New York, Jan, 12.
The silver-purchase programme of dhe United States Government was fare" to-day jarman, New York sliver bullion dealers, who daily the price of the white metal on fe New York market. The annual report of the firm to-day recommended th t the United States shoul of gold stocks," the review adds, "ttle Progress has been made as. tho} [Treasury is stilt short by 1.075.000,000 jounces, based on the year-end gold stocks of $10,123,000,000"
Markets Not Normal Saying that full consideration should bbe given to the Influence exerted by the Silver Purchase Act, the review gradually withdraw from the silver market, The "once precious metal," the report declared, has descended to the status of a mete commodity, because of the wide fluctuations in its price during 1935, 'The only' accomplishment of the Silver Purchase Act of 1934, Messrs. Handy & Harman declared, was to five the domestic producer. of silver a subsidy at a heavy price, and had resulted in "foreign fnanciat disloca~ tons and the loss of good-will" when the goal of a domestic subsidy could have' been achieved more cheaply in "Market conditions last year were: Jnot normal, while, on the other hand. the United States was such a dominant factor that it controlled completely the general level of prices.
"The major downward trond commenced shortly afler the harp jadvanee in May.
"The loss of confidence on the part lof traders between May and December not attributed to happenings at JWashington, but rather to the [Treasury's method of carrying out Its buying Programme and to steps taken Joy the Nanking and Hongkong Gov-Jernments in respect of their silver In its report the firm recommend-"an effort to create a world situa tion in which silver would again be absorbed for various uses through the customary channels. Revision or repeal of the Silver Purchase Act may be necessary to accomplish this result," the report said.
It members of Congress would not permit such action, Messrs, Handy Harman asserted, "Let us hope that they will permit the United States Treasury to administer the 'Act as Its terms direct: for the public Interest' and not for those silver seeking a price of $1.29 per ounce,
Text read from the printed page and cleaned; old type leaves the occasional error.