Arizona republican., 1903-11-12
WANTS QUICK RETURNS
And That's Why the Eastern Investor
So Often Loses.


The eastern investor as a general
thing, whether he buys shares In a new
mining company or joins others in the
purchase of a prospect, expects returns
almost before his investment is week
old. He should not be blamed for this
for he has heard so much about big re-
turns from mining operations that he
has reason to believe that new mine
will turn out the precious metals al
most automatically and ina steady. in
exhaustible stream, little dreaming that
before a prospect can be transformed
into n producing and paying mine
it must be extensively developed, that
thousands of dollars must be expended
in exploitation and mine equipment. anu
that lage areas of ground must be
blocked out and prospecting work
pushed ahead of extraction before
heavy and steady production may or
can be maintained.
Those acquainted with mining opera
tions cannot well understand the long
delays always incident to the develop
ment OF mining proposition. They
cannot understand how it Is that n
mine reported by experts to contain
ore to the value OF thousands and even
millions of dollars. cannot begin the
payment of dividends within a few
months after work has been begun in
it's operation. These people want quick
returns. They want quick action on
their money, and Sometimes, because
OF long and tedious delays, spreading
over a period of two. three or four
years with no immediate profits in
sight, they become discouraged, dis
gusted. and begin to condemn mining
in all of its branches.
And these people can not be blamed
They are honest in their opinions and
were entitled to their expectations. The
great trouble is that they do not un-
derstand the situation and are unac-
quainted with conditions surrounding
the mining industry. II is slow work
sinking q shaft or driving a tunnel
But two or three men can work in Il
shaft or tunnel at time, and but few
feet OF advance can be made in q day
lf mining company had a million IN
it's treasury, no greater haste could be
made, and 1t is only until a mine is
opened by shafts. tunnels, crosscuts
wines and upraises that an army Of
men can be employed; and to work a
large number of men successfully and
profitably, the mine must first De
equipped with the necessary machinery
and it is often the case that extensive
reduction works must also be installed
which. for good, sound business reas-
ons should not be done until the man
agement is fully satisfied that enough
ore is blocked out and in sight to jus
THY such an expenditure.
But, when all of these things are ac-
complished: when an abundance of ore
Is in sight in the mine; when ample ar
rangements have been made for it's
handling, either direct to the market
In a crude shape, or after first being
sent through the mill. the ore will go
out by the hundreds of tons and the
money will come in by the thousands
upon thousands.
1t is the same way with farming. The
seed must first be sown; the crop must
be cultivated and the harvest must be
gathered. The calf must be full grown
before it can be marketed as beef: and
the farmer or stockman who expects
returns before the seed has sprouted or
the calf weaned from its mother. would
be the laughing stock of his neighbors
and friends.
So it is with mining Returns can
not be expected until a large amount Of
preliminary work has been done; until
the prospect. passing through various
stages OF development. can take rank
as a producing mine, equipped so that
steady output can be maintained. If
the inestor cannot wait until this
period arrives, he had better refrain
from making any ventures whatever Ia
mining affairs, and turn his attention 20
"get-rich- quick" investments offered so
freely through the columns of the east
ern press; for he cannot become rich IN
day in mining enterprises.-Salt
Lake Mining Review.