The sun., 1897-01-18
ROSEATE MINING VIEWS.
<fLURISG PROSPECTS TO DlzsLE
FORETGN INVESTORS

honuon Rsnrtet-An hhHtern hohFtnt
buy. "a Ci-iu, That Ho Has Not Sees.
Los ANGELES, Cal. Jan. "a company has
been Incorporated by London operators TO pur-
chase tho copper mines OF Iron Mountain.
shasta county and the prospectus. issued In
London says the capital is 81. ZOO. .o00 of which
all but half a million Is 20 be paid In cash or
fully paid shares for the purchase OF the prop
erty. The directors estimate the net profit at
moro than 20 per cent. of tho entire capital.
q rosy view OF copper mining that probably
will he accepted more readily In London than
IN California. The copper mines OF Iron Noun
tain may be worth So. 900, ooo but ID is not un-
usual for absurdly inflated valuations to be
placed upon mining property offered TO foreign
investors or listed In London. A case OF that
sort 4. exposed by u paper published ut An
gels. Tho Alabama mine at Angels fs . par-
TALLY developed. prospect and not a m,ne, bus
IL is listed in London for 5000. 900. Tho local
paper protests against such overcapitalization
and says II prevents investAfent on business
basis.
II Is safe 10 say that nine-tenths Of tho min
ing deals In which the figures run into the mill
lions arc on paper and do not represent legitt-
mate investments. The reports OF sales at
big figures lead prospectors TO expect high
prices for undeveloped claims. and they refuse
to sell at reasonable prices to men who would
make mines OF the prospect holes. 1t 10 only
the occasional sucker" who buys prospect
hole for moro than tho value OF the ore In
sight The mining man will not do business
that way, except IN u booming camp, whore all
values are inflated and n tho rise.
The Randsburg district 10 a case in point
Some OF the claims there are very rich and
cannot 10 bought, but there are hundreds OF
tcn.foot holes that are held at the prices OF
paying mines, and nobody Will buy them II he
l.l.. ~laN
the East. who does not know mine from q
gopher hole. but has money TO burn, recently
paid 81. 900 for q Randsburg claim that he had
not seen. IIo had. not even been to the camp.
but made the deal and paid the cash here In
Los Angeles. Then ho bought thousand
dollar prospecting outfit and started for tho
mines. A enty'hve-dollar OUTFIT would have
served his purpose Just as we'll, but the ma
chinery men got hold of him. and blew him
In" for patent forges and all the contraptions
advertised In mining papers as indispensable.
lie may have n FOOLS luck and open up bo-
uauza.
The Randsburg district has been examined
by railroad officials, and the prospects for per-
manent business are 20 good that the Santa Fe
has surveyed for branch from Kramer on tho
Atlantic and Pacific route to johannesburg.
and the Southern Pacific has Just started an
engineer corps. to run q, line from Mojave to
RandsburR. johannesburg seems likely - be
tie principal town Of tho district. as II ha,
good water supply.
There are good prospects near Kramer, thir-
tv miles south Of johannesburg. and O. A.
Peer OF Colorado has bonded several claims Of
medium grade ore. The ore 10 rebclious. and
cannot 20 worked by free milling process.
The Copper King. Fresno. has been sold to an
English company. The ore occurs In black OK
ItSl,.s Ax.I Rls.pA 1tA IHA ISAs L.
twenty-eight feet wide. and shows 81 per sent.
copper and 50 in gold. The average value Ia $75
a ton. Tho DEVELOPMENT consists OF $50 feet
NJ tupnel md 1 30 feat Of ,haft with short cros.
.r,s g. ~.
euts III oie'
f.. Thompson OF Cotton has sold q claim
sixty miles belo,y Ne~dles IN San Francisco
n,ar ,or s,oS ooo =, ,.h,oh .non,t sso ooo
men ior si~o'ooo' Oh whch amouht soo.ooo
was paid down. Los Angeles men just missed
buyipg the claim for less money. last sprinp.
Tho,nn.on ,,,.-,.a Sos ooo ,r ~. c. -
ihoinpsoh ih'esteu s-o'ooo IN INC san Juan
Capistrano ranch last week, and gave III 900
o., u..u ,,.b~ =. t-toud.a IT.. u.h-. l..