Show FINANCE AMJ MJJMflG A Yery Dull Week in Mining Circles OKB AND BULLION OUTPUT MlnfJrR and Smelters In Bnelueaa Haunts Loart Rising BUvor Silent General The events in business circles during the week past have not bean of a startling start-ling nature Trade has not been to brik KBit > might have been business being only fair Yes tel day was a busy day as usual i Inquiries are already beon made for the famous Utah potato agents for several eastern houses being in the tield thus eorly The average shipper however remembering his experience of a year ago will probably ba a little chary as to with whom he places his consignments and the small producer will also if experience amounts to anything any-thing be a little less liable to bite at the bait that appears so tempting but which iifteiwarus proved be dead sea fruit What we need said Mr E ERich E-Rich of ttte Peoples Forwarding Company Com-pany yesterday is a Produce Exchange Ex-change formed jointly by the merchants and shippers of Salt Lake and Ogden Then we would be able to protect ourselves as well as the farmers we would be able to make better rates with the railways than we can now get as privateindividuals and in those and other ways save thousands of dollars yearly to the people of this Territory I believe it is safe to say that 100000 might have been saved to the Territory ast year had our merchants and ship p3rs 1 been thoroughly organized aLd acted in unison It is our only salvation salva-tion It should be our aim to sell our goods in the eastern markets rather than hive eastern peo le buy in this market We must c mbine not again the local consumer but against foreign sharks who are always on the lookout ior numan beings who resemble the finny inhabitants of the Jordan Outside of wool but few of our products pro-ducts are finding an outlet Wheat is I reported as scarce and probably will remain so until the new crop is harvested har-vested and marketed Barley has tong since been gobbled up Wool however is going out at au enormous rate whetner all of it has found a ready cash market or not is something we are not prepared to state The local office of a prominent eastern line has already booked 125 cars and the agent has several more on the string The greater portion of these went of course to Boston although a few carloads reached Philadelphia Chicago and New York Thera was a quiet little cut of 5 conts on wool made the other day by the Denver Rio Grande and the Burlington Burling-ton Missouri Several of the local agents of eastern lines were asked yesterday yes-terday whether they intended to meet it One of them said Decidedly not There are but a few more cars togo to-go out from this section of the country and there is no use in making a fight especially in view of the fact that one of the roads who are parties to the cat has a large quantity yet to haul from Sanpete and other tributary points which they must take at a proportionate proportion-ate rate Lead has shown slight activity during the week In our last roport in these columns the metal was quoted at 385 It remained at that point a couple of days then advanced to 3 92k and yesterday the quotation was 3 9 Silver closed a wecK ago at 91 yz < yesterday terday it was quoted ac 93 Oar local stock market is badly affected by the heat or something that has quite as disastrous an effect The transactions during the week have r been few Money is easy Lenders however I prefer long time loans and giltedged teal i estate security Sugar has declined sinje our last 1 epor and the idea stems to prevail among some of our dealers that there willba a gradual let down from the present high Pgures Speaking of the profits on sugar made by thft refiners Ian I-an authority has the following The yearly average cost of the grades which are the basis of calculations between be-tween raw and refined sugar the differ nce between which fairly represent the cost of refining and the profit 9f the rttiuers has been as follows I 96 ° Centf Gran Dlfferce I Year Cents Cents Cents I b5 541 i44 100 1886 548 619 71 1337 5 30 603 66 I 1888 first half 568 6 9G 1 38 It is stated on good authority that the cost of refining including loss of weight is covered by cent per pound between these standards although in 1880 the greatest refiner in this country said it cost 40 cents per 100 pounds io refine sugar The actual expense of refining somewhere between the two points varying according to the capacity condition and management of reuuenea It would appear therefore from the above statement that in 1886 Bud 1887 the refiners conducted business at little or no profit allowing for wear and tear of plant interest on capital eo while now they are making 138 cents per 100 poundsor a net profit of i 3 cents per pound This represents a i profit on actual meltings since January 1st of over fSOOOOOO and every barrel of refined sugar weighing pounds pays the refineries a profit of 225 while nearly the entire produpt is distributed dis-tributed by jobbers and retailers at no profit whatever but frequently at less than coat of the service So much for the organization of the Sugar Trust It is no wonder that the wholesale grocers grow weary of conducting libel ness 011 such a basis As for the consumer con-sumer he rigbtlt fofcla be is paying suf fireutfor hi huger When tho duty and refinersprofica are taken into consideration consid-eration and no additional burden should ba placed there The whole source for comiilaratf arises from an inequitable in-equitable distribution of profits and apparently tber id no mote effectual means remedying this condition of affairs than by legitim tev well conducted con-ducted organ zatiou It tbe 1200 wholesale grocer in the United Stutea will only combine for far ami reasonable reason-able pupos s huch us will command the support of public sentimout they wiil have the power to compel the Trust ond its followers to join hands and adopt u livo and let live policy The idea expressed by a mine owner In your Finance and Mining column of a week ugo is all wrong It sad a w 11 known assayer yesterday The idea that the smelters have killd the goose that laid the golden egg sa a very pretty simile but the trouble is that it doesnt at all apply to the case in question Not at all The fact is that when the representative of the Pueblo smelters was here there was a lively war and ho carried off a good proportion of the ores produced in this section Of course prices were higher then than now but th producers were being paid considerably more than they had any right to expect The result was the iuet > Io mall dropped somewhere in the neighborhood of a quarter of a million mil-lion and when he returned his resignation resigna-tion was oilled for As a result of all this the producers imagine they should receive the same prices now as when this ruinous competition was going go-ing on The shutting down of tne smelters is due solely to the discrimination discrimina-tion of the railways in favor of eastern points For instance the rate on ores from Park City to the Missouri River is 12to Salt Lake G per Ion is asked and from other points Ihe rate is proportionate pro-portionate As a result Utah OTe is forced east when it should be left in this valley There is i no necessity for a i pound of Utah ore to be sent abroad to smelted The Hanauer Mingo Horn Siherg and Germania have sufficient capacity to handle every cents worth of ore produced in Utah and such shipments as are now received from Nevada and Idaho Indeed I doubt very much if enough ore is mined and shipped into Utah to keep these smelters smelt-ers running to their full capacity The shutting down of the smtHers permanently perma-nently woula be a most serious blow to this volley and the mining interests of Utah because there aro many hiineg which produce ore of a glade that is not rich enough to ship and as there would be no profit in extracting it and leaving it on the dump the low grade mines would necessarily be forced to susn nd operations 1 believe and I ain in a position where such knowledge is obtainable that the smelters are paying I pay-ing as much for ores as the present state of the lead and silver market will allow They cannot do more than this Let the railroads cease discrimination against us in favor of the east aud more mines will be opened more smelters smelt-ers put in operation and Sale Lake Valley will glow with a dozen furnace lights where there is one now Then producer and smelter will both be satis tied then may we hope for greater prosperity to attend this most important import-ant industry Tintic presents a lively appearance writes a correspondent but there ian i-an ample supply of labor Business is orisk and all the mines show more ore I in sight than ever before The building of the Bullion Beck and California Companys works will make Tintic one of the liveliest camps in the west Advices from Park City are to the effect that the mining industry in that section is in a most prosperous condition condi-tion and the cutting of the great Ontario On-tario drain tunnel which will give employment em-ployment to a great number of men will have a good effect upon the business busi-ness of this most promising camp The prospects for a large output of ore were never better Ftiry stories are now being Jeircu lated concerning rich discoveries of gold in Lower California One report says that at a point 262 miles south of San Diego 161 ounces valued at 1890 were recently pounded out in cue day by t a five stamp mill JJll1lig men in San Diego and vicuity aw excited as never before OKI hi evidence ol I mineral Welt The cold it > in what is i known as blanket 1dgea San Francisco stocks revived a little during the week but not to an extent to cause anyxapid buying or selling It is believed that another scheme is being worked and that Com tQcks will take an upward shoot only to drop again when the manipulators have had their fill A better feeling than for som weeks past is the way the latest news reads Michigan is endeavoring to come to the front as a gold State A recent dispatch heralded the strike at the shaft of the Lake Superior Iron Company near Ishpeming of 300 pounds of quartz carrving tree gold at the rate of over 60000 per ton The result has been to create a flurry sucb as was never before seen there and proslL clots are out by the hundreds From the east come the Advices that the crop prospects which are the basis of existing hopefulness in business continue con-tinue good The manufacturing outlook out-look is a little better though the pro vailing spirit is still one of uncertainty and waiting The copper production for the half year is put at 40850000 pounds a gain over last year of 3000 000 pounds but the visible supply abroad now 77000 tons has increased 4000 tons in June Lead is weaker and cotton print cloths the demand for cotton goods being irregular Wool does not improve and 108 qualities average a shade lower than a month ago The actual trade in progress I though a little smaller than a year ago must be considered large for the season Money is everywhere in abundant supply sup-ply for legitimate business and yet coniplaints of slow collections grow more frequent again especially in regions about Kansas Citv Galveston St Paul and Detroit Exports of merchandise for two weeks from New York have been 26 per cent below last yearswhich were exceptionally large and imports still show a slight increase in-crease The supply of money is so Urge bow vcr that the failure of the Q U Treasury to purchase any bonds of late excites BO notice I The business failures occurring throughout the country during the last seven days as reported to S G Dun I Co number for the United Stat s 214 I and for Canada > 14 cr a tots of 228 as j compared with a toti1 of 240 last week and 214 the week previous th the last I I For the corresponding week last year i the figures suowe 1 but 172 failures the United States coutrUjnaig 147 and the Dominion of Gahada 25 Tao fail1 fir ibis week in GmsaclR are very 5 1 ght Casualties are stll very nurn ro son the Pacific slope the uaiuoer this week being 37 |