Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1907-12-01
FRANK keith
IS OPTIMISTIC
SAYS INDICATIONS POINT tn !,
SPEEDY SETTLEMENT on
FINANCIAL TROUBLES.

Frank A. Keith. general manager
OF the Tonopah Mining company. who
returned sometime since from the
east and the coast. has been busy
ever since his arrival. but yesterday
found time to do little talking on
the financial situation. which he
thinks is in a very fair way To mend
pretty soon
There are several indications
which point TO a speedy termination
of the trouble" said he; and one
of the best that have seen of late is
the determination of Hartman to
resume work on the Union Pacific.
This means that the labor situation
will be helped out amazingly, and
that there will be more money in cir
culation. Mr. Hartman is as we'll
posted on the financial situation as is
anybody, and he must be sure of get
ting the money that is needed to
prosecute the work that he is going
to undertake; otherwise he would
not start it.
There is omething which | have
not been able to fathom yet, and
that is the withdrawal of the govern
ment certificates, after there were
but 100000 of them disposed Of
The only way in which that can be
accounted from this distance, is that
enough have been sold to fill the re-
quirements. This would mean that
the east has all the money that it
needs, and that there is plenty for
the west We are moving our crops,
and there is money constantly flow
| ing into the country from abroad.
| Every steamer arriving from Europe
brings it's quota of millions, and this
of course means that it cannot be
much longer before conditions will
| be righted.
This trouble has not been con
fined to the United States by any
means. In Canada they have good
crops, and have not the money tc
move them We were in the same
fix, but we have pulled out of it
Congress will undoubtedly arrange
some plan, by which we will be pre-.
vented from ever being caught agar
in the same predicament. We heal
some talk about the free coinage o.
silver, but l do not think that we viii
get that. We may have some relic
in that regard however, which would
help.
The reason why the smelters d.
not want our ore at the present tim,
is that they have now more thai
they can handle. They increased "a,
working charges SO ton recent,
for no other reason than to dis
courage our shipments And | wa
!. told when | was in Salt Lake tina
the charges would again be increas
ed, doubled, if necessary, to stol
Nevada's output. They canno
handle what they have at present
and they have not the money to pa,
for more. They shut off paying casl
for ore for the reason that they coul,
not get the money out of the banks
, The smelters were in the same posi-
ton with regard to the banks as wa
everybody else.
The trouble first started with cor
. per. When work on the railroad
/ and other big industries began shut
, ting down, the demand for cope
ceased. The big electrical works ha
on hand all that they could handle
and with the cessation of work, more
The result was a slump in copper
and then the demand for silver gre,
less. The smelters suffered bi
loss on the silver from Nevada. The
bought tons of it and paid for it i
cash at 68 cents an ounce, and hav
been Obliged to sell it all the wa
down to below So cents. This mean
, a big loss to the Smelters.
1T takes something to treat or
at the shelters. The Tonopah Mir
ing company sends about thousan
tons week. This ore is not rushe
right into the smelter upon arrival
no indeed. 1t has to take its TURF
1t is laid out in bed. and there ar
mixed with it 1000 tons of leat
1000 tons of iron, and 1000 tons {
some other ore, until the prope
analysis is secured. All Of this take
time, and the work is not through b
any means. 1t is easy enough to di
pose of the refined gold, but when
comes to the silver and copper, ma
kets must be found for these metal
They cannot sell silver bullion {
will, and If they attempt to force
I. on the market, the inevitable result
Here is where free coinage Of silve
would help us, and it would aid I'll
present situation, or a similar stu;
: ton which might again arise, by pr,
r viding greater circulating medium