Show YER IS I'S NATIONALIZED BY U. U Government Takes Over OverAll OverAll All White Metal Stocks Presidential l Proclamation Is I Pleasing to Utah Mining Mining Min Mm- ing Leaders STATE r MINES UNAFFECTED UN FF I Action Is Seen as Stimulant to World Trade I President Roosevelt's action in ordering ordering or or- dering the nationalization of silver at cents an ounce was halted hailed Thursday by Utah mining leaders as asan asan asan an important step in cleaning up the floating stock of or the white metal In the United States and in stimulating in ing foreign trade The mining iea leaders ers a agreed reed that the order cannot affect the local silver industry materially inasmuch as auver silver silver sil sil- ver ore was specifically exempted Inthe in inthe inthe the new executive order along with certain other classes of ol silver Newly mined silver produced since December 21 1933 is purchased by bythe bythe bythe the government at cents an ounce ounce- W. W Mont Ferr Ferry vice president and managing director of the Silver King Coalition Mines company said the order should dissipate all aU fears that the government will revert to unlimited unlimited inflation Boost in Price Improbable The presidents president's action Is merely I carrying on the provisions of ot the silver silver silver sil sil- sil- sil ver purchase act of 1934 in an orderly fashion Mr Ferry said It seems to be a prep preparation ration for a substantial increase e in silver certificates backed by bullion which will have a stimulating stimulating stimulating lating effect on improving exchange between the United States the Orient and other so called silver nations The order also illustrates the com corn toward the use of silver sliver asa as asa asa a basic money and whatever inflationary inflationary Jolla Jolla- measures are arc adopted they will be based upon silver and gold Mr Ferry pointed out the action is a step toward determining the natural nat oat ural ratio between silver and gold old inasmuch as speculative c silver must be eliminated to do so Whether price o of base metals will willbe willbe willbe be boosted as a result of ot the executive executive executive tive order is uncertain according to Mr Ferry who pointed out that unless unless un un- less lens general industry Improves the price of ol base metals will vilI not increase Sees Boost in World Price A. A G. G Mackenzie secretary of ot the I Utah chapter American Mining congress con con- gress said the purpose of the order isto is isto isto to absorb whatever silver bullion is in the hands of oc private parties other than producers and processors He scouted a supposition that silver coins may be withdrawn from circulation circulation lation similar to the manner in which gold coins were withdrawn when the metal was nationalized The possibility of removing silver coins from circulation is 15 not practical cal he said Silver is the only practical coin we have in denominations denominations smaller than the dollar Mr Mackenzie pointed out that the action should increase the world price of silver which would result In stimulating world prices of other commodities including the ba base e metaLs metals metals met met- als such as copper lead and aDd zinc No Word at Bank I George korge W. W Snyder vice president of ol W. W F. F Snyder i Sons company characterized the order as M merely merel a step in the general program similar simi simi- lar tar to the action taken in connection with gold old It ought to to- take all the American silver off ott the world market and act as as asa a balance wheel he asserted UI 1 1 doubt if It will however because all nations are arc acting independently with relation to silver slIver Commodity prices should go up however and the next 10 or cent 15 rise in the price of silver should affect af af- af- af led feet world commerce materially Officials ls of ot the federal reserve branch bank said they had received no Information or instructions from the treasury as to whether the bank will wilt act ac as clearing house houie for tor speculative speculative sp cu silver slIver which might be uncovered uncovered ered In this re region ion |