Salt Lake Telegram | 1935-12-24 | Page 18 | U. S. Buys Silver at Average Price of 57 Cents an Ounce

U. U S. S Buys Silver SlIver at Average Price of 57 Cents an Ounce WASHINGTON Dec Dee 24 UP The UP-The The federal treasury paid an average of 57 cents an ounce for the nearly ounces of silver acquired under the Roosevelt administration official treasury figures showed today The cost of the ounces of ol silver sliver purchased up to December December Decem Decem- December ber 6 was set at This metal Is being written up on the treasury books book to per ounce or to a total of Thus the treasury will set up a paper profit of ot on its silver purchases to date regardless s of f fact that the metal cost more than the market p price This profit already has ha been written up on approximately ounces The remainder is still in the treasury in the form of bullion and will be set up as currency currency currency cur cur- rency backing a. a as soon as the necessary necessary necessary essary new money can be printed Revelation of the price paid for tor forthe forthe the silver acquired under the Various various various va va- rious purchase operations of ot the government aroused considerable interest here In view of the recent withdrawal of ot the treasury silver bu buying ing agents from rom markets where speculative silver was for sale The heavy silver purchases of the government through which the tho United States virtually dic dic- world silver prices until its withdrawal from the market several several sev soy eral weeks week ago was a move of the administration to the metal and also a congressional step stepin in promoting higher commodity prices Under the silver purchase act of ot 1934 the treasury was ordered to acquire silver until I its us holdings reached a third the value of the gold stocks or until the world price went to per ounce On December 31 31 1933 the government governments government's gov gov- monetary and bullion silver holdings amounted to ounces These have been increased to te ounces This still is far short of ot the goal of ot some ounces to be acquired on the basis of ot present monetary gold holdings of ot 10 Heavy gold imports over the past year have largely nullified the efforts effort of the tre treasury treasury treas treas- sury s- s ury to reach its silver purchase goal Every time the gold stocks tocks increase a million dollars the goal of the silver purchases is raised by ounces