New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-24


MILLIONS.
lFRoM STAFF CORRESPONDENT OF THE TRIBUSEl
LEADvIILE, Col, June At is not surprising
that the wonderful wealth and extent of the silver
deposits that have been found in this region; the
new field that has been opened to mining industry
wherever the carbonates may hereafter be found the
novel character of the ore the with which it is
reduced; the sudden wealth acquired by some of
those who first came here and invested a little
money the Aladdin-lil1e growth of the camp into
a city, and the intense excitement in the midst of
which everyone here lives, should have turned the
heads of people and caused them to give currency
to some most absurdly exaggerated reports about
the present yield and future prospects
of the Leadyille mines. Everyone here has
" the fever" and to mIngle for few days
with the crowds that throng the spacious corridors
of the Clarendon Hotel to hear the fabulous tales
of rich strikes" Just made. of prospect holes that
could have been bought yesterday for 500 aud are
held to-day at $4,000, to be introduced to
men who year or two ago were penniless and were
looking about in this neighborhood for some one
who wOuld furnish them with coarse food and a set
of tools while they dug a hole the side Of noun
tam for luck" but who to-day arc Teputed to be
milonaires. counting their incomes by the thou
sands of dollars a day. to hear the careless way in
which men in blue flannel shirts and cowhide
boots talk OF hundreds of thousands a million of
dollars is enough TO set any one crazy who is not
perfectly self possessed or has not here fully
determined not to get excited no matter what he
may see or hear.
On no subject has there been moro exaggeration
than in speaking writing of the present output or
the probable annual production, for year or two
to come, of the Leadville mining district. People
who spend a few days here get 50 much accustomed
70 hoo toll aho hot fay mil
ions more or less in years product comes to seem
of little Importance To this fact and to a neglect
to make the necessary specific inquiries. attribute
rather than to any actual intention TO msrepresent
the sensational stories about tho product of the
Leadville mines during tho present year being any
where from thirty to forty millions of dollars, and
that of the carbonate belt of which this is supposed
to be the centre, in the noighborhOOd of one hum
dred millions. Those who have circulated such
reports could not have obtained the information
upon which they based their estimates from the
only persons competent to furnish it, the managers
of the largest mines and the superintendents of the
smelling works, nor could they have stopped to
reckon up the output Of the principal mines now In
operation and the product of which is approx
mately known. If they had done either the abb
surdity of their estimates would have been ap-
parent.
Nearly all the ore produced in this camp Is smelt-
Cd in and about Lcadville, few small mines, pro-
ducing ore OF exceptionally high grade, ship it to
Omaha or Chicago TO be separated and refined but
the amount thus disposed of, when compared with
the entire output of the camp Is very small. The
cost of sending the ordinary to shelters outside
of this district would be 80 great to leave little
or no profit to the miner in taking them out There
are now In operation in Leadville eight smelling
establishments, with fifteen furnaces capable of
producing If run to their full capacity 400 tons of
ore day. If one supposes that the average product
of the ore reduced about 100 of silver to
ton land this is liberal estimate, because a consd
cradle quantity of very lowgrado ore is mixed with
that which is richer to promote the process of
ductionl, and if all these shelters had been run to
their full capacity during the last five months, they
would have turned out about $6,000000 worth of
bullion But these suppostiOns not sustained by
the facts. As late the last Of February only three
smelters were running. and those have increased
their capacity since that time. Two three of the
eight smelters mentioned have been completed only
very recently so that IT is doubtful if 1T has been
possible to reduce 3 900 900 worth of since tue
1st Of January. think that 80, 100000 would be
nearer the exact amount.
After the LIST of next month eight more smelling
establishments will be completed and in operation
running an aggregate of twelve furnaces and cap
able Of reducing 400 tons of ore In addition to
that smelted by the older establishments. These
Will make the aggregate smelling capacity of all
the furnaces in the camp for the last six months of
the year about $14. 1000 But there is no evil
dence that the mines about Leadve will produce
any such amount of ore. In fact the owners of the
smelters evidently anticipate lively competition for
the ore that is mined, because they have already
reduced the charge for reduction from $2OQ$25 a
tIo 1npi tha inf
TO S1Oat13 a ton, part only of which decline Is
to be explained by decline in the price of fuel.
Taking all things into consideration. / think
SIS 600 900 Will be q liberal estimate for the
amount of bullion 10 be turned out during the last
six months of the present year, and $11 100000 for
the whole year.
These estimates are sustained not only by the sta
tstics showing the output Of the principal mines of
the camp, which can be obtained with considerable
accuracy, but also by the opinion of men who are
best qualified to judge. Surprising Fryer Hill to
produce each month ore worth 100000, Carbonate
Hill $500, 900, and all other mines 100000 land
these liberal estimstes the output from the LIST
of June to the LIST of December would be only
$4,000, 900. The president of one of the largest
mining companies told me that he did not think
that the years product of the camp would exceed
$4,000. 900 the manager of the largest smeter
thought that it might possibly reach Sl2,OOOOOO,
and this was the largest estimate have been able
to obtain from anyone who Is IN position to express
a very intelligent opinion.
The estimate of 800, 100000 or $125. 100000 as
the output of silver i'll the carbonate belt Of Colo
RADIO or i'll the whole State is also great eXaggera-
ton The silver product of this state last year was
[ believe, in the ne ghbOrhood of S12000.0O0.
There will undoubtedly be some Increase this year
outside of the carbonate belt but 1t will not be very
grcat-two or three million dollars will probably
cover it. The only carbonate mines that are yet
producing are those here at Leadvile. few mines