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Show Domestic Silver Market to Be Stable for Many Months to Come i Three and Half Years' Output Will Be Purchased Under Pittman Act NEW YORK, Feb. 4. Not since the days when free silver and a double monetary Ktandard were political questions of international importance haa.xilver attracted so much attention a during 1920. In fact, at the bcpiiiiiiiiir of the vear thin very Investment Securities (KurnlahM bv J A 1Ior1 k. Cv.i BANK 8TtitKH. I Cld. Aaketl Culuaibia Trut 100 00 HanKrrK' T-jt 160.00' it-.rt Natt..iut: .. r7S.n lfMfrt PYnaB zon.00 ?U t) Ktrn Naitunal of ijk n .' 1 21. 00 MnVrnirk A f'n 100. OA I Nat !lnk of R-pub(IU- .. . . !U AD Vl ("Ity Hank , 1JJ.O0 I Nat tnip-r . . 1 j-t tiy . . . I H..-urit Stat lljtik ..... I4l.no' t'tah Stat- N'Atkunal 7S 0) I'tKh SavlnRn A Trut .. . f( Wilkfr llxta.. Hanker ..' ;S7 U' 2:u ttiy I Zlor, !4avinct A- Truat Ibs.wt l!i.0i) j INIH'STRIAI. STfM'KS. j Arra Vunmt'1. Sutcnr r- T5' ' s 75 OmfBt SfrruitUn 1 r-ft 00 I Vnnohitntott W'.txou ... f ' HM.nO Morn I'tr In . ,"77 Ho ln.l-tf-ni-in f.,J( I t Stat?. Til A- ,. :.'.'10 11 ( nn t (ihrjintn-.tohr w.n S i-:.J 100 611 I ?Vah'tVahlL''Miiaai' l j .' 0 ! ' aa j t'tait Kir.- 1,'iav & 4 00 rtah V A I.t lt pf.l ' . 74 M I ' i:-7.ao M...lKrowrV Sa pfitMom 4 ii I Sf.XY YORK AND IXMON SII.VKR. i NKW TOHK. I-Vh 4 - tt !!! vc !oniea ( tic. i9c; tnrtiicn. fi J Mi unn Uuil.tr t ... j !,ON!'ON", Vlf. Hftr '.llvr-M1, il ! r . iiiinr.. queatlon of hlmetsllem was once more revived, although general ty with a view toward demon ft rat Ins the unfit -Dean of silver fur remonet Izat ion. Advance of silver above colnajte parity par-ity to Its rrord helarht of 1 1 .ST I. in November. 1919. and continued high pru-ea of January and February. 190. crave ome arrounda for cpnatderlns; a poanthle allver emerKnoy.- Silver coin heffan to disappear In many parts of the worUl. Humors were current la Kn-arland Kn-arland of sr. at honrdina of colne. of Srowina: deplr- on thf tiart of trud-a-peopla to avoid giving- silver in rhane. and conditions of tht sort actually e xisted in Kurope. where the renter depreciation tif p;ipr currm it s afforded af-forded auhatantlal i-roTIt from melting of fractional silver coins. Thia danarer eaMel for political attention at-tention fn both Great Hrttaln and t'nited Ktates. The rouncil of the lxn-don lxn-don chamher of commerce recommended recom-mended that srovernmcnt prepare :ind have ready for use, when required, a nickel roin.ige of the lower denomina-. tlonx. I 'nlted States t reasury. in u-i u-i operation with federal reserve hoard, mniie nrrnnxr mrnin to release ncainat other forma of money, standard Silver dollar, free in the treasury, to be n plo4d in reulatinir our oxchynRcs w 1 1 ii onn t r i i h ;t inga silver tnuii -T a r v'-t a 1 1 da ri. A"Vo rr n k To Hi e r. port of the director of the mint: "About i;t.u(JO.00O dollars of silver weret to the orient under these arrangement, while feom Vovemh.r. 191. to Ma. 1VJ0. the silver dollnrs lenving the country lotnled over 29 noO.OOO." In their review of the silver market for lf;indy & Ilarrr.iti say: "The threatened difficult lea of the fl-M two monthr of the year. when sliver prices, with the exception of a few da vs. remained ;it a point nove the coinage parity of t'nited State dollars and frequently approached very clone to that of our auhnidiary coinH. were, however. Poo n for iro t ten. f'r hy, the mlrVille of Anrll. the ilownwanl1 trend had started in earnest , Front the wars high price in New O'k of $1.17 January 12. commercial f-ar ril-ver ril-ver of foreign oriirln finally dropned . to Rii cents Deee m her 1 1 a fa 1 1 f over 77 cents, despite the deterring effect on the market of our eovern-menl's eovern-menl's purchases under the 1'iHman act. "A sim Marl v violent reaction h.is taken place In the I-ondon markt. where a low of 3Td. was reached I lecemher 10 after a high record of KJtJ had been attained February 11. The year's low quotations in both Tondon and New York are the lowest prices for either market since those of July. 1917, In KnKland. and March. 1 H 1 ti. in th's country. ." A study of price range; of former years not only shows the market fHu' 1 'ration to have been more freq-unt' 1 han ever before, but also that ' be , rapid fall of 1920 has been of even greater extent and considerably more abrupt than that of the earlv 'QO's. The decline tn the tjondon price from shout the middle of 1830 to the clone of I 1K94 was from &4d. to ST)d. and covered cov-ered a period of four and a half j years, whereas that of 1920 occurred in leas than eleven moniha and represents! a drop of 59 5-d. This decline marks) an epoch in the commercial silver I market: one which is not likely to be equalled for many years to come." Repurchase of silver under the terms of the Pittman act of April. 191K. to replace dollars melted and shipped out of this country, to aid our allies in war. was be (run the latter part of May. On May 14 the price of bar silver sil-ver In New York had dropped to 99 J rents. Three days later the director of I the mint announced that the provisions , of the Pittman act were mandatory. and that the government would buy domestic silver at II an ounce loOO 1 fine. Technical restrictions connected iwlth these government purchases de- laved active operations for several weeks. These difficulties, as to the dif-j ferentiation of American and foreign silver, bavins: been overcome the New York official price of SO cents advanced ad-vanced 10 rents ov.-r night on June lfl. .Tune 17 a New York domestic price of 9M rents and a New York foreign price of 90 centa were quoted. Thia was the first day on which this new basis of two set of quotations. differentia- tina: betweart silver cnmprialna; a Kood delivery for sale under the Pittman sot and all other bar silver, was of ficiallv used. T'p to January 12 a total of approximately approx-imately 3 1.700.000 ounees had been bought and stored. The monthlv tuir-ehases tuir-ehases are averasrlnaT close to 4.000, two. It will require about three and one. half years lontfer before the eovern-ment eovern-ment will have fulfilled its obligation to reuprt-hase the same quantity i f ilver a sthat contained in t ie dollars dol-lars broken up, that is about :oS.S00 , 000 fine ounres. A portion of the Pittman set. which wan to provide silver for subsidiary cotnaaro waa also taken ndvantaKe of bv the treasury and during; 1!20, 10.-OOt.OOO 10.-OOt.OOO of hese ntnndard sliver dol lara were melted for silver coins for ; lower denomlnat lona. and sot, as was the bulk" of thia supply, to provide; bullion for transshipment to India for the account of the British ffovernmen. Handy Ar llarman declare that title 1 It waa (houarh operations of the Pitt- man act would stabilise the market I at considerably htRher prices than ! have prevailed, nevertheless, (t has pot been without a large measure of lr fluence. They ssyr "The general economic conditions which have resulted In lower silver prices, and the continued aalea In London of larare amounts of melted silver coin from Kumne, wotiM without with-out doubt have brought about a more gevc-e reaction If the world's aupply of sliver bad not been reduced by i the 30.000.000 of ouncea already 4U-j 4U-j sorbod by our srovernmefit. A1.T LAKf R AT AND 41RAIX MARK FT. I Today's delivered price on grain, hay aad j flour, furnished by Balty at cAons Co.: 4,rai. ! Whole. R-taU Barley 12.20 $2.40 , Ma'lev. rolled 2 - 4"orn 3 0' 2 30 Crtrn cracked 2.1& 2 31 1 Hen food 1 f'O 2 . & Oats 2 25 2 50 Oete, rolled 2 40 I I i Wheat : tw $ 00 I Hay. I Alfalfa $1 It II Straw, bale 1$ -7 j Braa. Bran - I! 00 II II IWr. I.oejil. 41s . $4.14 Out aide. 4a 4 .30 NKW YORK AND KONDOV MFTTAIJl. NKW TOllK. Feb 4 tOrtpper Pull : electrolytic, elec-trolytic, spot and first quarter. I:1, vile, Iron I'nc hanged. Tin Firmer. iot and nearby. $32.10 fj 32 74; future iiOO34FO. Antlmonr Spf.t, lS2ir$.C2. ).e., I,U1; .pot. 14.71. Zinc Lasy; Irat St. Louis delivery, spot, $1 00 DON, Feb. 4. Standard copper, f ct 17 4d: electrolvtir. 174 10 Tin. X144 I Lead. 122 lie. Zinc. 124 I CHICAGO IMIBY. CH!CAG4. Feb. 4. ltjtr Iwr. ; Creamery eatra 41c; Standard. ,4e. Kg .ower; ' receipt 10.4s ease Fir', 5c oiriinary firl. 424r4lc. at mark, met Irtclutted r. 4 44c, Pooitry Alive, lower. Fowl 21c; spring 2,;c. . K ANSAS ITY AIRT. ' KtViW ITT. Frb 4 Knga 3c lower Flrai 4 2c : second 31c. Mutter Creamery, enchanted. 4c; pack-Ing pack-Ing I- I weY 1 7c. I Poiitry Haa lm lowar, "31c; wtaars aa- I raa4.sX 1 |