I rom first to last, the PUBLIC is the mine, AND
THE RETURNS COME OUT OF THE SAVINGS BANKS. In some mines "high
grading"--the carrying away of valuable pieces of ore by the
miners themselves--is fought as sternly as the diamond stealing
by the Kaffirs in a Kimberley mine. In yet other mines, far more
numerous, high grading is encouraged among the miners. The report
gets out that the ore is so rich that the miners steal it in
their dinner pails. That booms the stock. WALL STREET MAKES THIS
MONEY OUT OF THE MARKET AND NOT OUT OF THE MINE.
In spite of all warning and all examples, the average American
will to a certain extent persist in gambling in mining stocks.
Supposing this to be true, it is of value for the investor to
learn something of the theory of mines, something enabling him to
pass on the natural value of any mining stock which is offered to
him. What, then, is a mine? What are some of the inevitable
features in developing a mine?
In the first place, there must be prospecting. This is sheer and
unavoidable risk on the face of it, and it is attended with
economic waste which cannot be avoided. Of a hundred prospectors,
ninety-nine die poor.
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