The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-07-06

The TACT that the Canadian Mining
and Exploration company, organized
by powerful and prominent interests t
acquire and develop mining properties
liquidated after having investigated
1900 propositions without finding on,
sufficiently attractive to induce 1t Il
undertake its exploration Is still beinl
used in various ways as sad com.
mentary on the chances which a non.
expert investor in mining stock has
of picking a winner, and moreover, tc
show that the mining industry is on
the wane, that good mines are nc
longer to be found This notion, how
ever, fails to take into consideration
fundamental differences in the policies
of the several exploration and develop
ment companies.
One of the largest and most success
full mining organizations maintains
an exploration department and accord
ing to its annual report for 1915, had
properties. OF these 655 were rejected
after an Office examination of the re-
ports and data submitted. A pre-
liminary field examination OF 118 was
made, and 10 properties were accord
ed complete examination. For the
year previous 63S properties were Of
fered OF these 538 were rejected after
an office examination of the reports
and data submitted. preliminary
field examination of SO was made, and
In the case of 10 properties a COM
plete sampling and examination was
undertaken. Now the policy of this
company Is to acquire only mines that
have a sufficient tonnage of ore devel-
oped to show them profit under their
scheme of operation. Many mines to-
day operating at a loss could be work
ed at profit by an organization as
large as the one we are considering,
and 1t is on this margin of operating
returns and on its capabilities of more
extensive and more intensive opera
tlons that this company relies So
that prospects, no matter how pro-
missing, are not considered
Another of our largest mining con.
Germs operates on an entirely different
basis, considering only prospects and
declining to undertake the purchase or
acquisition of a developed mine We
are not informed as to the number of
propositions this company considers In
the course of year. but from Its policy
1t might reject perfectly good, develop
ed mines, which fact would be no re-,
Election on the propositions, because
the very same mines might be most
desirable from the standpoint of the
other company just cited.
We have in mind another company,
not incorporated, composed of very
wealthy men experienced in the min
Ing business, who are continually on
the still hunt for good mining pro-
perties. They will not consider a pros
pect, but only mine with developed
tonnage, and while unlike the other
company we have just mentioned,
they have no operating organization,
they have the means for equipping
property that is suffering from lack Of
or poor equipment and inadequate
working capital and making from a
mediocre property a big success, as
they have recently done in one in
stance in British Columbia. The
men in this aggregation say: "Why
should we go through the worry and
mental anguish of developing a pros
pect where we do not have TOT" SO
that by this aggregation also, pros
poets, no matter how alluring, will
not be considered.
The Gold Road, revamped old
producer; the Miami, made from
prospect into a big mine and the
Hedley, a re-equipped and enlarged
producing mine turned into big d.
vidend payer, are specific examples of
the respective policies enumerated.
More prominent than any or these
three companies is the Jackling- Hay
den-Stone group which up to now has
made speciality of handling only
propositions of enormous size that are
Of such low grade that only opera
tons OF great mangnitude can be made
to pay The Utah Copper, Ray, Chino,
and Alaska Gold are too familiar to
need further mention.
OF course when a company let's II
be known that 1t is in the market for
mining propositions, it is sure to be |
deluged with all sorts and kinds, a
large number of which
VIII probably, in any event. not with
stand a rigid Office examination. How
ever owing to the different policies OF
The companies, the number of rejec-
lions that they make, of the PROPOSE
lions submitted, is not an index of the
value of the propositions considered.
Il shows not that there are no good
mining propositions to be had, but |,
only that the particular kind of prop
osition to fit their specified require
nents was in the minority.
New mines are being found contin-
ially and developed into big successes.
The most shining examples recently
nave been the Interstate Callahan,
low the third largest zinc producer in