The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-06

The drop in silver quotations yester-
day to 551k cents caused CONSERVATION
among the silver mine owners, and
most of them felt that it was useless
to continue operations longer. for a
time at least, and unless there is an
Improvement in the silver market With
in the next few days, it is more than
likely that the straight silver produc-
ers of this intermountain region will
be closed down with very few ex-
ceDtions.
Still the mine owners are resigned,
although they have not given up as to
the ultimate outcome Of the white
metal, and they say that if it is to
fall clear below the cost of production
it is better TO know it now rather than
to have the agony prolonged for an
indefinite period
At the same time there are those
who are of the opinion that the more
rapid the decline the quicker will be
the reaction, and the advance that is
sure 10 follow. as it does not seem
possible that silver Will be discredited
entirely or that it will decline in value
until it travels in the same company
with iron and copper.
1t was announced a few days ago that
the limit had been reached at the DAILY
mine at Park City and that this old
dividend payer would be closed down
on the first of the month. This decis
ion was arrived at when the quotations
lowered around the go cent mark, and
now that they have fallen still lower
it is believed in certain circles that the
Ontario will also be obliged to close,
which can row be done without SER
ious loss to the mine on account of the
great drain tunnel, which will keep
the property practically dry whether
IN operation or not.
With the Silver King it is different,
ard if the present lead quotation is
maintained this property can still be
worked to advantage.
At Eureka it is more than likely that
the Cen1ennial-Eureka will close down
unless there is an advance in silver
within the next few days, or if ii be-
comes evident that the present quota
ton win hold for an indefinite period.
The BEllion-Be will continue opera
tons even if the quotations drop to so
cents or even lower. John Beck is one
of the few mining men of the state
who is not dismayed at the present out
look. and ne is quoted as saying that
with is feet Of ore on the 1,100-foot
level to the north that carries average
values of 10 per cent lead and 80 ounces
in silver TO the ton, he is confident
that he can continue operations at
profit, and even pay dividends in the
near future. 1t would take more than
the decline Of a few cents in silver TO
alarm Mr.. Beck, whe is always san
guine, and it may be that he is right,
and that the best foot should be put
forward in this emergency, as there is
much truth in the old saying that it
els always darkest Just before dawn"
The Swansea mine, in the Silver City
end of Tintic district, will pay its reg
uiar monthly dividend for August on
the 10th but after that it is doubtful
If any more velvet" will be forthcom-
ing for sometime, although it is be-
lieyed that development work viii be
kent up IN the property. No announce
n7ent has been made as yet relative 10
the South Swansea dividend, although
ii is surmised that the regular dividend
NAV be passed this month. Work will
be continued, however, in the operation
of the property, and development work |
viii be pushed.
At Bingham the recent sharp ad-
yances in lead quotations have given |
a decided stimulous 10 operations there, |
and the camp is attracting great deal
Of attention at the present time, and |
especially so far as its lead producers |
are concerned, the indications being /
that work viii soon be resumed in the |
development and operation Of proper /
ties of this character which were
obliged to close during the depression /
in lead year ago. In fact, there is /
now an active demand for Bingham |
lead mines. and the district should pre-
sent a lively appearance this fall and /
winter. and especially so as the gold !
mines of the camp promise to make
splendid records during the coming |
year.
Gold mines and gold securities should /
steadily advance in value at this time,
and unless conditions are wrong there
i. no reason why this class of stocks
should not rapidly enhance in price,
even II at the cost Of silver stocks.
the decline OF which give additional
weight TO the prediction that the holder \
of good gold dividend paying and pros
pective dividend earners is strictly
IN H."
And yet there are those who believe,
and are sincere in the belief, that now
Is the time TO buy silver mines and sill
yer stocks, as the white metal is sure
TO recuperate within the near future.
The advice on this head seems sensi-
BILE. and there is little doubt but that
those who heed Il viii come out in the
end with colors flying and a good bank
account OF their credit