290 ECONOMIC GEOLOGY 



Troy ounce; in 1909 it was 52 cents; in 1910, 54 cents; in 1911, 

 53 cents; in 1912, it was 60.9 cents. While the lower prices 

 for silver obtained, several large smelters in Utah and Colorado 

 were partly closed or operated on a reduced capacity. This 

 held especially true at Leadville where the ores are low grade. 



The conditions operating against a large output of silver from 

 1908 to 1911 were: (1) The low price of silver for commercial 

 purposes. (2) The low price of copper, lead and zinc with which 

 silver ores are so 'often associated. (3) The failure of India to buy 

 as much silver as usual, a condition that was partly offset by a 

 larger purchase on the part of China. (4) The increased 

 production in Canada due to the more recently discovered 

 districts of Cobalt, South Lorrain and Gowganda. 



The estimates of the United States Geological Survey and the 

 Bureau of the Mint indicate a domestic silver production for 

 1912 of 62,369,974 fine ounces, valued at $37,982,414. This 

 represents the largest annual output of silver for the last twenty 

 years, although it does not represent the largest value of the 

 period. The reports from the west indicate that when the 

 statistics are finally completed the output will approximate 

 64,000,000 oz. If it reaches that figure it will represent the 

 largest output in the history of the industry. 



The conditions favoring this increase for 1912 were: (1) A 

 higher price for the metal for commercial purposes; (2) a year of 

 general business prosperity; (3) a liberal buying in all metals 

 during the year; (4) large purchases of silver on the part of 

 India and (5) a notable increase in the output of copper ores, 

 especially those of Butte, Montana, which contain considerable 

 silver, and of argentiferous lead ores, especially of the Tintic 

 and Park City districts of Utah; the Pioche district of Nevada; 

 the San Juan, Leadville and Aspen districts of Colorado. There 

 was a small decrease in the output of the Coeur d'Alene mining 

 district in Idaho due to lower grade of ore than formerly mined. 



According to the Mineral Resources of the United States for 

 1911, Nevada was the first producer of silver with a value of 

 $6,987,839 followed by Utah with a value of $6,611,107 and Mon- 

 tana with $6,352,154 . In 1912 the outputs in Troy ounces were 

 as follows: Nevada, 13,042,118; Utah, 12,795,072; Montana, 

 12,338,589. 



Imports and Exports. According to estimates made by the 

 Bureau of Foreign and Domestic Commerce the imports of silver 



