IMPORTS.

Important quantities of iron-manganese alloys are imported into the United States annually. The following table gives the quantity and value of spiegeleisen and ferromanganese imported into the United States from 1903 to 1908, by calendar years:

Ferromanganese and spiegeleisen imported and entered for consumption, 1903–1908, in

long tons.

The following table gives the quantity of ferromanganese and spiegeleisen imported by fiscal years as far as has been recorded:

Imports of ferromanganese and spiegeleisen into the United States during fiscal years ending June 30, 1884–1908, in long tons.a

a Imports prior to 1884 not recorded. Estimated quantity imported yearly during the seventies is about 20,000 to 30,000 tons.

GOLD AND SILVER.

By WALDEMAR LINDGREN and H. D. MCCASKEY.

PRODUCTION.

The production of gold and silver in the United States from domestic ores in 1908 is shown in the following table in distribution by States and Territories:

Approximate distribution by producing States and Territories of the product of gold and silver in the United States for the calendar year 1908, in fine ounces.a

a Gold value, $20.671834625323 per fine ounce. Average commercial silver value, 53 cents per fine ounce.

The figures in this table are the result of conference and adjustment between the Bureau of the Mint and the Geological Survey, and are accepted as final by the two bureaus. The basis for this table are data collected by the Bureau of the Mint of bullion deposits in the United States mints and assay offices and statements from the

smelting and refining establishments; the distribution by States is, moreover, checked and verified by the data collected by the Geological Survey directly from the producing mines. The table is derived from three items: (1) The unrefined domestic gold and silver deposited in the United States mints and assay offices; (2) the domestic gold and silver in fine bars reported by the private refineries; (3) the unrefined domestic gold and silver contained in ores, copper matte, etc., exported for reduction. The last is an item of small relative importance.

In addition, gold and silver were produced in the smelters and refineries of the United States from foreign ore, matte, and unrefined bullion as follows: Gold, 892,138 fine ounces, or $18,442,100; silver, 65,107,220 fine ounces, or $34,506,800.

The Mint Bureau does not further subdivide these figures. The foreign gold and silver were derived from Mexico, Canada, nearly all South American and Central American countries, Korea, and Japan; minor amounts were received from other sources. Óf the gold, probably about $9,000,000 was derived from Mexico, and about $8,000,000 from Canada. Of the silver, about 45,000,000 fine ounces came from Mexico and about 16,000,000 ounces were derived from Canada.

The gains and losses in the production of the various States and Territories, compared with the production of 1907, are shown in the following table:

Increase (+) or decrease (—) in production of precious metals in the United States in 1908, by States and Territories, in fine ounces.

The total production of gold in 1908 was 4,574,340 fine ounces, valued at $94,560,000. This is an increase, compared with the production of 1907, of 199,513 fine ounces, corresponding to $4,124,300.

Out of 23 States and Territories contributing to the total gold output 9 showed increases in production in 1908. The greatest gains took place in South Dakota, $3,604,000; California, $2,476,200; Colorado, $1,973,400; and Alaska, $1,369,400. Smaller increases were shown by the Philippine Islands, $219,800, and Idaho, $187,600.. Fourteen States and Territories decreased their production of gold in 1908. In Nevada the greatest loss was shown, amounting to $3,721,600; Utah showed a loss of $1,174,900; in the remaining 12 States the losses were smaller, in no case exceeding $350,000.

The production of silver from domestic ores in 1908 amounted to 52,440,800 fine ounces, which had a commercial value of $28,050,600. This was a decrease in quantity, compared with the output of 1907, of 4,073,900 fine ounces, and a decrease in value of $9,249,100. The production was contributed by 26 States and Territories. Of these 13 showed an increase in quantity as compared with the production of 1907. The greatest gain was reported from Nevada, 1,228,000 fine ounces; Texas, 147,700 fine ounces; and California, 113,700 fine ounces. In no other case did the increase reach 100,000 ounces. In 13 States and Territories a decrease in the production of silver was reported as compared with 1907. Heavy losses were shown by Utah, 2,955,600 fine ounces, and Colorado, 1,345,200 fine ounces. Montana also showed a considerable loss, amounting to 773,400 fine ounces. Smaller decreases were reported from Idaho, 330,100 fine ounces, and New Mexico, 198,600 fine ounces. In no other States did the loss reach 100,000 ounces.

The gold-mining industry of the United States had a successful and prosperous year in 1908, in spite of many adverse conditions of trade and finance. Fundamentally this prosperity is due to the fixed price and apparently limitless demand for the product. The immediate causes operating to increase the output were in part the removal of certain abnormal features tending to depress the production in 1907, such as the partial closing of the Homestake mine in the Black Hills of South Dakota and the labor difficulties in the Mother Lode counties of California.

To some degree the increased production of gold was also indirectly due to the closing of many mines in the base-metal camps. A tendency toward increased production by small operators was noted as early as the last months of 1907 and continued through 1908. Large numbers of miners left the districts in which the output of lead, copper, and zinc was curtailed and began placer work or took up leases in gold-mining camps.

The depression in the base-metal industries did not affect the gold production except as above noted, for the total base-metal ores now contribute only 7 per cent to the normal gold output of the country. The gold from copper ores suffered little reduction, but the small amounts contributed from lead and zinc ores were much reduced. Both smelters and refineries drew upon their accumulated stock of base-metal ores and bullion.

The silver-mining industry presents a far less satisfactory condition than that of gold owing to the low prices for silver, lead, copper,

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 ånd 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.]