The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-14
LIKE AN ELDORADO
WILLIAM GIBSON, OF SEATTLE,
TALKS OF WASHINGTON
GOLD DEPOSITS
VAST STORES OF SHELTER ORES
Western Mining Enthusiast Places
Future of Coast Mines Ahead OF
Cripple Creek or the
KIOndike.

William Gibson, of Seattle, vice presi-
dent and general manager of the Creib
Mining company, and large stakeholder
in the Imperial Mining company, was
registered at the Windsor yesterday on
his way East on business. Mr. Gibson
is probably one of the best posted and
thoroughly enthusiastic mining men on
the Pacific coast. He has been engaged
in mining all his life.
I'VE are just recovering from the eff
fects of the Texas oil craze, and people
are now prepared to do business with US,
said Mr. Gibson. cit may seem ridicu-
lous, but it is an actual fact, that last
year 1 sold stock as low as cents per
share. People wanted to go into the Tex
as oil business and they turned the deaf
ear to all mining propositions. Texas
oil stock is good stock today Tat it
costs too much to get in. Those that got
in are all right, but people cannot afford
to buy the stock now
'"The gold output Of Washington last
year. said he, was only some $3.50, J0O
but that does not signify much. There
are only six or seven mines in Washing
ton that are in operatinn on paying
basis, and they were started four or five
years ago. At the present time there are
over 1900 mines in the state, in different
stages of development, and as soon as
these mines can be placed in successful
operation, the gold sections of Washing
ton will be heard from.
ITO illustrate the point said he, IT
will state what the Cripple Creek mines
did, when they were first opened, six or
seven years ago. The first year they
produced only 100000. In 1900 they return
ed over $4,000 900, and last year the out
put exceeded SIS, 1900 by several hundred
thousand dollars. And the end is not yet.
The only danger is that the gold does
not lie deep in the ground, as the Grip
pie Creek mines are all of the free milling
kind.
Has a Great Future.
washington is certainly the geld coun-
try of the world, and in five years from
now it will outstrip the Klondike or any
other country. The mines are all COM
posed of smelling ore, which means that
there is practically no limit to their
depth. The deeper you go the better the
quality Of the ore.
ut means employment to lot of men,
too" said he '"These 1900 mines must
employ at least 100 men each, and when
you come to multiply this number by
three or four, for men with families, it
means support for a great many beings.
Of course the state, Or rather some sec
tons Of the state is adapted for agri-
culture or fruit raising, but in time to
come mining will be the principal indus
try. The same is equally true of other
states on the coast, and the time is not
far distant when the Pacific coast will
be the mining section of America.
practically one-fourth of the state is
a mass of ore, and not tenth part has
been opened up, so that the prospect in
store for the Pacific coast is easily seen.
Price Of Gold Will Rise.
Gold must be produced somewhere
said Mr. Gibson. These sums I have
mentioned may seem large, but statistics
show that gold must show up in pretty
large chunks to keep abreast with the
increase in population. AS a matter of
fact the price of gold must necessarily
advance during the next ten years. 1t
will be impossible to mine it fast enough
to keep the supply equal to the demand
at the present ratio, and the inevitable
result must be a rise in price.
More gold many times over, is COM
ing out of the ground today than ever
before, but the price is better. The mines
of Cripple Creek are at their best, and
in a year or two the Alaska mines will
be in position to turn out considerable
metal, but the gold market remains I'M
affected. 1t would surprise most people
to know the amount Of money that East
ern capitalists have put into the coast
mines during the last four years. Fully
70 per cent of the capital comes from
the East and a small proportion from
foreign countries.
Each of these 1000 mines in Wash
ington has an average capitalization Of
ST. coo 600, with shares, invested in at the
rate of 10 per cent. This means $10oG coo
in each mine, and total of $500, O0O 600
invested"