The herald., 1897-02-15
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: MINES and MINERS ;
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1t Is very probable that the coming
summer will bring to California a num-
Der of investors in search of gold prop
critics. some of them from foreign re-
gions, says the San Francisco Examiner.
The depreciation in silver, the troubles
in South Africa and other causes have
led to investments in gold mines in this
country, and while Colorado and other
states attract many. most investors
know that California is the leading gold
producing region of the United States.
For the, past two years the gold mining
industry has been very prosperous in
this state, and more money has been in
vested in it than for many years previ-
Gus. The result has been the reopening
Of many old mines, the development of
new ones and the starting up of many
prospects. The same thing will go on
this year to even more marked degree,
no doubt. as this is the time of harvest
for the California miners. The main
thing to be guarded against possibly, is
putting xtravagent values on claims,
which will discourage not only those
who come, but also others who may have
sense in asking $1O0, 900 for a $40, 900 claim.
Owners never get any such prices and
are apt to- be let severely alone. The
values must be shown to the purchasers,
and mere assumptions of value on the
part of the owners will not answer. Now
is our chance in California to get peo-
pie to- invest in our gold properties, and
we should encourage them rather than
frighten them off by exorbitant de-
mands.
People often wonder why so many
mines are for sale. They wonder why,
If the property is as good as represented,
the owner does not make the money out
of it himself instead of trying to sell.
Generally, however, the owner lacks the
means to make it productive. A man
may have a fifty-foot lot in city which
is very valuable, but if he has no means
to put up buildings on it which bring an
income, the lot Is an expense to him.
The man with an undeveloped or un-
equipped mine is in the same fix. Labor
will develop the mine, and so will labor
build a house on the lot, but supplies
are necessary, material is required and
expenses must be gone into which the
owner cannot afford. Therefore he sells
to some one in position to make the
property productive. The man who buys
the mine is one who has other money to
open. equip and make 1t pay. The pros
pector finds the claim. Then a working
miner partly opens or develops 1T. but
to put up hoisting, pumping and milling
plant capital is necessary-and here
comes the necessity for selling. The
first two men have prepared the mine for
the market and make their profit from
the price received. The third man, who
is the capitalist, must make his money
from the product of the mine itself Be-
fore he can do this he must furnish the
necessary machinery and open the mine
in a manner to admit of regular ore
supply for the mills. For these reasons
the first finders or owners of mines are
seldom those who finally work them,
and for these reasons also are mines
sold.
The executive committee of the Cali
fornia Miners Association has prepared
a new law for submission to the state leg
islature on the location and relocation of
mining claims. The bill demands that
the discoverer of any vein or lode shall
Immediately erect a substantial monu-
ment at the point of discovery, and post
thereon notice giving a full descrp-
ton of the claim. Within sixty days he
must mark his location on the ground so
that the boundaries can be easily traced,
and file in the office of the county re-
corder the name of the claim, the name
of the locator. the date of discovery and
description of the claim. The reloca-
ton of an abandoned claim must be
made by erecting at some point of the
lode a monument, upon which must be
posted the previous name of the claim,
the new name, the date, name of relo-
cator, the number of linear feet claimed
along the length of the vein and the
width claimed ON each side of the vein
Abandoned or forfeited placer or other
claims must be located in the same man
ner. If a locator discovers that there
is an error in his location he may file
an amended location.
The Lost Horse mine Is, reported to
have been sold, and for quarter of a
million dollars. The news is the most
important which has been heard of in
mining circles for many months, if in
deed not the most important in connec
ton with any of the mining districts
tributary to this city.
A week ago c. D. Lane, the millionaire
mining man, went to the Pinon country
to examine the Lost Horse and other
mining properties, taking with him some
people who are looking for investments
in the way of mines which promise re-
turns. The Lost Horse has for some
months been rated the best mine yet
discovered in that district, and its ow{i
ers have been content to take out
small quantity of ore which they work.
ed in the two stamp mill, getting out
enough gold to make it remunerative,
and all the time they were developing
the mine. The figures given in the re-
pert are not considered too high by min
ing men who are familiar with the prop
erty.