Wednesday, December $i, 1902
THE SUMPThR MINER"
FLOATING A COMPANY.
Local Capital Cannot Handle
All That is Offered.
To many pooplu it is Imnl to utitlor
fltand why It is necessary to offer for
sale shams of nny good mining proposi
tion. They seem to think that local
capital should gobble up and control all
the good investments in flight, and
because this is not done, they seem
to feel that the investment is not as
good as it should be, sajs an exchange.
That this idea is entirely wrong, a few
minutes' thought will convince almost
any one who is open to conviction.
Knowing what an expensive operation
it is to develop a mine properly it only
seems necessary to count the number of
mines in a country or district to realize
that millions of dollarsare invested there
in development work and it will not
take long to arrive at the conclusion that
there is not local capital enough to
furnish more than a very small part of
this sum. It becomes necessary, there
fore, to attract and interest capital from
other places, for which purpose stock or
shares are sold.
Nor is this mode of operation con lined
to mining Investments only. Wo 11 nd
the same thing done in railroading,
in the industrials, in fact, in all busi
ness where it is necessary to raise
capital in order to accomplish certain
results.
A man would be considered extremely
foolish if he asserted that the shares
and bonds of our large railroad com
panies or even our government bonds
should lie looked upon with suspicion
because they aro offered for sale to the
public at largo. Yet these bonds and
nlmres are sold in order to raise money
to accomplish certain objects. Take,
for example, some of the big railroads,
like the Santa I'e and Union Pacific,
who are issuing millions of dollars worth
of bonds to raise the amount of money
necessary to equip their engiueH with oil
burners. These bonds ar liought all
over the world, yet no one would
dure say that the investment was
a suspicious one because local capital
did not take the whole issue. The
United States Steel Trust, at its in
ception, offered its stock to the general
public, and the general public all over
the world subscribed for it. The
Russian government came here to raise
450,000,000, yet it would seem that there
is suHlcieut wealth in Russia to take up
such an amount locally.
It must be remembered that local
capital has a good many calls upon it,
and no man cares to put all he iwssesses
in one thing. He figures that money
well scattered is well protected, and he
is ierfectly right. A good business man
will examine different investments be
fore investing a dollar; then, if he (swell
impressed, he will buy stock in the
different ones always reserving a few
dollars for some other proposition that is
bound to come along.
An investor should not, therefore,
jump to the conclusion that because he
has the opportunity offered him of in
vesting in a good mine, the proposition
is of 110 value simply because local capi
tal has not taken it up. On the contrary
if his investigation is satisfactory, he
should lose no time in thanking the one
who gave him the opportunity.
PASTE IN YOUR HAT.
An Incomplete Litt of Tclluridc Com
pound. As Tellurium is found in many places
in eastern Oregon, it is well to have the
following list of principal tclluride min
erals on hand that simple tests can bo
made in case of doubt :
Calaverite, 6(1 per cent; gold, 44 per
cent ; hardness, '')... ; color, bronze yel
low. Hessite, U" per cent ; silver, IK1 jht
cent; hardness, '2i to It; color, steel
grav.
Coloradoito, H8 percent; mercury, ttt
per cent ; hardness, .' ; color, iron black.
Tetradymite, 48 per cent; bismuth, fi'J
per cent; hardness, ',i to 2; color, pale
steel gray.
Melonlto, 7(1 per cent ; nickel, -4 per
cent; hardness, 3; color, reddish white.
Sylvanite, 5(1 per cent; gold, 1!8 er
cent; silver, 10 per cent; hardness, lj
to 2; color, silver white.
I'etzitn, 'Xi per cent ; gold, 25 per cent ;
silver, 42 per cent ; hardness, L", to II;
color, iron gray.
Altaite, 38 per cent ; lead, 02 per cent ;
hardness, 3; color, tin white.
Xagyagite, 32 er cent; lead 54 ht
cent ; gold, 1) per cent ; hardness, 1 to
IJb ; color, lead gray.
A mineral scratched by a linger nail
has a hardness of about 2 ; one which is
cut by a knife is aliout 5j in the scale
of hardness.
The Mormon Temple.
The Mormon temple at Salt Lake City
is no doubt the most substantial and
well constructed religious edillce in tho
United States, if not in the world.
Corner stone laid April 0,1853, cap stone
April 0, 1802 and dedicated April 0, 1803
over forty years of constant labor lieing
consumed In its construction. This
magniflccnt structer 200 feet long, 100
feet wide is built entirely of Utah white
granite, beautifully carved, symbolic of
the Mormon faith, surmounted by six
towers, the highest lieing 230 feet from
the ground, supporting a bronr.o statue
of the angel Maroni. The cost of this
building is about 411,000,000. There are
many other attractions at Salt I-nko
City of interest to the traveler or tourist
where a day can lie well spent. The
Hio Grande iHtheoulyTrans-contiiicntal
route passing directly through Salt Lake
City, where a stojxiver Is allowed on nil
classes ot tickets. The service of the Hio
(irandolincHis unexcelled. Three trains
daily between Ogden and Denver, carry
ing all classes of modern equipment. If
you are contemplating a trip to the east,
write the undersigned for information
regarding rates via the "scenic line of
the world:" V. C. Mcllride. General
Agent, M. J. Hoche, Traveling I'assciigor
Agent, 124 Third St., Portland. Oregon.
One thousand pounds of Christmas
candies just received at Sturgills.
MINING
INVESTMENTS
WECM SELL YOW STOCKS
IF LNTEf WITH VS
WE HAVE FOR SALE
HYSON
AHCHULKTA Oil.
NAVAJO Oil.
CONSTKIXATION
NOUTHWKSTKHN CON.
GOI.CONDA
CRACKKR-ORKGON
LISTEN LAKK
GOLD BELT
KLDOKADO
Wilson SBucknum
SUMPTER, OREGON
TTJfc
This is
"Worth Your While"
OUT IN THE Famous Cable Cove
district there is a prospect that
is the making of a great mine.
This we know to be an absolute fact, be
cause on both sides of it the ledges have
been proven to be wide and rich, both
width and values increasing to a known
depth of iooo feet. On these particular
claims sufficient development work has
been done to demonstrate that the ore
is there.
We need money with which to block
out and treat the ore, and you can get in
on this good thing at ground floor prices.
You can buy an interest, large or small,
in a property that is sure to develop into
a mine, at a figure usually charged for an
unproven prospect.
Write and let us submit to you an ex
ceptionally favorable proposition.
Address,
Overland Gold Mining
Company
SUMPTER, OREGON
ytofllflllltllllMMMfllllllllllMllfllfllfllllfl
BLUE BIRD
MINING
COMPANY
Capital $200,000
FULL PAID AND NON-ASSESSABLE
MINES LOCATED IN GRANITE MININC DISTRICT. EASTERN ORECON
50.000 SHARES OFFERED
Xurp,c" WHEELER & CO., Inkers
It IIROADWAV. NEW YORK
Mention No. to end the North American Miner will tie mallei yiiu U nonlhi Irtt
IF YOU WISH TO
: -INVEST IN MINING
Either to buy Gilt Edge Stocks, a Prospect
that is "the Making of a Mine," or one that
is already made, write me what you want
and permit me to submit a proposition.
ADDRESS
E. SANDERSON SMITH
SUMPTER,
MINES AND MINING STOCKS
OREGON