Elk City mining news. (Elk City, Idaho) 1903-1913, 1905-10-14
Developing Mine Prospects.

me present low rate OF interest OBJ
tainable and the obvious profit in mining
occasions a desire to invest capital, and
there is existing demand for gold and
copper properties. None but the very
wealthy care for ''going" mines, be-
cause a developed mine is usually worth
more to its present owner than to any
one else, unless he be offered an unus-
ually tempting price, and a compare
lively small amount will secure a good
prospect. A prospective mine is
always an attractive proposition-pro-
vided it be opened up sufficiently to in
dictate some real value, something more
than mere prospect, no matter how
well located. One trouble is that when
the original owner has opened up his
prospect sufficiently to show that invest
ment of capitalwou probably make a
mine out o. it he often gets the idea
that he ought to have as much for it as
though it were developed mine, ready
to yield ore in paying quantities. The
point is that little work in addition to
that already done will enable many a
prospect owner to make a showing that
would justify him in asking liberal
price with more LIKELIHOOD of getting it.
There are great number of prospects
lover IL, 900 in the state of California;,
the vast majority of which cannot be
considered in shape to show a possible
purchaser, and as things go there is no
form of work that would pay better
than for the owner of an undeveloped
prospect to put it in such condition, if
possible, as to justify its examination
with a view to purchase at a fair figure
by one who has the money to make a
mine if the markings of a mine exist
Of course objections will arise here to
this argument by many readers, the
first being, eff by development make
my prospect valuable enough to be
bought, why not. keep on developing it
and make mine of it for myself" BY
all means, if you have the money. If
not, were it not well to let it go at a
profit to some one who has? The other
objection is an occasional one, and in
the light of twentieth century business
ideas is almost comic. 1t is, eff l do
much more work on my prospect will
spoil it, ," which carries with it it's own
refutation.
Until recently the eastern investor
wanted only going" mines; t. this day
the foreign investor discards the proffer
of a prospect, and looks for a devel-
oped property paying present profit.
Both eastern and foreign investors look
ed at the matter just as they would in
buying industrial stocks or bonds, for
immediate dividends-a prospect or
partially developed property was not
worth considering. The California or
Colorado or other western investor,
on the contrary, has always shown a
desire to get hold of a good prospect
and develop it. Frankly, it is where
the biggest profit lies. Almost without
exception, every big mining operator
has made most of his money by develop
ing good prospect. The great for
tunes of the great miners living or dead
were not made by buying developed
mines, but by developing prospects into
mines. 1t is in that way millions are
made in mining, and one might almost
say the only way.
In this connection the Mining and
Scientific Press offers a suggestion. !
Instead of as now in so many cases
waiting for foreign capital" to come
in, it were we'll for local capital to take
hold. This is being done in a good way
in Colorado. A good example of the
same kind Of work is afforded by the .
residents Of Nevada county, Cal, where
merchants, mine owners, working min
ers and others take shares, pay assess
ments and enable good mines to be de-
veloped, and when they are developed,
keep the money in local channels, to the
general profit of the entire community.
In many deserving mining district
the west half of America
are owners Of prospects awaiting "cap-
tai" The local bankers, storeAeepers,
office holders and others can, with a
little effort, put mp enough to develop
= promising local prospect into paying
nine, 9nd then own it themselves. And
t may. be said. in no way could they
quicker Secure. the wished-for influx Of
capital than r. tee, manner indicated. -
Whining and Scientific Press.