The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-16
Up. B. Mcdonald in Mining and Scien-
tific Press)

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Up. B. Mcdonald in Mining and Scien'
tific Press)
To assert that the mining Of def
mite ore body is a process of exhaust
ing assets is a truism. To avoid the
Iignominious ending of skilled organ
ization many mining companies &C
quire new properties. They argue
with a good deal of truth that a 60
ing company, having its corps of tech
nical workers and it's necessary APP
paratus, stands at an advantage In
the testing and developing of pros
poets. 1t has often seemed pity that
because of the exhaustion of an ore
body, an organization of capable men
should be disbanded and scattered
What is sometimes lacking is initia-
tive or imagination; again the fear OF
making a mistake and spelling a good
record inhibits the moving spirits from
taking chances. Sometimes they are
right in deciding to close the chapter
and read the obsequies for it is bet
ter to do so than to blunder badly. A
study of the method of prominent
mining companies during recent years
reveals all shades of opinions and pol
icies concerning expansion, from the
decision of the short Lived but profit
able Seneca Superior Silver Mines
Ltd, to write "finis" on it's books, tC
the vigorous expansive ramifications
of such operators as the Calumet &
Arizona Mining company and Tono'
pah Mining company. In contrast
with such progressiveness is to bt
mentioned the peculiar lack of mag
ination sometimes shown by domin'
ating company in its own district
such as the indifference of the United
Verde Copper company to the posi-
bility of new ore bodies during thu
years in which it was the sole opera
tor at Jerome. When large ant
prosperous mine is the principal at
traction in an OUT f-the-way dis
trict, it's management is apt to as
sumo deprecating air regarding fur
Their prospecting in the neighborhood
implying that their company, in 1T
never failing wisdom would know al
about other ore bodies If any existed.
1t is interesting to review the shor
history of the Seneca Superior Sill
yer Mines. This company, in which
the moving spirit was w. e. Segs
worth of Toronto, had an Swear lease
on a high royalty upon a small trac
adjoining the property of the Nipis
sing Mines company at Cobalt. Fol-
several years the developments, most
lily under a lake, were discouraging
Then, in the four years from 1913 t.
1916, over 100000 was produced, o
which $1,579,S17 was distributed il
dividends, or 1926 per cent on the cap
lital of 100000. The vein was ther
exhausted, and the prospect for find
ing others was discouraging; so thu
company decided to wind up its af
fairs. A different course, such al
other Cobalt companies have chosen
would have been to look for new
leases or options, for example, at Por
cupine, but the company decided II
let we'll enough alone. Several o
these companies, as their ore reserve
dwindled, sought new mines else
where. After the wonderful richness
OF the Cobalt veins, some Of thei
ventures seem disappointing. Ii
Rose Consolidated Mines company
after exhausting the ore Of the Il
Rose, Princess, Lawson, University
and Fisher Eplett claims at Cobalt
took options on a copper mine in NeN
Brunswick, on the Hurd gold mine a
Kirkland lake, and on the Maidens
Macdonald gold mine at Porcupin'
The results to date have not been en-
Icouraging. The La Rose company ha
paid in dividends an amount practic
ally equal to its capital stock, namel.
s7,500,000.
The Crown Reserve Mining com
pany, which has paid $6,190,S49 in div
} idends on a capitalization Of $4,000
900, produced principally from its oil
iginal holding of % acres under Kel
lake, has received several hundre
, thousand dollars in dividends fro
| the Porcupine Crown Gold Mimi
company, in which 1t owns 60 per Gel
of the stock, but the latter appears
, be short Lived mine, with no vel
rosy future. The Crown Reserve al!
tried financing the Newray Min,
!. company at Porcupine, a reorganizi
tion of the much advertised Rea Coz