REPORT OF WELLS, FARGO & CO.

PRECIOUS METALS PRODUCT, UNITED STATES OF AMERICA AND MEXICO.

SAN FRANCISCO, December 31, 1887.

DEAR SIR: The following is a copy of our annual statement of precious metals produced in the States and Territories west of the Missouri River (including British Columbia, and receipts by express from the west coast States of Mexico) during 1887, which shows aggregate products as follows: Gold, $33,074,022; silver, $51,578,118; copper, $10,362,746; lead, $9,631,073. Total gross result, $104,645,959.

As stated repeatedly, the facilities afforded for the transportation of bullion, ores, and base metals, by the extension of railroads into mining districts, increase the difficulty of verifying the reports of the products from several important localities; especially is this the case in the reports from Colorado and Montana; and the general tendency is to exaggeration when the actual values are not obtainable from authentic sources; but the aggregate result as shown herein, we think may be relied on with reasonable confidence as approximately correct.

The gross yield for 1887, shown above, segregated, is approximately as follows:

ANNUAL PRODUCTS OF LEAD, COPPER, SILVER, AND GOLD IN THE STATES AND TERRITORIES WEST OF THE MISSOURI RIVER, 1870-1887.

Product after de- The Net Products of the States and Territories West of the

ducting Amounts

from British
Columbia and
West Coast of
Mexico.

The exports of silver during the past year to Japan, China, the Straits, etc., have been as follows: From London, $23,861,805; from Marseilles, $4,699,906; from Venice, $- -; from San Francisco, $14,444,907. Total, $43,006,618, as against $44,034,590 last year. (Pounds sterling estimated at $4 84.)

UNITED STATES OF MEXICO.

STATEMENT OF THE PRODUCT OF GOLD AND SILVER IN THE REPUBLIC OF MEXICO, REVISED AND CORRECTED, FROM 1877 TO 1887.

EXHIBIT OF COINAGE OF GOLD, SILVER, AND COPPER, IN THE REPUBLIC OF MEXICO, FROM THE FIRST OF JULY, 1873, TO THE THIRTIETH OF JUNE, 1887.

EXHIBIT OF THE COINAGE OF MEXICO FROM THE ESTABLISHMENT OF THE MINTS IN 1537 TO THE END OF THE FISCAL YEAR OF 1887.

The exhibits of production and mintage indicate a steady development of the mining interests of the United States of America, and also of Mexico, and with the increasing facilities of railway communication fostering every department of industry, the outlook for a continued growth in the product of precious metals is flattering.

JOHN J. VALENTINE, Vice-President and General Manager Wells, Fargo & Co.