The sun., 1893-07-01
NOT A SUDDEN PdNJC
Colorado Mine Owners Have Been Curtnii-
ing Expenses Right Along.

Colorado Mine Owners Have Been CurtniI-
ing Expenses Right Along.
DENVER juno 3o.-The present supply Of
silver In Colorado is estimated at 5.000.000
ounces. and this will not be augmented mate
rally for an indefinite period. Tho smeters
are not in position to shut down at
moments notice. 1t will require weeks to
consume tho stock OF ore on hand and the
plan will he to gradually cut down the num-
Der of furnaces in use.
The ideu that the mass meeting Of yesterday
was called for the purpose OF affecting leeisla-
tion or influencing the financial views Of the
Eastern people. is vigorously denied by min
ing men. and it Is only necessary to quote the
remarks OF Mr.. A. l. Reynolds OF this city to
illustrate the stand taken by the silver mine
owners. Mr.. Reynolds is Treasurer OF the
great silver producer. the Last Chance" and
New York" at Creede. and carries on very
extensive operations In the vicinity Of Oursy
and Aspen. and in several other counties.
Some OF his mines have been shut down since
silver dropped below 30 cents. He snd:
The resolutions passed yesterday only
made public what every paying mine in the
State had already put in operation: namely.
preparations to shut down on the production
Of silver ore. Before the meeting. and without
any reference to 1t whatever. when silver
uTOppeu D6lOW ON Ceutb. We Hhu IuAu6 acUlV0
preparations to either absolutely close every
productive silver mine which we own. or to re-
duce the force to the lowest possible number
Of men required to protect the properties from
destruction. This will throw out 400 miners
from our pay rolls. For six months past
have been closing down and stopping all
operations looking to the prospecting for new
mines. Fully 90 per cent OF tho silver mines
OF the State have been preparing to close down.
and they will not resume until the owners can
see safe profit in the output
What the mining community Of Colorado
has been forced to do by the price Of silver is
we'll illustrated by the business action of the
superintendent OF the Caroline Mining Compa-
country. This company has been engaged for
five years in driving the revenue tunnel to cut
its vein for the purpose Of the economical
production OF ore. They have completed tho
tunnel. $500 feet long. at q cost Of about
S4OO. 900. and at the time OF the drop Of
silver below 81 cents had the plans
out for o concentrating mill at the
mouth OF the tunnel. At that price for silver
they found they were com mpelled to reduce tho
wages OF the men SO cents per day. and did 50.
When silver dropped to below 50 cents. the
superintendent. without waiting for instruc-
tions. discharged all Of the men employed in
preparing for the construction Of the mill and
wrote to tho com pany rs follows:
can't see any way meet expenses. and think
that should discharge all the men and only keep
the pump men and the electricians. and II possible.
the working In the raise. In this way we viii
complete the raise by winter and can then shut down
without destroyin g the mine.
When we add that this is probably one OF the
safest and most successfully operated mines In
the State. although by no means classified
among the largest: the question Of where a
man must stop in the production Of silver is
:" Absolutely ali our mines will shut down.
and In my letters ordering this to-day | have
a % SaH sfs % ana Ra esvc s0
Wi $sssd {sss l. SsSa e shoussnds Il
rado + fnsf Ssd ani Fon compsny s @ sSt
coal trade will not be affected more than S per
cent. by the shutdown OF the mines and smet-
The Rio Grande Southern road will not feel |
the shrinkage in business materially. as the |
Telluride and Rico products are largely gold
day snd fhe Durango oopDer S smeissS s viii wifi
Tho Denver end! Rio Grande will. Of course.
Sssf iS sSdf %sss sfes pe
cember interest. |
The Rio Grande Western will reduce oper;;
Tida hand It vii sa'ssd ss
The ct & MON Pacific lines in Colorado have
smeefs In Se@ Me1co nnd mne
lowing the decision OF the Colorado mine own
The closing of the Georgetown bank In one
OF the gold camps m s,s was @ surprise; Its hackers
pressed here that this failure will be more
1han s.s T. temporary X MsusspIenssion: sI sion .s.
Gov. Waite returned to the city last night
sn an ssfs sase ne Ffrsy Issyss
tare Immediately to consider the repeal
q aIl attachment laws. the passage q a
redemption n law and the prohibition o. gold
The Governor is an old man, and he was in.
tensely excited as lie declared he, would take
and might act without waiting Tor a demand.
The Neros says editorially:
The number Of % 6usinsss blocks and houses and
.4 t nss Il ats cut % .la 20
h. Il . ps Of .s 81
sssranss pea S II ihey esnnot pay !h.r debit. wi Ss
me and q &c sa OUT ss ssaa
siven them that tho law does NOT now AFFORD
The Real Estate Exchange to-day declared
against an extra session.
Ex Gov. q. b. Grant Of the Omaha and Grant
,melter, who was Chairman OF yesterdays
meeting. gave out the following for publica-
ion last night:
"In accordance with the resolutions passed by the
Miners snelters meeting yesterday afternoon. the
Missouri Valley. representing almost 90 per cent OF
he smelling business Of tho United States have de-
sided purchasing silver and to out OF
business They have approximately but hooOOo0
cannot purchase the amount made obliga
DRY by the sherm an bill during the next months"
The Mines TINT Are Closing Down.
SPOKANE. WASH. June 30.-MninG In Crur
D'Alene is practically suspended. The Morn
ng mine closed down Wednesday and the
iold Hunter will stop In the morning. This
caves only the Poorman and Tiger In opera
GREAT FALLS. Mont; June 3O.,.A despatch
rom yerbart, the chief mining town OF the
Belt Mountain range. states that orders have
,een given for, closing down tho Moulton.
ialt. and Nevada mines. It 10 thought that
lnless silver advances no mines will operate
It the end OF the week.
business PAraiYzed In Shanghai.