The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1908-07-31

lACA W Oc, anu WudL we dIe:-
Eugene Wood, in the August Every
body's.
The Prospcctor and His Burro.
.This camp looks like a grave
yard to me-" said the prospector to
his burro. sit has evidently seen
better days and larger amount
of money has been expended here in
mine and mill equipment. 1 will not
say that the mines have been we'll
developed, for I have not had time
to make much of an investigation
since we arrived here last evening.
A large amount of work should have
been done, however, before these
large hosting plants were installed
and these splendid mills erected.
That is, if these were legitimate
mining enterprises and carried on
by honest people; for this is reput-
ed to be a gold camp. Taking it
for granted that this is really gold
district, it strikes me rather pecu-
liar that every mine but one is
closed down, and l can ascribe but
two reasons why the mines here are
not running and turning out gold
bullion, for hard times, or a strin-
gency in the money market should
have no Ill effect upon a producing
gold mine which has milling facil-
tiles so that gold bullion, the medi-
UNI of Wall street exchange, can be
turned out and ground with as much
regularity as you hang up the stop
sign when it is time to put the nose
sack on your head. One of these
is that the companies have been min
ing the public and the other is that
there is no ore available to mill.
81 want to tell you, old long ears"
continued the prospector, sit looks
to me as if the operators in this
camp have been mining the public,
and then some. You do not seem
to fully understand the term, and
yet this phase of the mining indus
try is being carried on in nearly ev-
cry mining camp we visit. To state
the matter simply, so that one Of
your feeble intellect may fully COM
prehend, mining the public is moth
ing more than obtaining money un-
der false pretenses. The parties to
the scheme obtain ground in or
near some mining camp which has
one or more good mines, incorpor-
ate company, and then, by means
of flaming advertisements in ire
sponsible papers, proceed to sell
stock in their worthless enterprise.
AS work progresses IN mine devel-
opment, and but very little Of this
is really done, glowing reports of
ore bodies found are scattered far
and wide, and before the working
shaft has attained depth of 100
feet, the company begins to talk
about mill building. This further
excites the gullable public, and mon
ey for treasury stock comes in by
the wagon load. Finally the mill is
in the course of construction, and
the announcement is made that di-
vidends will be in order within thir-
ty days. This brings in more money
from the ,unwary, more than bur.
70 could pack around on his back
without making him bow legged, and
the day is finally set for the start.
ing up Of the plant. This is a day
OF great hilarity, generally, and the
directors OF the company, their wives
end sweet hearts, friends and &C
guaintances hold a great celebration
speeches are made, champagne flow!
freely,4.and the stockholders all fee
rich, and glorious time is had. TWO
days after the mill closes down, ant
the superintendent reports no ore
After a month or so the stockhold
Il ers make inquiry, and find that thu
ofIicers:,of the company are missing
that the treasury is empty, and tina
Y the company is still owing for it
hosting plant and mill equipment
This is mining the public to finisl
4 and there you are. The promoter
have the cash and the shareholder
are holding the sack; and it looks t
me as If the camp had been thor
oughly worked from the surface u
instead Of from the grass roots dowr
EDO the stockholders ever &c
their money back?" you ask. Non
whatever. for the wiley organizer
OF fake companies are like burr
ii saw down on the Colorado rive
& a few months ago.. This burro VS.
81 all right as long as his owner ha
hold Of the halter rope. II, howeye
the rope was dropped for a minut'
the burro would keep Just ahead 4
the exasperated man. and trail hi
along for miles, the owner thinkin
and foolishly so. that Ae could cate
the drafted beast every minute. =
nally, when the burro mad had e
the fun he wanted, he would liEl
out for camp. leaving dis own =