The Savannah morning news., 1903-06-28
Continued from Last Sundays News.
XXIII.
A FOOL FOR LUCE.

the most cautious business man lcses
his head
1t is very difficult to realize the
fact that the Western property must
not be judged by Eastern standards.
These two short paragraphs state the
main reasons why, in the first place.
so much capital is sown in waste
places; and why. in the second place.
Western gold mines have so bad a
reputation among investors. Nine out
of ten of the legitimate mines of our
Western states would be good invest
ments if they could be run as carefully
and intellgently as is any wholesale
grocery. The expectation of big gam
bling returns seems to render men
careless a 5 to the smaller details.
Why this should be so, it would be
difficult to say. OF the truth of the
statement there is absolutely no DOUBT
in the world, as any one who knows
the history of the West can testify.
During the three days duration of
their stay. the Fasteners looked at
facts. incomprehensible to the eyes of
such as they, through the explanations,
honest enough in intention, of Billy
Knapp He led them. perspiring but
pleased from prospect to prospect,
from shaft to shaft, from hill to hill.
He showed them leads, assure veins,
red quartz, white quartz, water sup
plies, timberings, hanging walls, coun-
try rock, pan tests, and he talked
about it all with that easy fiuency of
eloquence. that fattering assumption
of the other mans sophistication,
which is so peculiarly a talent-nay,
a genius-Of the Westerner.
Some trades there are for which all
men imagine themselves qualified with
out especial training-such as horse
buying, writing stories, judging pic
lures. and mining. This is a little
strange when one reflects that other
things, such as painting, skating, keep
ing accounts, or making a horseshoe,
while not a whit more difficult are
acknowledged to require a certain
amount of technical education and
practice. Perhaps it is because the
initial concept is so simple; as. in this
case. the digging of ore from the
ground, and the reduction OF 1t. De-
tails come, not from observation, but
from actual experience. Anybody, on
the other hand, can see. without I'M
Outstanding. the complexity of double
entry bookkeeping.
On the afternoon of the third day,
the Fasteners, Billy Knapp, and
Michail Lafond gathered formally to
talk 1t over. The latter contrived to
be included because he was man of
experience. After some little prelim-
mary discussion, in which the East
erners showed by their airy familiari-
ty with the topic just how much of
the local color had soaked in, Stevens
raped on the table.
Although this is not strictly a bust
ness meeting" he began, perhaps we
can get at what we want better by
putting some little formality into its
discussions. The question before US is
this: Mr.. Knapp here possesses GER
tain property which he wishes to dis
pose of. We have been over it thor
oughly in the last few days, we nave
examined the figures relating to its as
says and the gross value of the
claims. They have been satisfactory.
We have next. as it seems to Tie, to
figure on the probable working ex-
pense, in order that we may, with
some intelligence estimate the margin
of profit" He sorted over some papers
on the table before him. Let us take
up the Great Snake lode first. What,
in your idea, would be necessary for
its development?
wall" began Billy, rising formal
ly. They is practically two leads on
tn Great Snake; an If you-all de-
cides to work EN- both, you'd want
shaft on each. plain-timbered shaft
costs you yere about twenty to TWEEN
tY-five dollars a foot. Then you needs
cross-cuts. and drifts at about i've or
ten foot besides-that includes every
thin'-men, tools, powder Then yore
pump an hoist is worth about two or
three thousan', includin' mimi ex-
penses for two months. That's all tn
actual expense connected with tn Great
Snake itself but of course you has to
have yore stamp mill and washer for
all the group of claims. good stamp
mill costs you ten thousan' dollars,
but it's good forever"
How much shaft and tunnel would
you have to sink before getting to a
paying basis?' asked Frank, briefly
THAT would depen'. You wants to
get to water level, of course, afore
yore shore; but it might pay right
squar' from tn surface. Count on a
hundred foot
And when you get to pay level.
what capacity a day would you have?"
Billy laughed. That depen's, too.
You can put ON more or less men. Call
her from fifteen to twenty ton a day"
They bent their heads together over
the figures. After a little Stevens read
the following tabulation:
2 shafts of 100 feet each, at
5000 ................ 600 90
Cross-cuts and drifts, say. 1,200 90
Pump and hoist ................ 1000 90
lilo of the cost of mill (there
were ten claims) ............. 1000 90
Initial expense IS, 200 90
That thar figger," observed Billy,
brings her right up to date without
no squeahn' whatever. Yere you fig
gers on taking good hard rock out of
400 foot of tunnel an shaft. Lots of
that is pay quartz. Y GU got to fig
ger that you gets some return out of
il all. They's a good many ton of ore
in 400 foot of shaft"
That is true" said Murphy. There
won't be eight thousand outlay with
out any return"
'Yore dead right" agreed Billy.
Let that go for now" interrupted
Stevens. We can cal THAT velvet
Now what we want to know is. what
will be the working expense of con-
verting the ore into gold when the
initial expense is over?"
Call her about S." replied BILLY,
promptly.
Stevens consulted the assay table.
THE ore on the Great Snake as shown
by samples taken from various spots
in the prospect shaft averages $S55,"
said he. He figured for a moment.
ALLOW SO a ton profit dt twenty tons
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