The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-09
A Big Slump in Lead Recorded
Yesterday.
ITH THE SHELTERS.
THE SHIPMENTS GENERALLY HAVE
BEEN RATHER LIGHT.
Ontario Drain TunneI-The Local
Stock Market-EurelSa Hill Mill
Tested-Eastern Copper Magnates
Expected Here-The Mercur-Aug-
ust Dividends.

TAouucers were startled yesterday at
the action of lead on the New York
market, that metal having touched the
lowest point since IN the early 7O's. Its
close on the New York board was $3.O5.
a slump Of 10 cents, with the market
weak and tending downwards. To say
that this was a surprise is putting 1t
mildly, Tor the mine owners and opera
tors were astounded. The intensely par
tisan attributed the fell to the tariff
act, but the more conservative saw in
it the result of the workings of the lead
trust, whose continued robberies of the
west have been unmasked several times
within the past month or two. For the
past two months the metal has remained
stationary at S3.15, and while on a num-
Der of occasions the market has been
weak and possessing a downward ten
dency, at no time has it gone off even
a point. 1t is the general opinion that
the slump viii be but temporary and that
on Monday or Tuesday the market will
resume its former quotations.
silver rega1ned two of the points It has
been steadily losing during the week and
closed on the New York market at
the day previous. In San Francisco
the demand for the metal was more
pronounced than in the east and the
fluctuations were wider and more fire.
quent, the close being So cents.
The actions of both silver and lead dur
Ing the week have not been tending to
restore confidence in the mining world,
and while many of the owners are still
of the opinion that there is some imne
date future for silver they are not put
ting an increased amount of the metal
upon the market and in consequence
there has been no marked changes tor the
better since last week. Several of the
heavy producers are working away with
almost their old time vigor, but the ma
jority of the properties are not making
much stir in the world and their produc-
tons are not notably heavy.
Although there is no great increase IN
the receipts of ores the Germania has
found IL impossible to take care of the
receipts with one stack and the second
was blown in yesterday afternoon. This
gives the shelters in the valley six
stacks, each of the companies having two
in operation
The gold properties have been lacking
in shipments during lie week, 1t being
between seasons, as y were, with them.
The Mercur clean up has just been nm
ished but no returns have been received
at the office of the company in THIS CITY
President Dern is now inclined to the De.
lief that the product for the last half
of the month will not be as heavy as
for the first two weeks, it having devei-
oped that the highest grade ore was not
treated. For some weeks the Stewart IN
Bingham, has been in operation, but no
shipments have yet been made 1t is ex-
pected that within the next week or two
a clean up will be made and the pro-
duct sent to the mint. The Gold Hill
mines of the Cane Springs Consolidated
Mining and Milling company sent IN
their usual bars. and several other pro.
ducers of the yellow metal are booked
for shipments this week. The west
been experiencing more delays on ac-
count of the SlowneSS of the contractors,
but the gentlemen at the head Of the
enterprise now feel confident that the
property will soon be producing placer
gold. The pumps are al work and the
sinking of the shaft is in process.
Both the Ontario and DAILY made their
usual shipments of silver bars, the 1of-
and the latter fifteen bars, 1890 fine
ounces. AS has been the.acase for some
months the metal went west. There now
remains but 400 feet of ground between
the face of the Ontario drain tunnel ana
the workings of the mine, and Superln-
dent Chambers feels certain that the con-
nection can be made during the fore part
of November, if not sooner. The ground
gress is being made, seventy feet being
made during the week. As-the tunnel
lengthens out and the face comes nearer
the workings of the mine there is per-
ceptible decrease in the water in the
shaft and the strokes of the Cornish
pump are being shortened.
The shipment of 100 tons of Bullion
Beck ore was made from the sampler to
the lead mill at Bingham yesterday after
noon and the ore will be treated within
the next three or four days. This test
is being made for the purpose. of deter
mining just what character of mill the
company should put UP. General Mana
ger Beck is back from the mine and re-
ports everything in splendid shape. The
output is over sixty tons daily.
On account. of the heavy expenditures ND
necessary in the enlargement of its shaft
the Silver King will not pay it's usual
monthly dividends fol-. August and Sep
TENDER, but will pass the regular periods
until November first. It IS expected that
the third compartment will be in place
by the 1st of the coming month and then
the taking out of the ore will be re
sumed. THE stock of the Silver King
has suddenly become very popular and
those who are lucky enough to be repre-
scented upon the stock books of the com
pany are not searching for buyers. The
price of the stock is ranging between $l2
and S14 with none in the market for
either figure. 1t is looked upon as one
of the choicest stocks in the market,
for the company is paying sS7, 500 to its
stockholders monthly: Broker Paws p as r. re-
first class stocks. During the. week he
unloaded several good sized blocks,
IL @f Onto r-in n