Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-07-08
Mines TO Be SHUT down
Startling Action of Silver Magnates
at Denver, Col.
Serious Situation All Through the Min
in Regions of the West.

Mines, mills and smelters OF Colorado are
to shut down Immediately. This is the edict
that went forth from Denver to the mining
camps Of the State, carrying CONSERVATION 10
the humble homes of thousands of miners in
100 camps and to the many avenues of trade
dependent upol their work. Never in the
history OF the State has such a fearful blow
been struck to her prosperity. In all from
q, 900 to 80, 600 men will be be affected by
the shut down.
The meeting was the result of muture de
liberation. For months, in fact, for years,
the mine owners have been continuing work
with the hope Of brighter days, but when
silver dropped 20 cents within four days and
got to point where it was unmarketabe
there was nothing to be done but suspend.
From all the leading silver camps of the
State the mine owners and managers came
to discuss the matter fully and carefully. In
the meeting there were the great silver mil
lionaires, the heavy smelter owners and the
leading bankers. There were no speeches,
no waste of words. The St ssion did not last
ten minutes
J. j. Hagerman, "A millionaire several times
over, who holds large share of hlolle Glib
son stock. the richest silver mine in America,
and who is building the great Peeos Road in
New Mexico, called the meeting TO order.
James b. Grant, of Omaha & Grant shelters,
was selected as chairman, and John q.
Graham. of Leadviile. was made secretary.
mo speech is necessary for me upon this
occasion, said Mr.. Grant as he took the
chair. You all know for what purpose we
have assembled here. We are ready to pro-
coed to business
On mo ion of David H Moffat, the chair
appointed committee of five on resolutions,
as follows: J. j. Hagerman, chairman ID.
H. Mofrat, B. c. Brown, NJ. w. Thatcher and
A. NJ. LYMAN.
THE RESOLUTIONS PASSED.
The Resolutions Committee then retired
and after short absence returned with the
following solutions, which were read Y
the secretary:
Whereas, 1t appears from the continued
attack on silver iy the mono-metal SITS of the
United States England aud other nations
that there exists in their minds (induced
probably by the product of an exceptional OF
phenomenal mine) he idea that the metal is
SO abundant and the cost of production so
little as to justify the depreciation of its value,
and
'Whereas, From years OF experience in
position to more thoroughly and correctly
know the actual cost of producing silver and
have in the hope that its market value W uld
more nearly approximate its intrinsic value
by its rehabilitation on some equitable basis,
kept our men employed in our mines, mills
and smeters, though at loss to ourselves in
genera and
"Whereas, From the present price and the
condition of affairs and tendency OF events it
is evident this hope is dissipated for the
present now. therefore, be it,
Resolved. that it is the unanimous sense
of this meeting of mine, mill and smelter
owners that we must put stop to our
further losses by an Immediate and complete
cessation of all our silver mining, milling
and SINE ting operations in the state OF Col
orado In the full belief that the monometal-
list element will finally appreciate three vital
points -
That the world cannot transact its bus
mess without the use of silver as money.
.. That the actual cost and value of the
metal far exceeds the incorrect views which
they have formed
g. That the inevitable course of events
will quickly demonst ate that the enormous
sums OF money invested in railroads, loans
and other property will 80 depreciate in
value that the monometalsts Will also he
convinced that some action must be taken
with silver to restore II to its legitimate use,
which il has held from time imnemorial, and
be 1t further
Resolved, That we depreeate AMI CON
denim the incorporate opinions and state
ments OF unreasonable men which have been
telegraphed to the East that Colorado has
any intention OF repudiating her obligations,
public or private. On the contrary, we
think ourselves rs we'll able ns any other
part OF the world TO meet whatever may
come in this emergency
Inc resolutions were unanimously adopted
and th9 meeting at once adjourned
MINING STOCK FALLS
The great drop in the price Of silver has
resulted in a depreciation in the price OF
mining stock, such rs was never before wit
messed. Mollie Gibson stock, which a
couple otmonths ago was selling at -. IS per
share, slumped to Sl.55, and was selling at
that figure in the East with prospect of sink
Ing to Sl.00 or less
Business in the mining exchange is prac-
Ically at standstill, only gold stocks being
traded in. There Is absolutely no market
for silver stocks at any Price, nor will there
be until there is change in the aspect OF
the silver market