Everybody hoped and expected that mining would soon revive but the time dragged on and it did not. William Jennings Bryan ran for president of the United States in 1896 on a “free coinage of silver” platform and the “Silver San Juan”, Mears especially, ardently campaigned for him. When Bryan was defeated, Mears gave up on a mining revival and early in 1897 moved to the East. There he took up several business enterprises and stayed for ten years. However, he retained a general supervision over his railroads and made numberless trips back to the San Juan.
Revenues had decreased so greatly that the railroad was finally, in 1898, forced into receivership. Alex Anderson, a Scotchman and a former auditor, was made the receiver.
The Crawford interests who were promoting the Joker Tunnel (a drainage operation) got control of the railroad in a foreclosure sale in 1904. On November 3 of that year it was incorporated by Otto Mears, Alex Anderson, John Ewing, George Crawford and Harry Riddell as the Silverton Railway, with Mears as president. The new company replaced the old 30-lb. steel with 45-lb. Mr. Ridgway, as superintendent at this time, 1904 and 1905, had to keep three sets of books—one for the S. R., one for the S. Ry. and one for the S.N.
Just before and after the reorganization, business revived until it was nearly as good as in the beginning though only one passenger train ever ran again and then only as far as Joker Tunnel. The train consisted of two coaches and a baggage car to Red Mountain where one coach was set out and the rest went on to Joker. In 1912 a daily passenger was running only as far as Red Mountain. In 1919 and ’20 a passenger was still going to the same destination. During this period about two freights operated though the number depended on the amount of business. A little engine could haul three loads up to Red Mountain and a big one could haul five. Both handled ten loads down. In the winter operation was suspended either for short periods or for the season because of snow blockades.
The turntable was still standing in early 1906 for John Crum who that spring drove a logging team from Albany Gulch to the Gold Lion mine, at night turned his horses loose on a flat nearby and in the morning had to play tag with them around the table to catch them.
Mears, who was expecting great things of the Cold Prince mine and mill at Animas Forks on the Silverton Northern, decided he needed a turntable worse there than at Corkscrew. So, in the summer of 1906, Edward Meyer, an engineer, took a train to the gulch to retrieve all essential and removable parts along with other appurtenances. These were then transported to and installed at Animas Forks.
Joe Dresbach, the general manager of the time, has also stated that essential and removable parts of the turntable at Corkscrew were retrieved and installed at Animas Forks.
Charles Decker, an engineer, says that the housing and operating parts of the turntable at Corkscrew were gone when he went there for the first time in 1907. The train merely ran over the stationary table onto a switchback that had been extended to hold several cars, and then backed out.
After the turntable was abandoned a train leaving Red Mountain headed into Corkscrew Gulch, backed down to Joker Tunnel, headed into Corkscrew again and finally backed to Red Mountain. Or the operation was reversed by backing out of Red Mountain to begin with. As trains will not back through much snow downhill and practically none uphill this railroad got into trouble in the winter no matter how it started out or what it did.
Mears was employed by the D. & R. G. to reconstruct the railroad in the Animas canyon after the disastrous flood of October 5, 1911. He used S. Ry., S. G. & N. and S. N. engines and crews to work from the north end. Trains went to Joker Tunnel to pick up rails that had been brought that far by freight teams from Ouray. Silverton ran out of coal, and some that had already been hauled to the Treasury Tunnel at Red Mountain was brought back to town. In about 60 days the line was open and the first two freight cars to arrive in Silverton were one of caskets and one of beer.