Daily Arizona silver belt., 1910-01-30

as those of Lake Superior, there was great deal of risk in copper mining, and there was violent fluctuations in the price of mining companies stocks The geology of the deposits were not understood, the particular phenomenon of what is known as secondary enrich. ment of the ores in the upper levels having been unrecognized. It very fire, quently happens that when mine got below this level, large sums of money were expended in looking for the down. ward extension of this rich zone, which existed only in the imagination of the manager. Within the last six or seven years attention has been turned to, wards the socalled Disseminated ore bodies, and there are now half a dozen mines in the country whose proved ton. nages are calculated in the millions, This type of property requires large initial investment and considerable time for development and equipment but when in proper shape is one of the best mining investments which is known.
 Gold mining is always in a category by itself, and, as you know, from the the addresses of Mir. Hammond and MT, Paich, is favorable source of in. vestment for the English public. The tendency now in gold mining is towards the development and exploitation of low grade deposits in which relatively large tonnage is exposed and available for treatment.
 Silver mining at present is rather more speculative than any other, moi only on account of the tremendous fall Tn the value of the product in the last twenty years and the fact that a large proportion of the wold s consumption IS produced as a by-product in the production of other metals, but also from the fact that the strictly silver mines themselves are always more or less irregular in the occurrence. As showing this, last week there was a certain silver mining stock selling al S9.OO a share, which was paying a div. idend of S2.00 year, and certain rcopper stock selling at 5000 per share which was paying a similar $2.0O a year dividend. In each case the question of security and probable life were the governing factors in determining the price, though l think that, as often happens, the public had gone to the extreme in each ease, and that one mine was selling at too low valuation, and that the other at too high a one. Still, however, one can say that without doubt stock paying $2.OO year and selling at $9, was doing so for the req son that it was question as to how long it would last.
 In this connection it is probably not improper for me to say that the miner al reserves of the world and of this country are not unlimited, and that I strongly believe in the conservation of our metal resources as much as 1 do in conserving our timber resources. In fact, even more so, for a forest, if cut over, can by intelligent management be made to produce another crop in from fifty to one hundred years, but a mine from which all the ore is ex- tracted is valueless, and, as we know, 1t takes countless ages to produce mer- chantable mineral, one can readily see that ton of ore once gone can never be replaced.
 l presume that in an address to a body of this kind it is unnecessary to explain the steps that take place in the development of a mine. In a country like the United States, where the nat ural resources are not all known, there IS class of man who devOtes himself to tramping over the western country looking at the various outcrops of rocks. As a rule, good ore does not stick up above the surface, but still