New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-30
COLORADO MINES SHUT DOWN
THE ENTIRE SILVER PRODUCTION OF THE
STATE TO STOP
ACTION RESOLVED UrON BY THE PRoMlNEN'
MINE.OwNERs AND sMELTERs-oVER
10000 MEN WILL BE THROWN

OUT OF EMPLOYMENT.


Denver, June 29-Silver mining and smelling
in Colorado will cease This decision was reached
at a meeting of all the leading mine owners and
managers of the State, held at the Brown raiace
Uotol this aftorn0on The mines cannot be
on.ra+od At tho nresent price and to stop further
loss all operations will COM 70 standstill. AMI
o. oOo 70 60. 600 men will he thrown out OF en-
rloymcnt. There was large attendance at the
meeting. Ex-Governor J. B. Grant, of the omaha
* Grant Smctcr, the largest concern Vi i'' Ai'i'
i'm the world, was made chairman
On motion of David H. Moflatt tic chair ap-
nointe1 committee of five on resolutions, as 1ol-
lows: J. J. IIagerman, chairman ID. IL. Mohat''
r G. Brown, W Thatcher and ID. NJ. Lyman.
Tho committee then retired and after short ab-
scnce returned with the following resolutions'
which were unanimQusl" adopted:
Whcrcas 1t appear, from the continued a''acAs vi
.ilycr bv the mono-metalists Of the rnitei states
and nations. that there cAist' III ''r "i""
probably by the product Of exceptional or pheho"e
ninc the idea that the metal Is 50 abundant aa o ..
~ nr,duction 30 little a. jutfy the depreciation OF ts
value; and ,,,-
whcrea. From wears OF experience In mining mi!iihs
and smelling we ar in position moro thofouehV anu
correctly the actual cost o produchs s'c' "
have I'm the hope that value would moe nearly
approximate Intrinsic value BY It's rehao'o'''on VI
some equitable basis kept our men employer IN our mines
mills and smeers though at loss 10 OURSELVES III sc"
eiaI and.
Whereas From the present pri,e and the condition OF
affair. and tendcnc evident this hope Is
dissIat,d for the present now therefore, be 1t
Resolved That IL Is the unanimous sense OF thS
meeting Of mine mill and smeltcr-owncrs that We fut
stop to our further loss, b. Immediate and complete
cessation OF all silver mixing, milling and smeitns
,ton in tho State Of Colorado In the full belief that
rho nonomctalIl.t element will finally appreciate three
vital points: ,. ,,.,
That the world cannot transact its business wthou'
the use Of silver money.
Tb,, the actual cost and value OF the metal far
exccen, the ncoyrcct views which they have form'n'
z That the Inevitable course OF events VIII quickly
domor.,r, that .be enormous, Of money invested
e. rnro,ds loan. and other property Will so depreciatc
q, v,lue that tho nonomctalis.s will also be coavnccd
that some action he taken with silver 70 resooro
II TO il, legitimate which IL has held from ''"c
iinn cmorial and b, l. fritl''
Resolved That we dcprecac and condemn the ntem'
pre opinions and statements OF unicasonaolc men "hcn
have heen tlcgiphed 10 the Fast that Cooralo mas any
intention rcpuiiatng her obligations. pubc OF pNa
ON the contrary think ourselves as well able as any
thar ,r, o the word 90 meet whatever may come IN ths
emergency
The great drop in the price OF silver mas re-
suited in A depreciation in the price OF mIins
s,ocl such as was never before witnessed. Molilc
Gibson stock. which, two months ago, was sell.
inc AZ - - per share and closed yesteiuiy d. I
3, slump,d today 10 II -, an wds "'. .;,, q" ;,
that figure in the East tins aiternooh, W, ~ ,ba
nrnsn.ct of sinking 10 81 or less. Business III tI
Wininr Exchange is practically az a stand>,lii
only gold stocks being traded in Ihere - ; ayso
lutSly no market for silver stocks at any pitt
nor will there be until there Is changc III ''''
aspect of the silver market.