and
zinc. During parts of the year the large smelters of Utah and Colorado
were closed or were operated with a reduced capacity. Important mines
in Leadville, Aspen, Creede, and Park City, which were operating on
low-grade ores, found it very difficult to make profits on ore of the
same grades that yielded well in 1906 and 1907, and were therefore
compelled to reduce their output or to close. Owing to temporary lack
of demand from India, the silver market declined almost steadily from
about 56 cents per ounce in the early part of the year to about 48
cents in December, the average price being 53 cents. The year closed
with New York prices at 50 cents. However, the purchases by India
during past years have been large and have steadily increased, and
there is no reason to expect a sudden falling off in this market. The
extraordinarily heavy production of Canada, mainly from the Cobalt
district, which for 1908 is estimated at 22,070,212 ounces, undoubtedly
contributed to the depression in the price of silver. A great reduction
in the output of silver in the United States was clearly foreshadowed
in the figures of the Geological Survey for the mine production in
1907, which amounted to only 52,500,104 fine ounces, whereas the
refineries and the mints reported 56,514,700 fine ounces. The shortage
in the mine output for the last months of 1907 was naturally reflected
in the refinery returns for 1908 and was accentuated by still further
reduction in the production of the mines. The smelters and refineries
drew again on their accumulated stocks. To the total production of
silver in 1908 the copper ores contributed about 29 per cent and the
lead ores 30 per cent.
The
average commercial value per ounce of silver from 1900 has been as
follows: 1900, $0.62; 1901, $0.60; 1902, $0.53; 1903, $0.54; 1904,
$0.58; 1905, $0.61; 1906, $0.68; 1907, $0.66; and 1908, $0.53.
PRODUCTION OF GOLD AND SILVER IN UNITED STATES SINCE 1792.
According
to tables published by the Director of the Mint the total production of
gold and silver in the United States from 1792 to 1908, inclusive, is
as follows:
Production of gold and silver in the United States, 1792-1908, by periods, in fine ounces. [The estimate for 1792-1872 is by R. W. Raymond, commissioner, and since by the Director of the Mint.]
