Washington, June 29.
With the approval of" President Roosevelt, the Secretary of Treasury, Mr. Henry Morgenthau, to-day placed fan embargo on. further exports of silver, except under licence.
The action was taken in connection with the Administration's policy to Fehabllitate the status of silver.
There are three exceptions to the licensing provisions, namely: (1) Fabricated silver, (2) Metals contain ing sliver in relatively small amounts, and () Foreign silver coins.
'Under the special conditions, of the embargo, export licences will be granted providing Mr. Morgenthau is satisfied that the silver (1) is required to fuldlt an obliga tion' to deliver silver outside the United States incurred or assumed by the applicant on or before the date of the embargo; (2) has been owned on and continuously after the date of the order by a recognized foreign government, foreign central bank, or the Bank for International Settlements; (8) was imported for prompt export:
(4) is of a fineness of 0.8 per cent. for Tess; and (5) with the approval of the President, is required for other purposes not inconsistent with the pur-Bokes of the Silver Act of 1934.
The Washington correspondent of the "New York Times." describing the embargo as "a blow at interna tional speculators," understands that the order followed Information that arrangements had been made on Jui 28 for the export of 3,000,000 ounces of silver, apparently by speculative interests, which hoped that if the silver was held abroad higher prices could be obtained under the Administration's silver buying programme than if held in the United States.
The Silver Purchase Act provided that the Treasury, should not pay over 50 cents an ounce for any silver stocks held in the United States on April 1.—Reuter.
Mr. Morgenthau Explains Washington, June 29.
Mr. Henry Morgenthau, Secretary of Treasury, said that the sudden ness of the embargo on the export of silver was due to the receipt of
Text read from the printed page and cleaned; old type leaves the occasional error.