Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1888-01-23
THE MINING INDUSTRY.
How to Promote Its Interests-Threc
Essential REQUISITES of Succpss.

Essential Requisites Of Success.
New Yer Engineering and Mining Journal
Mining is legitimate industry, and
its interests are best promoted by
making investments in the actual
working of mines profitable. To do
this few things are necessary. 1st.
There must be ore in paying quanti-
ty. I'd. The investment should be
proportioned to the actual demonstrate
ed value of the property. Sd. The
mine must be worked skillfully and
administered economically and honest
ly.
The interests of the industry are In.
jured, not promoted, by encouraging
gambling in mining stocks and aiding
in the selling of worthless properties,
or of floating Oh the public mining
stocks at such exaggerated figures that
they can not possibly be renumera-
tive investments.
There is no mystery about mining
property that makes it impossible to
determine it's actual value, and the
reign of the charlatan in mining has
nearly ceased. There are now plenty
Of competent, experienced, and hon
est miuing experts who can give in.
vestors reliable advice concerning the
values Of mines, and who are above
pretending to knowledge that they
can not have. 1t is no longer difficult
to determine the actual demonstrated
value of any mining property, and this
should be the foundation on which
any large investment is made. Buy
ing prospects" where the value is al
together conjectural and uncertain,
for the most part consists in acquiring
an interest in exchange for the money
required to do the exploration work
necessary to demonstrate value. This
need never involve the loss of any
large sums, and when prudently I'M
dertaken under competent advice the
prizes are frequent enough to make
the investments III opening and de-
veloping mines extremely profitable.
The moderate and comfortable risks
which capital may thus take are per-
fectly legitimate. and the profits
should be and are correspondngly
great. Nothing but injury to the in
dustry can come when these unde
veloped prospects, or mines with nc
demonstrated value, are sold at figures
basel on what sanguine people may
hope or expect to find in the un-
known depths, or which desi gning and
unprincipled men may be able to
make credulous and imprudent capt.
talists think will be found. These
expectations are very rarely realized,
and the Investments made on them
are generally lost. Mining is then
denounced as simply gambling, and
such, in trath, are these investments;
but If mortgages were taken, or city
property purchased with the same
disr' gard Tor ordinary business pre-
cautions, such investments would
equally be gam bling and quite as dis
astrous.
The third condition Of success is
frequently neglected with precisely
the same results as would follow the
employment of incompetent or dishon-
est management in any other bust
ness.
Men experienced and thoroughly
qualified to take charge Of mines or
metallurgical works can now always
be obtained. 1t is no longer neces-
sary to take the risks OF giving the
theoretical professor his practical edu-
cation in that most expensive of
schools, the management of works.
Nor is it necessary to allow the So
called ''practical" man, whose knowl-
edge and experience have been con-
fined to the narrow limits OF swinging
pick or charging a furnace, to &C.
quira In the same expensive school the
wide knowledge necessary for the
successful administration of a great
enterprise. What results might be
anticipated if competent dry goods
clerk were commissioned to sail an
C an steamer, or stoker were put in
charge of its complicated machinery?
The risks in mining are necessarily
greater than in first class mortgages
or city property or in government
bonds, but the profits are infinitely
greater and the risks may be rendered
moderate by the exercise of ordinary
business prudence in ascertaining the
value of what is offered before buy
ing, and in securing honest and COM