un- un- un der the management of Indian capitalists This bank hank had ha been ban the te main sfa stay of the tho great speculation which has hal dominated dominate tho the Keat silver market for over two years yer and which for th the most part of ot that tr time trap appeared appeared appeared ap ap- ap- ap to be b successful Tho The burden of carrying the large larget lare stocks stock of ot silver sUver noces- noces necessary sary sar to the tho te success of ot that speculative Cula t vo movement proved too to ea heavy In the end elide however rove the whole hole affair broke down doon The an consequence was a break In prices s and on December 1 the metal reached f Its lowest lowet point at cents InNe in New Ne reace York although there was a subsequent subseQuent subsequent quent rally of or about abut i 13 H cents and the tho price now nosy stands between 67 57 and SS 58 cents atts 1 with h an nn apparent probability that It will wi continue around that level The failure of oC the Indian Specie b bank bankas bankas as followed almost almot Immediately b by tho the sudden death deth of or Its Ie managing director and In the proceedings following the tho closing of It Hs Its doors It i was wai a brought out that In addition to stocks In Bombay Bomba the bank was carrying silver to the amount of over oer wa In London Loudon and a de demand domand do- do mand for foT more margin on this was as one ono of th this moving causes of ot the tho suspension The seems to have failed ailed partly because the stocks became too heavy hevy pry to be carried but mainly because of or the finesse of or the Ue financial agents of or orthe the Indian government who succeeded last summer summer summer-as as we noted a at t tho tim time time time- sumer-as sumer In securing from other sources at a mod mod- crate prices price tho tim supplies of silver lver which price this demand demand domand de do- were ne needed for colna coinage e It I Was waR mand and de tho the possibility of or being able abl to exact prices from rein the government which had h made mado mae the speculators so per per- The situation was a serious serous one and there was wa a prospect of a break which chIch might have ha carried the metal down dow to 55 5 cents or 01 even below The news comes from Crom London however that tha t the silver stocks tock referred to to together to to- gether ith some sorno of oC the contracts of tho the Indian speculators th havo been taken overby over ver overby verb by b- a syndicate which Is strong enough h to carry them them for Cor tho the present and ond until untila a B moro more cry settled condition of or tim the market 13 Is reached Tche Another r point which the position po po- has been the long delay In the tho settlement of oC affairs In China It I wa was expected that the new J government O of ot that bat country would be able to secure a substantial loan and na to undertake the reorganization of ot th the currency which has been proposed and and planned for tor sonic some o le time The reorganization n would havo have re required re- re UmE the tho purchase c fo Jo a largo amount of ot silver silvor but It has haR been long long delayed delaye siver Moreover tho the position In China China Is such fuh Unit hut It Is quite uncertain when the U work worl can be undertaken en Purchases of ot the from that country countr have havo been rather light and nna In fact bankers havo have l been hl soiling selling moro or less silver lver to India to meet the thc current demand which of or cause couse las has acted on the tho London London Ln- Ln Lon Lon- don market At tho the present time it i IB is IBa isa It Ita a difficult matter mater to sa say when the tho Chinese Chinese Chi Chi- nese nose demand will revive Upon tho tito whole It Is probable that the sliver silver market will be bo quiet quid and rather wt depressed for some time lime to come Gold Gol shipments to India for feo al months past have havo havo be been n lighter than the they were yero a a. a year ago and end this Is isto to soni some extent an encouragement yer ement for sellers of or silver siver but hut the position apparently will Wi not show much Improvement for tor several months |