Word: silver
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...Actually the Chinese Government "nationalized" silver but large quantities of Chinese silver have been smuggled out through Japan. In October Japan, which has negligible silver resources, exported some 21,000,000 oz. Where that silver came from was no mystery. It was smuggled from China...
...protect herself from the deflationary results of the U. S. silver policy, China lately abandoned the silver standard (TIME, Nov. 11), adopted a managed currency. Thereafter she could sell silver to the U. S. as profitably as she could sell any other commodity for which the U. S. would pay a high price. So China's silver joined the silver of the whole world in seeking a profitable market...
...being made a monkey of, suddenly ceased buying, the bottom would have dropped out of the market for steel shares. Had that happened the Securities & Exchange Commission would have descended on Morgan & Co. with severe reproaches. When Secretary Morgenthau suddenly ceased buying in quantity in the London silver market last week, there was no international SEC to crack down on him but silver men the world over had plenty...
...Morgenthau's solemn declaration that he had bought silver every day last week did not alter the case, for he refused to say how much he had bought or where he had made his purchases. His purchases may have been negligible and, wherever made, they were not made in London. After driving all other purchasers out of the great international silver market, he had suddenly turned his back and left that market to go to pot. World silver trading stopped dead in its tracks. From 65? the price on various exchanges dropped...
Worse still was the uncertainty of not knowing whether the U. S. had abandoned its silver purchases, or merely postponed them. Secretary Morgenthau swore the U. S. was sticking to its silver policy but what that was to be hereafter was anybody's guess. Silver traders the world over swore and bit their nails. U. S. financiers admitted they could not fathom it. In Reno Senator Pittman sat down and dictated a long signed statement for the Press. Excerpts: "Certain governments and certain banking institutions and speculators in ... foreign countries desire to know what our government is going...