, 1890-09-18
Information Valuable to In
tending Investors.
A GOOD, LEGITIMATE BUSINESS
T'here To Too Much Prejudice
Against Investments in
Prospects.
SPOKANE FALLS, Sept. is,

the question ushtui Nhot b"' ~
got-a mine or prospect?" The
parties asking the question, like
myself, knowing nothing of mining,
and having vague idea that
prospect Is an indefinite something
YOU have got to work and take
your chance Of finding precious
metals, and that a mine is GER
tainty In paying dividends, L de-
termined to satisfy myself, so meet
ing an acquaintance who knew
had been In the mines, l asked him
for information, and noting his re-
marks give them TO your many
readers, who, like myself, know but
little and yet are Interested In
knowing something of the subject
when we tell strangers that Spo-
kane is a mining center, the Den
yer of the Northwest. Said he:
"a mine Is where gold or silver
ore, having been discovered, has
had sufficient work done upon 1t,
either by shafts, tunnels, cross-crlts
and the like, to show that the work
is In solid, or permanent forma-
ton, with good walls. and enough
ore In sight, as shown by the nature
Of the work, to prove that 1t will
justify placing machinery upon 1t to
work; providing, always, the orc Is
of sufficient assay value to mill or
ship ut profit. l hear many peo-
pie talk of investing q few hundred
or Thousand dollars In mine. If
they knew what a mine, ready TO
commence producing, was held at,
they would draw u long breath.
Such property, according to the
amount of ore In sight, and assay
value, commands prices ranging
from $4,000 to s500,O00, or
any large sum buyer and seller may
agree on; but they rarely, If ever,
go at the low figure Of u few thou
sand dollars. | once sold pros
pect for a few hundred dollars, that
a year later changed hands for
$4,000, and II could hardly be
called a mine then. Every mine
started as prospect, and develop
ment made them what they are to-
day. know of one instance where
the owners of a prospect expended
$4,000 in development before they
shipped carload of ore, hut before
that car was loaded they had re-
fused an offer of 100000 for their
property. You can enumerate num-
bers Of similar instances, but recol-
lect you can't buy mine that
will pay for any small sum of
money. I state this as q general
rule, there may be exceptions.
Mining capitalists prefer to pay
q large price for IA developed prop
erty, as they don't care to lose time
developing even fair prospect,
well knowing the time II takes to
even outfit a mine with machinery
and other appliances, before getting
it into perfect producing order, and
perhaps no class of Investments Is
subject to more vexatious delays in
being brought to work smoothly
producing results-than mines.
"About prospects. Well pros
pector will come into the city with
sa niples of ore from some location
just made. He has an assay made,
which, being favorable, he starts
out to sell. He speaks of 1t as a
mine, carrying silver or gold vary
ing in width from never less than
four feet up to seventy-tive. If you
are acquainted with the subject of
mines you ask him how much york
he has done; oh, none at all to
speak of. just made the discovery
and dug few hours TO see If had
1t all right So his mine, which he
would sell you for small sum, is
only prospect after all.
or d In. foil yntt I'm hao nn1 N
fair prospect, and you say, Il want q
Many who have prospects, and have
sunk a thirty foot shaft on them,
you they have u mine but o
miner will say they have only a
pretty good prospect. / could tell
mines whose data / have almost
from the date of their location and
their progress from the prospect
period, to when they could be called
mines, but that would take too long
aud l notice you are getting con-
fused. You have a moderate sum
Of money you are willing to invest
In the legitimate business ofmining
A good prospect Is offered you, but
you refuse to buy. You want
q mine. That's where you
make your mistake. Your
money won't buy mine,
but 1t will buy a fair prospect, and
do possibly enough development
work upon 1t TO make showing
that will induce some mining man
to take working bond upon 1t,
agreeing to do 30 much work, within
IA stipulated time, free OF all expense
to you, and II the property suits him
nj the expiration of that time, pay
you price far in excess of your out
lay. l am of the opinion that your
people are too ready TO turn the cold
shoulder on prospects. My advice
would be TO buy likely prospects
when offered, and develop grad
ually. If you make "a mine OF any
of them in three OF four years you
will do well, but then you will be
amply remunerated. A noted
mining man once said to me that 1t
was u poor mine that would not pay
for itself within year after COM
mencing 10 produce, although II
might require several years to bring
IL 10 that point. Many causes may
operate against Its early production
no matter how good. lack of trans
porlation being often factor.
'As to the cost of running q tun-
mel, that will vary with the nature
of the ground you have to work. A
fixed price can hardly be given,
although contract prices run from
SO to $40 per linear foot, and the con-
tractor rarely loses money.