Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1899-10-07
and UndeveIoped Mines On an
Investment

1 auiouk eCdpithictes 1ucTo ID ROOu
reason for this preference as the indus
try has many advantages over others,
among which we will mention the fol-
lowing:
First, mine containing the precious
metals as property cannot be destroy
ed by either fire or water. Second.
there is no depreciation of the product
in the market, and third, you do not
need to seek for customer. For
whether coined or uncoined 1t is mon
ey, and is received as such all over the
world. These advantages will not be
overlooked. nor be underestimated by
business men, as most OF the risk which
attends other industries are thus elimi
mated from mining. This matter being
settled, the next consideration is, which
presents TO the investor the most favor
able proposition, the developed mine or
the prospect. AS one who has had long
experience in the mining business we
would answer, the prospect every time.
But our bald statement without qualifi-
cation or expla nation is not sufficient,
and We will therefore give some of our
reasons for adhering so unreservedly to
this opinion.
To commence then, it costs big money
to buy developed mine. That is, a
mine opened by shafts or tunnels to a
sufficient extent to demonstrate that
the mine contains vein or ore body Of
requisite grade, and on scale sutfci-
emily large to prove that the mine is q
paying proposition. Such properties
are not put dpon the market at low
figure, and Usually cost from one hun
dred thousand to ten million dollars
Either Of these developed mines we're
at one time prospect" and when at
that stage might have been bought for
one-twentieth Of the price they now
command. 1t may be argued that the
security and feeling Of certainty is worth
the difference, but we answer no 1t is
not. 1t is worth something, but lot
near 80 much as is demanded. The
developed mine may be, and in fact
generally is, worth all that is asked for
it, but prospect opened up sufficiently
to disclose good vein CT fair grade of
ore, with all the surface indications
known to practical miners which argue
permanence and profit, ia worth much
more than the owner asks This of
course viii not apply to every prospect
hole, but it will appl, to such as We
the crucial examination of an honest
expert miner, who will give favorable
report of the property, and recomend 1t
as promising venture, and as such
worth the low price which has been put
upon it. 1t is in buying a prospect and
developing it into mine is where the
big money is made, for it is right at this
point that the experienced miner gets
action on his mining knowledge, and
makes that knowledge pay. We would
here remark i'm passing that no man
who is un nfamiIiar with mines should
ever buy a mine for any considerable
sum from an estimate Of it's value based
upon his own judgment. For it Is in
accordance with our observation, that
the things that strike the tender
foot" the most favorably, are often the
very things which would cause the ex.
perienced miner to condemn the ground.
There are certain features about every
good genuine yeiL which is destined to
pay when developed, which mark it's
superiority, and to the experienced
prospector when he sees these char
acteristics (even in prospect hole) they
tell the tale. The matter ofa shaft, either
one or two hundred feet, for the pur-
pose Of prospecting the vein cuts but
a small figure with him. 1t is a common
saying that mo man can see any
further into the ground than the point
of pick" but while this is true in one
sense, it is false in the sense it il in.
tended to convey. For if you saw
mans head projecting from under one
end of blanket. and his feet sticking
out ct the other, You would be justified
in saying there was mans body under
that blanket, and yet you could not see
it. You cannot see the wind, but il you
let fall hand full of chaff you can tell
which way it blows, at least you ought
to be able to make pretty fair stagger
et Il on guess. 1t is much the same in
mines. You may not be able to see in
to the ground but dame nature has
little tell tale signs by which she gives
herself away" and he who by long
familiarity with the old girl has learn
ed these signs can guess pretty close.
So much so that he would not pay
hundred thousand dollars to have the
matter made sure, but would prefer to
save it to expand his own inside pocket.
If we make list of the men who have
grown rich in the mining business, it
will be found that seven out Of ten have
acquired their great wealth by investing
in undeveloped mines. where little
money goes long way. and little
work applied with good judgment soon
discloses the merits of the vein, and
transforms the prospect of a mod
crate price into wealth producing bon
ansa, and its owner into bonanza
king. But says one, II have some
friends, and they with myself are de-
sirous of investing IN a mine, we do it
for gain, we don't want to loose our
money. Now neither of us understand
anything about the business, and don't
4, 0cu Ann rn1.Lr from, NNv haw