The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-06-28
THE INEVITABLE RESULT.
Several Mines Closed by the Col
lapse of Silver.
WILL WAIT FOR A RISE.
Operations Will Practically Be Sus.
pended on the Bullion Beck.
The Daily West, the Diamond and Two
Bingham Mines Shut Down-No
Decision Yet Concerning the
Ontario and Daily.

The inevitable effect of the tremendous
decline in silver is already being felt in
Utah. A number of mine owners awaited
yesterdays quotation, to learn whether
there was-a prospect of recovery in the
market, but when the quotation, ss73,
nominal" was received, it settled the
fate of several properties, at least for the
present.
One of the first operators to take action
was j. ]. DAILY. of the DAILY West, at Park
City. MIR. Daily started for the Park yes
terday afternoon, and will close the mine
today. About fifty men will be thrown
out of employment.
81 am going to close down because
have no ore contract said Mr.. DAILY, to
HERALD reporter, ssand l cannot dis
pose of the ore to advantage under the
present conditions of the market. | can
not say how long the mine will be closed.
believe it will only be question of
time when this thing will right ITSELF
THE BULLIoN-BEcK.
At the Office of the Bullion Beck it was
stated that Manager Hyde had gone to
Eureka for the purpose OF closing down
the mine. At an informal meeting of the
directors, held Monday afternoon, this
course was decided upon in case the mar
ket did not take a more favorable turn,
and yesterdays quotation Of rs was re-
garded as decisive. 1t was stated that the
mine was running at loss with silver at
so, and operations could certainly not be
continued on 70 basis.
Manager Hyde returned last evening
and stated that the mine had not yet been
closed down, but would be, practically,
within a few days. At present 175 men
were being worked. He could not say
exactly how many would be kept at
work.
THE DIAMOND CLOSED.
Mr.. Macintosh yesterday sent in
structions by wire to Superintendent
Reed to close down the Diamond mine at
| Eureka, New, on the 30th. This mine
has been great producer, the output be-
ing forty to seventy tons per day, and
from 200 to $50 men have been employed.
Mr.. Macintosh stated that the mine
would be closed down, but work would
be continued IN the big hoist that is be-
| ing erected. about $50 men would be
withdrawn. The mine was dry one and
would be closed down until the silver
question was settled. Mr.. Macintosh
believed that silver would soon recover,
and thought the best thing to do was to
wait for better price. The property is
owned by Mr.. Macintosh and r. c..
Chambers.
BINGHAM PROPERTIES CLOSED.
The lessees of the Spanish mine, at
Bingham, closed down the property Mon
day night, and Messrs. Bemis, Klopen-
stein and Garland, lessees- of the ''1sS9, -
| have decided to follow suit, about forty
men were employed on the properties.
"There is not mine in Bingham that
can be worked to a profit now except the
Stewart, and that is gold proposition, !"
said an operator from that camp yester-
day.
THE ONTARIO AND DAILY.
Among the many rumors on the street
yesterday was one to the effect that the
Ontario and Daily mines, Park City's
This was positively denied by Mr..
Chambers last evening, as no such de-
cision has yet been reached.
HAnother week will decide what action
will be taken,' said he. We will not
continue our working force at a loss, as
we can hang up our mills at very little
expense at any time. Ii the drain tunnel
were completed we would close down now,
as that would drain the mine, and II
would not be necessary to keep the pumps
going
81 believe silver will recover, i" con-
tinued Mr.. Chambers. 'sI think this is
only monetary and silver panic, and
that the country cannot afford to allow it
to continue long"
CHEERFUL ASSURANCE.
ave are going to double our dividends
when we get our new compressor in. -
was the cheerful assurance of James F.
Woodman OF the Centennial-Eure
The product of the mine is half gold,