The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-04-23
MINING INVESTMENTS
IN BUSINESS WAY
SURE THINGS WANTED BY BIG
I'd iNvEsroRS.MAY CALLED,
BUT FEW CHOSEN.

The question of mining chances de-
ponds very much upon the point of
view. The man who wishes to buy
gold dollars with silver dollars can do
so-and be no better off for it. His
neighbor may wish to buy an excellent
chance to make good gold dollars and
give only 10-cent pieces in exchange
for the opportunity. The last men
toned takes a risk; the first does not
There are some investors who will
take an interest in mines that are so
fully developed and proven that the
transaction is comparable to. an eX-
change of silver dollars for gold dol
A rs. Actual ore, efficiently measured
md accurately valued, if the means of
reduction have been properly consd-
cred, comes about as near to being an
equivalent of gold dollars as anything
one can conceive of in the business
world. Such investors, who are usu-
ally the very conservative we'll do,
have a perfect right to administer
their fortunes in this way. But they
are not for this reason, entitled to ar
rogate to themselves all the wisdom
there is in the mining world Because
there are some other investors, with
equal comprehension, who prefer to
risk 10-cent pieces in the hope of Sc
curing gold dollars in return. They
are willing to take chances on prob
able and possible ore, says the Mining
Record.
The United States Smelling, Refin-
ing and Mining company is large
Boston corporation having smelters
and mines in the west. 1t makes a
business of buying mines. But 1t VIII
not touch anything that does not con-
form to the standard of actual and ma
terial ouid pro quo-silver dollars for
gold dollars. We know an instance in
which this company turned down
mine which was very soon afterWard
taken over by the Anaconda Copper
company. Therefore, the fact that the
Boston syndicate does not buy given
mine, or even consent to give 1t
thorough examinat ton, is not an evil
dence of lack of merit in the property
thus rejected.
Testing Properties.
During the four years from 1910 to
1913 inclusive, the United States
Smelling. Refining and Mining com
panv was offered an opportunity to
purchase 2913 mining properties. VI
these only 4S9 were even partly exam
med. This statement means that the
oomnonv did, not consider 1t worth
while, from the vendors shoWlngs
made. to send out an engineer for a
preliminary inspection. The syndicate
TO begin with, will not consider any
mining enterprise that will not in
volvn an investment Of considerable
magnitude. 1t will not deal in small
mines however meritorious they NAV
he Nevertheless, of the properties
presented to it. this syndicate was IA
,orablv IMPRESSED with approximate!
16 per cent.
Later. the company measured ant
tested 1874 properties out of the 4S9 IN
snected This means that the prellm
mary examinations were satlsfactor!
and it does not mean that the remain
ing 355 were wanting in merit. be
c,use the Boston concern is known t.
imnose the most rigid requirements. l
will take nothing but "sure thing"
FINALLY the United States compan'
purchased 10 properties out of the wi
offered to it. This fact may be inter
preted in several ways. Firstly Tn
company probably did not want to dis
tribute it's efforts among more than l
mines. II was looking for the best l
out of all that was presented. Agar
the question of price arises The MIN
r,frht he good one. but the vendor
might hold out for a greater sum Una
the BUYERS were willing to pay. w
know of several such instances in IN
transactions Of this Boston syndicate
Accordingly, when the so-called cor
eervqtive preach sermons on the NH
ing industry, with the United oia''
company as their textual exampt
thev simply reveal their own lgnoran'
and prejudice The fact is that IN
Boston company is anxious to nave u
prospecting industry encouraged ai
IN see others develop the very prope
ties which it is disposed to reJe'
WHY? Because it knows that eve
mine 1t buys must first pass throu
d stage of preparation suitable 1or
III PURPOSES. 1t is not so foolish as
decrv that stage of prospect deVeio
ment which other men and other sy
dicates prefer to undertake.