The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-11-09

two good veins OF ore. They Wer'
driving a fourth tunnel much lowe
down, to tap their veins 1000 fee
deeper. 1t was a good mine-and 1t il
a good mine today. There were abou
500 stockholders in that company
don't know who they WERE for / was
not a stakeholder. was only an en-
ployed engineer to make a report
My report said: Your mine is a
good one-the opening of the vein al
the great depth that will be reached
by the lower tunnel should make it a
big, producer of ore 1t will take about
10 months longer to drive the lower
tunnel In to the vein, and will cost
about $4,000 month for that time. At
ter that you can expect the mine to
produce profitable ore, IL you spend
$4,000 for 10 months in driving the
tunnel"
Do you know what those 500 stock
holders did? They just sat down
quietly and waited 10 months, with
out making any more payments or
furnishing any money at all. OF course
the work had to stop. There wasn't
money enough coming in to pay even
a Waterman, at the mine which had
already spent 100000
Ten months later the stockholders
began writing to me- saying that 40
months were up" and that | had said
the mine will be producing in 10
months" OF course | had told them
nothing of the kind, | had said
that IF they furnished $4,000 month
that they could expect the mine to be
producing at the end of that time"
The man who was manager of that
mine is now very high official and
very competent man in mining oper-
atoms, but at that time he was a poor
man working for wages, and had to
hunt another job when the stockhod-
ers quit furnishing money for his and
the miners wages.
That mine, of course, couldn't pay
bills; its cars and track were stolen
when they couldn't pay a Waterman
and 1t was idle for years and abandon
ed Later it was taken up by others |
and Is today good property.
The outcome of that experience of |
10 years ago is that learned lesson
ana that is-neVer set a time limit /
when mine can be expected to paw. |
II you were to ask me when will a
mine pay | would answer when a. t
level has been run 1000 feet, or 500
feet or 100 feet" or whatever work had
to be done Never in months.
You might ask me, when can I
rent rooms in a new hotel am going
to build?" The answer Is. when II Is
completed" l don't know whether you
are going to build it in six months by
rushing the work, or whether Won will
build 1t at all, or build it next year or
year after. 1t is evident that the
quicker you get it completed the SOON
er you will begin to collect room rent.
hnd that 80 per cent of the mining
that stop work are fore
ed to stop by the stockholders failing
70 push the work-failing to provide 4,
.tnds When mine manager saws :,
we can have the mine producing in :
TX months or year." the stockhold-
RS sit down and wait n year--and Z
ne mine stands idle Sometimes they
re abandoned, and the same mana
'er VIII hunt up someone else to buv :
In and open 1t. Thus the same mine =
nth the same manager becomes n
~ paying mine, and the stockholders =
ccuse him of being crooked-when :
nelr real cause of loss is that thew :,
idnt furnish the money to open II =,
nd get the ore out.
II you are a stakeholder in any mine 10
no you have sat quietly by for years l.
uncut making any mine and Won g
ave sat down quietly for years, with l,
At making any effort to keen vonr .,
me running, you deserve to lose o.
|ery cent The hardest part of min .,
. is to raise funds sufficient to de- r.,
elop 1t right. You expect a secretary w
W A"iSc the money and az
'ep the records and direct the work w
oppose you We're elected secretary IT
uid you do it? You'd expect others IA
no We're interested to raise some Of %
\ s' TOO wouldn't you? 20
A. director, or officer is only a stock
'ider' like yourself, who has been -.
7cted to act as head, or keen a ".
cora or all business, Maybe he has %
" stock than some of the other 49,
'ckholders Don't blame him n ~.
ur work isn't going on as fast 40 ~
IKE to see it; he can't make n : :
raster than there is money to nav ~
the progress. He simply directs &c
'at money there is to the best ad. 100
ntage and keeps a record of what 10 -
ae Stockholders have no one ~ ~
me but themselves for speed az g.,
'gress. - Stf
everybody belongs to one OF the ,oo
ciasses--they are either "stickersn ~.
cutters" 1t makes no difference ~.
e'her gutter quits in the first loo,
II Ut IN the eleventh hour. inst 1,,
en- victory is in his grasp, the re- W.
is the same. ~
, ,,o, Hal
you are not enthusiastic abos Am
business you can't expect others Am