| Show NO MARKET FOR ORE If This Thing Continues What Will the Harvest Be THE ALICE TOCLOSE DOWN I A Number of Properties Awaiting a Turn of the Tide The Daly Dividend Rescinded Tho Swansea Swan-sea Closed Down The Park City Properties Will Continue for a Few Days Longer Yesterdays silver quotation was hardly calculated to revive tho drooping spirits of the mining and smelting men of this city Sixtynine cents nominal I dropped with a thud on the local situation situa-tion The smelters are making very few purchases and will not bid at all upon many ores and the impossibility of disposing dis-posing of their product is compelling many of the smaller properties to closedown close-down Judging from the New York reports there is no sale for bullion and if we I cant sell the bullion how can we buy ores was the explanation made by the manager of one of the Salt Lake smelters The smelters are all running and propose pro-pose to until tho ores on hand are worked up but will make no statement of their intentions in case the market does not improve by that time NO DALY DIVIDEND The directors of the Daly company held a meeting at their office in this city yesterday yes-terday and adopted a resolution rescinding rescind-ing the dividend No 76 of 37500 t heretofore here-tofore declared The preamble upon which this resolution is based sets forth that the price of silver In New York city has fallen from 83J cents per ounce to 69 cents and silver bullion is for the present unsalable at any price A FINANCIAL POLICY NEEDED John Q Packard of the EurekaHill company stated that they should continuo con-tinuo work as usual for the present and await developments I look upon this Indian question as a serious menace said he The United States should either come out independent independ-ent and have a financial policy of her own or go back to the colonial condition England would protect us then The heavy banking firms of New York believe be-lieve in pursuing the policy of Europe instead of an American policy In my opinion very few mines will continue work THE SWANSEA CLOSES The Swansea company closed down its I mine at Silver City on Tuesday The property has been a good producer this season and is in firstclass shape but Mr Geddes stated it was impossible to dispose dis-pose of the ores and for this reason they were obliged to shut down Contract work will be continued on the shaft which is now down 175 feet OLD JORDAN AND GALENA A F Holden of the Old Jordan Galena stated that he did not intend to close down an once This may simply be a little flurry and it would cost me thousands of dollars to close everything down Of course if the market does not recover I shall be obliged to close This mine is now working 160 menTHE men-THE LAST CHANCE T W Buzzo manager of the North Last Chance at Bingham was out of the city and in his absence his son Joseph Buzzo who was in the office could not say positively what they would do The Last Chance shipped last year 1100 tons and the Montezuma at Alta in the Little Cottonwood 400 tons He did not see how they could keep on working work-ing and even if they could skin through it would be foolish to rob the mine of ore at the present prices WILL CLOSE THE ALICE M H Walker who with J R Walker are the principal owners of the Alice said that they would be forced to closedown close-down Last year with silver over 80 they lost 18000 and it would be foolhardy fool-hardy to try to continue longer under a falling market PARK CITY PROPERTIES W S McCornick of McCornick company who control the Anchor Crescent Cres-cent Voodslde and other mines said that they will only take out the best ore and I this sparingly which is not much better than a permanent closedown The Buckhorn long ago subsided and the indications in-dications are that they will follow suit COTTONWOOD MINES The Greely has not commenced work this season yet The snow was so deep that operations were unduly retarded The company had made arrangements to commence work next week and notwithstanding notwith-standing the slump in silver they propose to adhere to the original plan and open up hoping for better times The Phcenix company at Big Cottonwood Cotton-wood are working and propose to continue con-tinue right along Their ore runs 55 in gold to the ton so they are enabled to work independent of silver to a great extent ex-tent THE SILVER KINO GROUP Thomas Kearns one of the owners of the Silver King group at Park City arrived ar-rived from the east yesterday and is stopping at the Cullen Mr Kearns like all mining men is much discouraged over the unprecedented drop in silver and to a HERALD reporter he stated that if there was not a decided improvement very soon there would be a genearl shut down at tile Park We will wait for a few days said he and if there isnt a change for the better the Silver King will close down and I expect that mines except those that are pumping will do the same THE RICH UTAH Mr Crismon and Superintendent Read of the Utah mine are absent from the city at the mine and just what action they will take in regard to shutting down is unknown but although the Utah is a producer of high grade ore it is not bought that even itcan run ata profit I with silver at 69 |
