SILVER MARKET

Gisborne Times, Volume LXXXII, Issue 12527, 12 April 1935, Page 5

SILVER MARKET

AMERICA TO MEET WORLD COMPETITION INCREASE IN PURCHASE; PRICE (U.P.A. by Elec Tel Copyright) (Received April 11, 7.10 p.m.) WASHINGTON, April 10. The Secretary of the Treasury, Mr Henry Morgcnthau, stated that if world silver pricer; advanced above the 64.} cents an ounce now pai'd f°r newly-minted metal, the Government was ready to meet the advance. Commercial bar silver sold in New York to-day at G-l-J cents. Mr Roosevelt has increased the price which the Treasury will pay lor gewly-minted culver from 64} cents to 71 cents, the increase to become effective on production, dating from April 10. While the “silver’ Senators expressed pleasure, it war? felt that the higher price would have little im, mediate importance outside its effect upon domestic production. Officials indicated that the amount of additional silver that would have to be bought to acquire the 25-75 ratio Avith gold lial.l been revealed for the first time. Based on the gold reserve, silver stocks for 2,866,550,969 dollars-will bo required, c.f . which the Treasury Lad on April 8 only 915,613,901 doll am, but the present action had little relation to that.