Shanghai, Oct. 28, Fear of inflation of the Shanghai silver dollar and general uneasiness fof the Chinese financial. position put} the market sky-high during the week. Fluctuations were the fastest and widest ever experienced in the history of this market. Rates jumped in one and sometimes five dollar units and it' was impossible to transact business at the very active period.
Bombay cable reported the probable removal of the Import duty on silver and exaction of an Export duty on gold on Monday and this resulted in a scramble for cover by shorts, Putting the market wildly bullish from the low of the week. $942 (0 $058.70.
Well-informed speculators continues their purchasing policy on Tuesday.
the market advanced to $970 in the afternoon.
On Wednesday panic took hold of the market right at the commencement of trading in the auctions, and by 1006 am. the price $998 was recorded but with a few large willing. fellers at the top prices the market was kept from advancing further and. was forced downward to. $986 by combined profit-takings.
Fluctuations were fast and erratic and consequently trading was practically impossible during the" wild periods on Thursday. Although opening $85 higher than the last closing, the rice continued to soar to $1,019 on heavy buying. Bulls had the market well in hand and after a fast reac-Yon it took up. its upward trend once more to $1,064. Shortly after he official opening in the afternoon the highest recorded price was passed by the new mark of $1,087. This high level could not be maintained 'a5 heavy profit-taking began to tale place, causing a strong reaction to $1,045.50, On Friday a sharp advance to $1,096 was witnessed at the official opening, but at this point owing to a steady exchange market with banks willing sellers, "heavily-accumulated longs commenced to unload large, selling orders. This strong selling pressure broke the upward tendency, resulting in a sharp decline to $1,050, Toward the close of the day heavy buying activity took place again and the market advanced to $1.100 at the closing, and in the following auctions sellers' were unwilling to accept $20.
The market continued to soar on the following day, registering the highest mark ever obtained in this market, $1,048, at the closing of the day's official "business. but in the auctions after the close there was a wild rush to sell by 9 few strong long. commitments, which was followed by a panic that resulted in a drop of $40 without reaction. Later the market recovered and became steady at $1,122.
Text read from the printed page and cleaned; old type leaves the occasional error.