Elko independent. [volume] (Elko, Nev.) 1915-current, 1917-10-09
HIGH SILVER PRICES TO
CONTINUE INDEFINITELY

DENVER, Oct S.-'"hen Oolo-
RADIO mine owners and operators be-
come convinced that present high
prices for silver will continue in
definitely this state will experience
a renewal of activity in mining op-
erstions and enjoy a period of pros
perity unprecedented in the history
OF the state"
That is the opinion expressed by
leading business men. captains Of in
dustry and state mining officials 20
a representative OF the international
News Service when questioned re
garding the phenomenal advance in
price Of bar silver in the New York
and London money markets.
Already there are indications that
the temptation of an excellent price
for the white metal, the production OF
which has gradually diminished since
the repeal OF the Sherman Coinage
Act in 1898, is attracting capital, and
owners OF properties that have been
capped and sealed for many years are
either negotiating for leases OF their
holdings or preparing to resume op.
erations themselves.
Denver, the business center OF the
Colorado mining fields. as well as the
gateway TO the rich Rocky Mountain
region, is beginning TO feel the i'm
proved conditions. and an air OF pros.
perity pervades the whole community.
Bank clearings in Denver for the
week ending September I, only five.
day week on account of the Labor
Day suspension, were Sl7059,SS7.i2,
as against s11,5S1, 25O.3O for the cor.
responding week of 1916. a gain o:
approximately so per cent. The es.
tabIishment here of branch federal
reserve bank will give impetus TO
the city's rapidly increasing business.
Advocates OF William Jennings
Bryan's sixteen-toone theory are en-
thusiastic over the silver situation,
and many of the Commoner's ardent
lobbying for a new coinage propo-
sitIon that will put silver on a sub
stantial basis for the redemption of
fat money the world over With gold
growing scarcer as result of the
worldwide war, some bankers main.
tain that silver must be used eXtcn-
sively. Paper money is frowned upon
under some circumstances, the metal
coin having a psychological effect
that even bankers themselves cannot
explain.
In discussing the recent sensational
advances in the market prices for sill
yer. Fred Carroll, commissioner oil
mines for Colorado, stated that, in
his opinion, silver would be selling
well above a dollar an ounce shortly
assigning as his reasons the follow
ing:
THE worlds main sources OF sill
yer have been the rich silver mines
of Mexico and Canada; a few distinC
lively silver mines located in Tonopah
New. and Eureka. Utah, and the as
ISOLATED silver values in the cope
and lead mines of this country ant
Australia The maximum annua
were operated under the most favor
able conditions, about l911-amuunt
ing to about 226.O0O,O0 ounces. Sine
then the yield has declined rapid!
due to the disturbed political Condi
tons in Mexico. and the falling of II
the principal silver camps in thi
ment in Australia due to the war.
o.. AT the present time the world I
producing at the rate of not NOR
than l75.0OO.OO0 ounces annually
None OF these sources appear to oil
fer any immediate increase In the pre-
uuction OF silver; conditions in Mes
leo must improve before the mine
can be worked successfully. and. III
less new fields are found the only II
crease must come from the old mir
ing districts.
Colorado seems to offer more 4
this respect than any other section Q
the United States, and should bencf
greatly as a result of the high price,
rsDut even under the most favorahl
circumstances, the annual yield O
silver OF the world cannot be eS
pected to exceed 2OO.OOO.OOO ounce
for a number OF years to come.
=. THE consumption OF silver for 6otl
coinage and the industrial arts i
, steadily increasing. The world,
yearly average for coinage for tn,
, fouryear period closing with 1915
was 153,133,S6O fine ounces, and II ap
pears from the best information oh
tainable that the Industrial arts arc
steadily consuming more silver. IN