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GOLD AND SILVER.
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was
$6,132,400, a strikingly large amount which almost counterbalanced the
losses in California, Colorado, and South Dakota. Idaho increased its
output by $220,200, and Washington by $159,300; but in no other States
did the increase reach $100,000.
The
production of silver in 1907 in the United States amounted to
56,514,700 fine ounces, with a commercial value of $37,299,700. This
shows a decrease in quantity over the production of 1906 of 3,200 fine
ounces but a decrease in value of $956,700. The production was
contributed by 24 States and Territories. Of these only 8 showed a
decrease as compared with the production of 1906. The greatest losses
were shown in Montana, 1,410,700 fine ounces; Colorado, 952,000 fine
ounces; Idaho, 947,800 fine ounces; and Utah, 101,100 fine ounces. In
no other case did the loss reach 70,000 fine ounces. In 16 States and
Territories an increase in the production of silver was reported, as
compared with 1906. By far the greatest gains were reported from
Nevada, which exceeded its output tor 1906 by 3,072,-900 fine ounces.
An increase of 146,100 fine ounces was shown in New Mexico; in Michigan
the gain was 145,200 fine ounces. In no other States did the gain reach
80,000 fine ounces.
During
the first part of the year all branches of mining which participated
in the production of gold and silver were in a flourishing condition.
Not only were the mines in general operation, but extensive
prospecting work was in progress in many regions of the Western States.
The decline in the price of copper in the later part of the summer
checked these operations to some extent, and in October, as a result of
the general financial panic and the lack of ready money, many smelting
works and mines were forced to suspend operations up to the end of the
year. Thus, in the last quarter of the year the production of gold and
silver ore was greatly reduced. This reduction affected ores treated
by smelting considerably more than the quartzose ores, for the gold and
silver mills were, as a rule, less embarrassed than the smelters,
which operate on a large scale and must carry a great stock of ore on
hand.
These
adverse conditions reduced the output of the refineries to a much
smaller degree than that of the mines, for the reason that gold and
silver are not as a rule refined from lead and copper bullion until
two, three, or even four months after the ore has been extracted.
Therefore, the true state of the industry in 1907 is much more clearly
reflected in the reports from the mines than in those from the
refineries.
The
financial conditions were, however, not the only causes which reduced
the output of the precious metals. In Alaska strikes diminished the
output from Fairbanks and from the Treadwell mines. In Colorado the
loss by fire of a large mill checked the production of Cripple Creek,
although the output of that camp has been declining for several years,
due to the exhaustion of the ore bodies above the present drainage
tunnel. In South Dakota a disastrous fire in the Homestake mine and a
strike in other parts of the district were the principal causes of the
unusually low production. On the other hand, newly discovered ore
bodies at Goldfield and Tonopah in Nevada yielded heavilv in gold and
silver and brought the total for the State up to $15,411,000 in gold
and 8,280,500 fine ounces of' silver, figures which had not been
attained in that State since the days of the Comstock bonanzas.
64949—M R 1007, pt 1------8
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