The San Francisco call., 1897-07-24
GOLD, and considerable has not yet been

eold, and considerable has not yet been
marketed.
There has been good deal of discussion
about the value OF the Klondyke gold,
and report has been made that more was
paid for 1t in Seattle than here. What
was bought there was bought without
saying, the quantity was small and such
transactions settle no values. The miners
who have returned are generally disap-
pointed at not getting uniformly at least
$l7 an ounce, and come are waiting ior
the Mint to reopen August l. Secretary
Underhill of the Selby Smelling Com
pany states what is not generally known
that they pay just as much for unre-
fined gold as does The Mint. although they
are running business enterprise, and ex-
plains how this is. Mr.. UnderhiH made
the following interesting report on the
Klondyke gold in an interview Yesterday:
1--WE have received about $3.50, 900 worth
of the gold. 1t has come manly from
Bonanza and Ell Dorado creeks. Bonanza
Creek gold Is worth about $17 an ounce,
and that seems to have governed the
price up there in trading. The gold from
Ell Doraoo Creek varies from $l4 10 to
about SIC, the most valuable coming, 1t
seems, from the upper portions OF the
creek, three miles above the mouth. That
reported to come from the lower part IS
about 750 fine, carrying about one-fourth
silver.
Bonanza Creek dust is better and is
about like some OF the lower grade Cali
fornia dust. The bulk of the California
gold coming from the regions of the
mother lode and the northern part of the
State runs from $17 30 TO $l9 an ounce,
bearing from one-tenth 10 one-eighth sill
yer. Any quantity of it runs $l8 and
SIS so an ounce.
In Kern and Fresno counties and some
other sections Of the State the silver
brin.s IT down 10 $l2 or $l3 an ounce.
The best Bonanza Creek dust brought in
10 US is worth as it is SIT an ounce. Here
is a sample statement OF deposit OF klon-
dyke gold: Net value, SIS 80 per ounce;
weight before melting, 2015.70 ounces
weight after melting, 1860. 20 ounces; fine
ness, 7671z; value of gold, $31 107 68; value
OF silver, $253 .; charges. $120 70; net
value, $3l, 240 Is.
'It Is the popular idea that we buy gold
We buy nothing. We pay the actual
value Of the bar less the regular charges
OF cents an ounce for refining and the
alloy charge of .0l of per cent, Or 81 on
$4,000. These are the same as the Mint
charges on unretined gold. When gold is
deposted with US we receive it, melt it
into a bar, chip from the bar and assay.
We thus determine the actual value of the
bar, and payment is made within twenty
four hours.
when gold is taken to the Mint it is
melted, assayed and paid for that way.
The gold is sent 10 the refner and the
Mint charge of 6 cents an ounce is made
10 ray for the refining. The alloy charge
pays for the copper alloy for coinage. We
refine the gold and our gold goes direct TO
the coiner, with only the alloy charge
against It. Our profit is what we save out
of the refining charge OF 6 cents an
ounce.
'The idea that the gold could bring
more elsewhere than in San Francisco is
absurd. l understand that one or two
Seattle houses bought some gold without
assaying at little higher pric' than we
paid, but unless they got the best gold
from Bonanza Greek they will lose on it"
Those who can't get 10 El Dorado Creek
may console themselves with the knoIl-
edge that it is Iow-grade stuff anyway.