The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-08-07
Continued Decline Makes Them
Improbable.
BOTTOM NOT YET REACHED.
Suspension at tsnh Mines Likely TO
Extend to CoI0raao-Prtc~ SIN
Falling In Consequence OF Chiua's
Not buying and Decreased Pur-
chases In India-A Dollar Worth
~ Cents.


cline in silver 10 5Si- cents per ounce. ana
the probable further fail to as low as 80.
which seems 10 he conceded by those in
the best position 10 judge, is the topic of
conversation among miners and wh.is
some ara greatly discouraged AZ tho out
HOOK Tor mining. the general opinion seems
TO be that the decline will have no very
serious effect because there Is oompara-
lively little silver now mined in The state.
There Is possibility that sorie of ths
Aspen and Creoie properties viii shut
down. hut outside Of these thcrp will be
little change in tho situation. Ex-Gov.
Grant. OF the Omaha and Grant smolter.
said:
II am Of the opinion that silver will
continue 10 20 down nntil there is Il marked
decrease In the production in some parts
or the worid. and IL remains To ne seen
which or the silver producing countries
will give way first. I think Il viii have
some effect upon the development OF Mex
leo, and that no more railroads Will be
built to the mines there. IL will have no
serious effect upon the production of lead.
Tor | have figured out that with lead az
S6o and silver 1T 5S,a cents il Is last
about as profitable To the miner as when
lead was AT S-2o and silver at s. cents"
Ex-senator Iiill. Of the Boston q Colo
rado smelter. thinks that the decline will
be seriously felt. ''The aggregate loss viii
be quite large" said he Last year the
average price paid our company for silver
was 1856 cents per ounce. and the differ
ence between that and today's quotations
amounts TO about $4,000 in our productions
OF last year. In 1891 the price was much
higher. and the loss compared with to-
days price would be s25c.oao.''
SALT LAKE. Aug. 6.--A special 10 the
Herald from Park City says: "Superin-
tendent Chambers. of the Ontario and
Daily mines, today received telegram
from New York 10 close Down both mines
owing to the decline in silver. These ara
TWO or the largest silver mines in the
state. and give employment to 100 men. II
is claimed that these mines cannot be
worked with profit at the presen, price of
silver"
LONDON, Aug e.-The British govern
ment has Informed the American bi-
metallic commission that IL will probably
reply 20 the proposals of the commission
on behalf of the United States In October
While this p0tponement delays the work,
the American envoys do not consider II
discourag!ng On the contray they tnink
Great Britain's interest justi;ies thenSin ex-
pec,ing that the Indian mints will b>
opened Senator Wolcott may visit Aus
ria and pave the way for negotiations with
the Austrian government.
NEW YORK, Aug. 6.-l-ab.e dispatches
from London yesterday reported further
weakness In the silver markei there. The
local markets are sympathetiealiy affect
ed with quotations declining to the new
low record figures. The best adyices from
London report the price OF bar silver
there as approximating 25izd an ounce.
NomfEally government assay bars were
Quotable at S7sc. which made the value
OF the silver In q standard silver dollar
43.2l cents.
Exchange operations with countries or
a silver basis are much disturbed. gold
being at an extremely high premium in
Mexico B illion dealers here cannot OBJ
tain quotations abroad.
Silver mining securities are also AFFECT
ed, and some Western mines are reported
to be operating at a loss and are expect
ed to shut down.
The weakness In silver. which is great
er than that which followed the closing
Of the Indian nints In 1888. Is attributed
TO liquidation by many holders OF the
metal. The demand of China has pracu-
cally ceased. Chinese refusing to take
silver. although exchange at Shanghai
Is per cent below tho silver import
point. India ia still In tho market. but
gradually decreasing her purchases.
cable from London says: Tho de-
tails of the gold movement for the week
are about G540oo, imported from Austria
In: E5Go00 from the Cape. and CISCO
from China, in addition 10 the f5eo,ooo al
ready dispatched from Sydney TO San
Francisco. Further large shipments are
being arranged.
LONDON. Aug. s.-The Times In Its
financial comments this morning admits
It's inability to explain the persistent
weakness of silver. but thinks IL is due.
perhaps to A. weii-grounded belief that
the results Of the American bi-metaiiio
commission headed by Senator Wolcott
are not likely TO prove satisfactory 10 sill
verltes here and in the United States
The Times adds: Even those who dis
approve the closing of the Indian fnints
are not prepared 10 support demand TOT
opening them. because reopening now
world involve n worse evil than continu-
ing the new state OF affairs. which their
closing has created
The Standard says In It's financial arti-
Gle in reference 10 silver; 1T is diniouit
te SEQ where the decline VIII stop, result
ing as II does chiefly from the axtent 10
which .be forced liquidation OF holdings
by American spectators has YET 70 %
carried.
since Japan threw silver over there
Sas ,sea no outlet for the production %
the mines India might reopen her niin,s
and relieve the monetary strlngency III
all her markets. bat her position - 20
hsr. financially that she must oorrow
noney with which to do that. Nothing.
therefore. is likely 70 be- Done 1ae nias-
ket must just find its IeFeL
re Daily News understands that fur
.her large shipments Of gold from syd-
ney-. -. s. w. 10 San Francisco are oe1hs
arranged.
CRY of MEXICO. Aug. e-Ths drop
=, silver today sent exchange on New
York 10 its highest point Yesterday. IL
The government is making all It's esti-
mates based on even lower prices icr SUI
yer. The bank srs are not dssmayed ana
con.iui,. TO predict q reaction, although
rot until lowe prices have been rsach~a.
There is much epprehension. es2eclaiy
80 -. IN. ran:dtty with which enchange
has r1sen. Native manufacturers are IN
soy,a cases raising prices on aceeunt ~
havfr,~ 20 buy fc~eign raw material. me
treasury peorle inTist that no thought -
=, ,.,t.trea ~ ADOPTING the gold 's3sSS.
The government VIII meet It's gold inter
es, af sny cost. even 10 the adoption oi
most rigorous economy. and VIII pursue
q waiting pciicF.
Excursion TO <noauafmse Faiis