The silver lance., 1897-08-27

WIN Not Fan Below Fifty Csnts, -
the Reduction Will be Grsatly Cur |
tailed 1t That Price.
New York. Aug. ia further de-
cline in the price OF silver occurred 70
day. the quotation for bar silver in
New York receding to 52h cents an
ounce. a decline Of 1H cents from yes
terday, The London quotation for bar
silver was 241a pence, fall Of 0-l6 OF
a penny from yesterdays price. Yes
terday's prices were low records up 10
that date.
Quotations for Mexican dollars were
only nominal at Al. Just before tn
close of the market the price of bar
silver fell to SIX, making the total de-
cline for the day 25s cents. The closing
price in London was "a pence, total
decline for the day Of 1 Lie pence.
At to-day's New York price the value
of the silver in the silver dollar 10 4O.13
cents.
Denver, Aug. 19.-The Republican
this morning says:
The remarkable drop in silver yester-
day caused considerable excitement In
mining circles and rumOrs OF the CLOS
ing of silver mines and Of the smelters
the truth of the reports of their clos
ing. ]. B. Grant said that there was
not the slightest truth in the rumor as
affecting the Omaha and Grant smell
ter and that there was nothing In the
situation to affect any mines except
those that are exclusive producers OF
silver
The following statement Of ex-Gov-
ernor Grant is a clear exposition OF
the situation and expresses the views
of the smelters who are most deeply
interested in silver production:
1.-The decline in the price Of silver Is
a matter of serious Importance to the
people of Colorado. Every one you
meet is trying to figure out the cause
Of the decline. The figures below speak
for themselves and furnish a rational
explanation of the present condition or
the silver market.
From all parts Of the world there
were shipped to London for the first
six months of 1896 in round numbers
54,OOO,OOO ounces of silver. For the
first six months of 1897 there were
shipped to London 65,0OO,O00 ounces
an Increase of IL 900, 600 ounces In six
months.
For the first six months of 1896
there were shipped from New York to
London about 3O,OOO,OO0 ounces, and
Just about the same amount for the
first six months of 1897, showing that
the output of silver In the Western
states is not increasing. The 1897 in
crease to London went from Mexico,
South America, Belgium and France.
The French and Belgium refiners get
their silver from foreign lead bullion,
copper matte, copper bars and silver
mill products. The shipment Of French
and Belgian silver to London may not
Indicate an increased production OF sill
yer. For the time being they doubtless
find a better market in London than
on the continent. The increased re-
ceipts, however, from Mexico and
South America show unmistakably an
increasing production of silver from
those countries.
"The aggregate shipments from Lon
don to Asia show an increase Of ten
per cent. In 1897 over 1896.
"The main question with us Is, how
low will it go? 1t will decline until it
reaches a point that will materially
curtail the production. In my opinion
the world can produce not to exceed
15O,0OO,O0O ounces per annum at fifty
cents per ounce. The annual Absorb
ton is greater than 10000 ounces, SO
that fifty cents should be a bed rock
price.
I'm the immediate future 1t may go
below fifty cents because smelters and
others are Offering to sell millions of
ounces at the best prices to be obtained
for thirty, sixty and ninety days hence.
This is done with a view to getting
rid Of present stocks with as little loss
as possible. put fifty cents as bed
rock, because believe that the world
will continue to absorb an increasing
amount of silver from year to year,
and l don't believe that it is possible
to maintain the present output at fifty
cents. The Ontario and Daley mines
Of Utah produced last year 10000
ounces of silver and made a profit of
100000 with silver at sixty-seven
cents. A fall of seventeen cents an
ounce means a loss of $2S9, 900 as COM
pared with last years operations. The
Broken Hill mine of Australia pro-
duced last year 6,5OO,0OO ounces Of sill
yer and made a profit of 81 SOC, 600,
With silver at fifty cents they would
have made only 100000. The ore In
this mine is gradually getting lower in
grade and fifty cents for silver will
soon close 1t up. could mention other
mines, but 1t is not necessary to do So"