The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-19

" left the region and within forty-eight
hours the gold from this phenomenal vein
ran out. The man had sailed his property
In the literal sense and had succeeded in
bleeding five experienced mining men to
the tune of $1,000 each. Though not always
so easily done, the deceiving Of experienced
mining men by professional salters is no
uncommon occurrence. and it need hardly
be said that the tenderfoot is an easier
mark.
Sailing PROCESSES
There are other fraudulent methods of re-
turning false values which are usually. but
not technically, termed Sailing. One con-
sists of mixing pay dirt with the ore on the
dump, and any one who comes along is at
liberty to sample the dump" Splendid
values are apparently found by this means.
and the tenderfoot becomes as eager to buv
as the prospector is to sell, although the
latter is careful to conceal this fact.
Sometimes it is the assayer and not the
mine that is 'saIted.' The assayer is SUD-
posed to return only true values, but as
savers differ as do men of other caIlings.
and II a special return is wanted the un-
scrupulOus miner usually knows where he
can find an assayer who will
NHNN lFN@ CbAo III LLOOI II
hears of great values being found and as
sures himself that he will not be bled, goes
in person to the mine, secures his own
samples of ore, does not let them out of his
possession until they reach the hands of the
assayer, and then when he receives the
report and finds that his samples are of
phenomenal value, feels sure of his propo-
sition and can see no loophole for fraud.
Rut he il a fandarfonf and he oOpfaCSao IL
later.
But the sailing of mines by these various
methods is by no means as common as is
the floating of undeveloped prospects, of
partially developed properties showing some
prospects of value, or of wildcat properties
which are absolutely worthless. The scheme
is general for a prospector or company of
prospectors TO open a property, make it
show up well by means of reports secured
from assayers, mining experts and others
who are supposed to know the facts and 10
tell the truth, but who in reality are bought
up to tell anything which the prospectors
require, and then, through this showing, to
sell out to a syndicate of Eastern capital
lists. The shares are sold at greatly inflated
values, and the affairs of the company are
carried as long as the hopes and magma
IiOu VI the llNCSlOIS CdE De worked upon
by promises which seem plausible enough:
there is a new shaft to be sunk, or a tun-
mel to be driven, or the ore cannot be taken
out with profit until the railroad has been
completed, or machinery is needed to open
up a larger body so as to ship in quanti-
ties sufficient to pay, or one hundred and
one other excuses are offered for delayed
dividends or for increased assessments. At
1.-& L - a -
tinuous delay and sends a committee out
to investigate. Then they find that they
have simply been bled, and another mining
failure is recorded and the property closed
down. Their are literally hundreds of such
properties throughout every mining region,
standing as onume 10 wasted capital.
This is the history in brief of the great
majority of mining deals which have been
1oated in the East.
All sorts of methods are resorted to in
order to give the mine its first boom. If the
protector of the scheme is a wealthy man
he will often stake his entire fortune upon
the outcome, and he usually wins. He will
select relatives and trusted friends for
all positions of Importance about the mine,
will set others up in business in the near
est town, will interest" the editor of the
lOCdl paper IL pOSSlDlcs dllQ ny THESE diQ
other means will cause the new mine to be
the talk of the town and of the entire re-
gion. II he is particularly "nervy," and he
often is, he will pay dividends from his own
pocket, and in fact leave no stone I'M
turned to impress the world with the fact
that he has a phenomenal find. The divi-
dends which are paid seem TO prove beyond
all question the unusual value of the prop
erty, and it is not long before he finds
Eastern capitalists who are willing to in
vest in so thoroughly proven a property. He
retires a rich man. and the Eastern capt.
talists are left TO make their own discov-
cries. 1t is safe to assert that a large pro-
portion of the wealth in mining centers is
made in some such manner as this, and not
in legitimate mining. But this fact is not
generally known outside the immediate
circle of the mining fraternity. 1t is a fact,
however, n is recognized in mining COM
munities.
WARNING TO THE EASTERNER.
The assertion is not too broad to make,
that II an Eastern party is approached with
a mining proposition he may accept 1t as
certain that the property is not of any GER
tain value. If it was known to be as un-
uuestionably and phenomenally good as 1t
is represented II would De taken up lnHue-
diately in the mining centers near the local
ity of the find. 1t is the uncertain and
worthless properties which are presented to
the East. The man who presents the prop
osition may be honest. may be, and often
is, thoroughly assured in his own mind
that the deal is square and that the offer
is all that it purports TO be. He may, in
fact, and frequently does, invest in it his
own money, but the chances are ninety
nine out of one hundred that he has been
duped by a professional f1oater.
Occasionally a tenderfoou succeeds in
making a fortune in the mining region. Not
long ago such a one came into a we'll
known district, found an apparently rich
claim and invested all that he had in it.
But the assayer, although doing business
for the leading miners and mining men of
the region, and with the reputation of being
one of the most reliable of assayers. was
in this case ''salted," and the claim turned
out TO be worthless. Then the men who had
cheated him came to him deliberately and
proposed TO help him float the property he
had acquired. in the East. He accepted
their offer and together they succeeded in
working the property off upon capitalists
at a distance. and he retired with a modest