Show I SILVER VER IMPORTS 1 N W GREATEST Operations of Pitman Pittman Act Ac I Cause U. U S. S Consumers I to Buy Abroad PHILADELPHIA Jan If U. first tnt Uie time In since sines e th the outbreak of the war t tl e 1 United States Statu for year ur showed excess of ot silver eUver imports over ver showed ox cx- ports orts Exports x rt of ot silver sUver front from United state tales StateS In Iii U 1921 were the smallest ci also for the Ule year seven seven el period flow How complete the reversal reveral in Sn tide of silver siver movement was as in 1321 i Is II seen by b making comparison ln with wih 1918 when country s showed excess of exports ex ox- ports j of th U r. r and el in 1918 1910 U of For eleven flen n months month of of 1821 there ther was is an en excess of imports import Import at or Change In silver movement nt is I. shown i iu h. following table omitted M of ot Imports Import Exports Exports I 1921 12 ai 11 1 moe mos 1389 1920 1420 l 3 1019 66 11 1461 1917 1916 11 1 1915 15 1914 Excess of Imports The big Increase ue In e exports ports in 1918 11 1919 Ul and ana 1920 over o preceding year was due principally to shipments shipment of silver siver to Under tinder the tho l a act a and to shipment t of silver I dollars la to orient under d direction l of I federal reserve system m t to facilitate American Amen Ameri can exchange at at that hat time lime in silver coun coun- tries These Thee demands having been met and with wih a a falling off of Jn In n exports export from In India India In In- dia dla and China ChinA which had bad flourished under wars war's demands demand shipment of ot silver from United States State State have eased off of The fact that 1921 shows chows s aho an excess of ot Imports over exports export Is I also ao due to operations oper oper- of ot Pittman Pitman act Under act treasury treasury trea- trea treas treas- ury Is required to purchase sliver which IS 19 output of American mines s and refineries at fixed price e Of SI 1 per ounce until silver dollane dol dol- dol lane Ian melted meled under act have b en replaced The treasury began making purchases under un un- un der den net act In 11 May 1920 when market price of sliver silver siver fell tel below beloW the II 1 mark mak This This- gave gave- gave rise nice to two quotations for silver the domestic quotation for tor silver available for sale aale to treasury and foreign quotation for silver not salable to treasury under Pittman Pittman Pitt Pitt- Pit man act With domestic silver being sold to government at Jl 1 S. S but with foreign sil silver sIt sIt- sl yen ver vel quoted belo below that figure domestic consumers con con- sumers of ot silver sifter turned to foreign markets for their supplies causing the tho United States States which Is normally an an exporter of sliver silver siver to show show- an excess of Imports Import I. I |