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Show INTER-MOUNTAIN lion to pull the pumps and abandon the mines. The pumps have been stopped ORB AND BULLION. the Moffatt properties, comprising the Maid of Erin, Penrose, Wolf Tone and Louisville, which will result in Hooding a dozen other mines drained not clear by the Moffatt pumps. It is what conection this action had with the strike' as the manager stated that the pumps were pulled because neighboring properties refused to bear any portion of the expense, but it is very clear that it will destroy the hopes for employ-mt-of a thousand miners and close the smelters. If the pumps are idle for it will require a year to exthirty dayswater from the mines. haust the A. McKeller of this city is the inventor of a gold saving machine that he claims has proved a success on the fine gold of the Snake river. It has been in operation at American Falls for sev-to eral weeks, and the tests are said have been quite satisfactory. Mr. McKeller has been at work for some years upon the problem of saving fine gold, and is confident that he has mastered it. The machine differs from any other, even in the manner of screening the gravel, which is agitated and thor- on nt vertical cylinder, in the bottom of whicn is a bed of quicksilver. The sand passes downward through a pipe into the quicksilver, through which it is forced by hydraulic pressure in such a manner that the quicksilver does not The waste passes through an flour. outlet near the top of the cylinder into a smaller one of similar construction, which saves any gold that may have escaped the first At American Falls, it is claimed, a very high percentage of the values was saved and there was no waste of quicksilver. Mr. McKeller is now building a machine with a capacity of fifty tons in ten hours. The farmers of Ohio have been given one object lesson that will overturn all the goldbug scarecrows that have been set up in their fields. A grain a merchant at Columbus, Republican who is supporting Bryan, has posted a notice at his warehouse, in which he offers to buy all the wheat raised in that vicinity this year at 60 cents per bushel in the event that Bryan is elected. He also agrees, if McKinley is elected, to sell all the wheat any one may desire to purchase, at 50 cents per bushel. life-lon- g There is but one way the press can effectively fight silver in the prairie-fir- e spread it is now making over the land, and that is to suspend publication of market news. However boldly, brilliantly, bitterly or persuasively the editorial column may plead the cause of gold, the market column still more strongly pleads the cause of silver. New York Financial Record. Important to Speculators. People who desire to engage in that form of speculation that promises the is trading in which quickest returns, r;iin and provisions, stocks and bonds, cannot do better than to place their orders with Phillips & Co., 19 and 20 Walker Bros, bank This firm has established a building. reputation for re- oi1,.1 trustworthiness and an( already numbers among its clients f the most prominent operators tJt city. They give their attention the welfare of their patrons, thereby souring the best results for those who litrust them with their business. Quo-aiioare received direct, by special ekrapbic service, every fifteen min- from tlie to closing. At-- J nion is calledopening to their advertisement ns elsewhere in this issue. The most important event of the week has been the announcement that the Pennsylvania Smelting company will suspend operations .indefinitely as soon as the present stock of ores is worked up, which will require about thirty days. The plant employs about 300 men and has been treating from 200 to 250 tons of ore daily, and is one of the smelting establishments in the West. The announcement came in the form of a letter from President J. E. Schwartz of Pittsburg, directed to Superintendent James at the smelter, and the only explanation offered by President Schwartz was that the reduction in the lead ore tariff, under the Wilson-Gorma- n act, had crip- pled the lead ore industry, and the company was unwilling to risk the removal of the present duty, which, it was assumed, would follow the election of Mr. Bryan to the Presidency. Mr. Schwartz also expressed the opinion that the free coinage of silver, wrhile it would reduce the cost of labor at the smelters, wrould not be of sufficient benefit to compensate for the removal of the tariff on lead. The Pennsylvania Smelting company owns its own plant, and its right to operate it or to close it is unquestioned. But it is unfortunate that the president of the company attempted to explain the course that is proposed to be pursued, and still more unfortunate that he was unable to present any reasons other than those above mentioned. The tariff on lead ores does not affect the interests of the smelter, except so far as it may produce a scarcity of lead ores, and this condition may be brought about by a tariff that is too high as quickly as by a tariff that is too low. At present there is no such shortage of ore supply as would necessitate the closing of the smelting plants, and the public has ascribed to the management of the Pennsylvania company motives other than those indicated in President Schwartzs letter. It is known that Mr. Schwartz is strongly opposed to the independent free coinage of silver, and that he believes the election best-equipp- ed oughly worked by an arrangement of scoops or cups working upward on the screen. After a thorough washing, the line sand is fed through a hopper into a and commission MINING REVIEW. j of Mr. Bryan will be followed by serious financial disturbance. As his letter was posted up at the smelter, that all employees might read it, it has been construed by many as having been intended for political effect, and there are those who say Mr. Schwartz is more alarmed over the prospect of free coinage than over the possibility of free lead. Those who seek to defend the course of the company state that ever since 1893 it has been buying ores on a falling metal market, and that these steadily falling prices have resulted in great loss to the company. With the prospect that lead might possibly go still lower and a threatened ore famine, there was nothing in the present situation to encourage the company to continue in operation. Whatever may have been the motives of the management, its letter of explanation has called down upon its head some very sharp criticism, and threaten to boycott the establishment in the future, but this, of course, they will not do. The highest bidder will always get the ore. There is absolutely no foundation for the report that the Pennsylvania plant is to be closed down as the result of an agreement with the other smelters. Mr. J. E. Jackson, resident agent of the Consolidated Kansas City Smelthas reing and Refining company,he attended turned from Denver, where officers the a conference of various and the heads of all the which plants operated by this company, establishment is the greatest smelting in the world. The result of that conference was a determination to continue an aggressive warfare in all the ore markets of the West. The management has not been thrown into a panic by the condition of the leadto market, but, increase the on the contrary, intends plant as soon capacity of itsis Leadville settled. It is the opin as the strike ore-produc- ers ion of the officers of this company that the lead market has touched bottom, and that when a change occurs it will be for the better. Mr. Jackson states that their Colorado competitors are very anxious to advance the treatment charges, but the Kansas City company will meet every such proposition with a very emphatic negative. Treatment charges are much more likely to be still further reduced than to be advanced. The ore and bullion transactions during the past week show that the low price of lead has already affected the ore supply. Many of the heavy producers have either closed down or are withholding their product from the market. The Hanauer smelter expects to resume operations within a few days. The base bullion output of the smelters was $80,210, divided as follows: Pennsylvania, $38,510; Germania, $41,700. There was also shipped Ontario bullion of the value of $9775 and miscellaneous, $5000, making a total bullion output of against $87,850 the previous week. Ore purchases were reported as follows: McCornick & Co., $29,225; T. R. $94,985, Jones & Co., $15,800; Bamberger & McMillan, $5747; Wells, Fargo & Co., $1472; Commercial National bank, $13,700; National Bank of the Republic, $2000; a total of $67,944, against $84,324 the previous week. Silver. Silver was firmer and fluctuat-- d within a very narrow' range. There has been heavier buying for India, which steadied the market. Recent shipments from New York were as follows: Steamship Paris, August 26th, ounces and 75,000 Mexican dollars. J. and W. Seligman & Co., 300,000 ounces; M. Guggenheims Sons, 133,000 ounces; Handy & Harman, 50,000 ounces; Zimmermann & Forshay, 50,000 ounces and 75,000 Mexican dollars. Steamship Umbria, August 21st, 636,000 ounces. J. and W. Seligman & Co., 200,000; M. Guggenheims Sons, Handy & Harman, 100,000; Fuller & Wilson, 50,000, and Zimmermann & Forshay, 175,000 ounces. Steamship F. Bismarck, August 20th, 290,000 ounces. Fuller & Wilson, 100,000; Handy & Harman, 100,000, and Zimmermann & Forshay, 90,000 ounces. 0 Steamship Spree, August 25th, ounces and 50,000 Mexican dollars. Handy & Harman, 150,000 ounces; Ickelheimer & Co., G2,000 ounces; Zimmermann & Forshay, 50,000 ounces and 50,000 Mexican dollars; Fuller & Wilson, 35,000 ounces. Following were the fluctuations during the week: 533,-0- 11,-00- 00 0; 297,-00- Hei-delbac- Thursday Friday Saturday Monday G:Vt Tuesday Wednesday k, 06 G-f- Record Prices. Highest (covering a period of ten 1890. years) $1.19c, August 19, 3 Lowest, 58c, March and 5, 1894. Lead. The lead market shows no improvement as to prices, the quotation remaining at $2.50 throughout the week. There are indications, however, that the accumulated domestic stock is about exhausted, and as the present low prices and the Leadville strike will result in a diminished output, any considerable buying will cause an advance. Record Prices. Highest (covering a period of ten years), $5.25, in October and November, 1890. Lowest, $2.60, August 17, 1896. Alining Abstracts. E. W. Genter, Abstractor of Titles, Complete abstracts of all mining property in Salt Lake and Tooele counties. 150 Main street. It is reported that a vein of asbestos has been discovered fifty miles west of Casper, Wyo. |
