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Show Miniiag and Financial How far can the western metal mines finance themselves? is a pertinent perti-nent quostion In the mining world just now. Although the point at which now prospects are absolutely dependent upon the resources of their owners for working capital has not been attained, things are tending in that direction. The writer has in mind at least four worthy mining enterprises en-terprises that can demonstrate, us far as demonstration is possible in advance, ad-vance, their ability to earn a high re- turn on the capital refuired for development. de-velopment. Two or three years ago there would have been no difficulty in disposing of -all the treasury stock necessary , to provide development if funds. Now the owners hesitate to put their pioposltion before tho pub-lie pub-lie because of the adamantine Indifference" Indif-ference" with .which every "of fering of this character Is received. Stooks can be 'sold. The spirit of Investment Is not altogether extinct, nor has tho tribe of speculators disappeared entirely. en-tirely. But the price level of standard stand-ard stocks is so low that no new issue can be marketed at anything near its normal value. 'The flotation expenses ex-penses are vastly higher, too. Where, under former conditions, enough subscribers sub-scribers could be obtained among ten thousand persons to finance a good-sized good-sized enterprise, the promoter now must reach a hundred thousand to obtain -the same results. The average aver-age sales aer so much smaller than they used to be that the selling cost per share is multiplied. Botwoon tho millstones of lower subscription pricey and higher soiling costs the mine-makers, mine-makers, unloss they have exceptionally exception-ally strong connections, are ground Into something resembling breakfast food. It was never onsy for Individual owners to finance mines. When tho task was accomplished it was because the ownors had considerable money, or because the ore was vory rich and lay close to the surface. A majority of tho most profitable properties would novor have boon developed if the owners had been compoUod to rely upon their own efforts or tho little lit-tle monoy they could raise among their friends. And at tho tlmo tho old bonanzas wore struck mlno-mak-Ing was far loss oxponslvo than It Is now. A man, a hammer and a drill foimod tho unit of mineral dovolop-mont. dovolop-mont. Tho mine swlth ore bodies nearest the smTnco wore tho ftrst to bo found. The low-grndamlnos could not bo worked n profitably as thoy can , today many could not bo today many could not bo worked at all, but the operation of othois was comparatively cheap. No wtho aver-ago aver-ago mine makes Its profits from oro that would once havu been elassod as waste, tind It has to have an elaborate equipment of compressors, air drills, PQyor hoists, trums and other equipment equip-ment before It can eajyi i .dollar. All tho high-grnde surface deposits have not been found. When they are found they can finance themselvos as successfully ns the high-grade sur-faco sur-faco mines of yoro. High-grade mines lying deep can be dovolopod in time on small capital If tho ownors can walt Indefinitely. But tho most reliable re-liable mines -those With largp I resources re-sources of milling oro are at tho mercy of the public. If the public will not Invest such properties 'will remain unproductive. The .difficulties .difficul-ties of mine development without capital find illustration in the recent history of the King William "at Tlntlc. Here was a property that had everything every-thing to recommend It location, geology ge-ology and price. The ownors managed to borrow monoy to drtft on the 1900 level for '300 feet and for a few feet on the 1400, both headings starting from tho workings of the Eagle & -Blue Bell, thfe adjoining property. Then tho money ran out. This work, done In 1911, quickly mised the market mar-ket price of the stock to 17 cents a shaie. Whon the work stopped the price fell to 4 conts. Last week it was announced that the United States Smelting, Refining & Mining company com-pany had contracted to undertake tho development of the King William, and agreed to pay 25 cents a share for the control of tho stock if tho pioperty justified Its confidence. This guarantee of extensive prospecting prospect-ing and a fair price for tho mine if tho prospecting were successful caused hardly a ripple on the stock oxchango, whore King Wlllium "was selling at G and 7 conts a share. It would bo difficult for a promotor to put a more attractive proposition than that boforo tho public, and if he met with no bottor response his flotation would bo a failure. Dosplto tho unfavorable auguries, howovor, some now promotions are to be undertaken. Ono of these, It Is undoistood, will bo of a Tonqpah proporty known foimorly as tho Tonopah-Belchor and u'ohrlstonod tho Genoral Thomas. It has boon under un-der loaso and can show a body of ore. Thore will bo but -a limitod issue of promotion stock, as tho necessities of tho mine are few and tho development develop-ment so far advancod Tho launching launch-ing of tho proposition will bo watched with intense interest, os its succoss or failure will oncoumgo or discourage attempts to finance locally other mining min-ing enterprises. . The management of the South Tleola at Alta speaks in high terms of tho vain opened above tho Dyor level In that proporty. There Is every indication in-dication that the oro body Is In the well-known Wodgo fissure, and if this supposition Is confirmed, the South Hocla has more than 250 feet of stop-Ing stop-Ing ground above Its topmost workings. work-ings. The trouble with the men re-stilting re-stilting from tho reception at the mine boarding house r the non-union minors burne.d o . Uie, Co.hjmbus' Extension has boon settled amicably, and the production of shipping ore resumed Below the Dwyer leel the outlook Is rogtirded as favorable, al- H though thore Js a change In tho char- H actor of tho ore in tho fissure, the H load changing to coppor at depth. H South Hocla has boon prominont on H tho curb market of lute, two sales H having, boon made. If any one rises fM to object that two sales do not make H a stock prominont, he should sit down H ajtiln, for It Is ovldent that ho Is not M famlllnr with our market. Ton conts H a share Is the accepted price of thp H Ifecla. H H On the legular exchange some of V9 the higher priced lesuoe, such as Iron B Blossom, Silver Ivlng Coalition and M Victoria, are finding buyers at ad- M Mincing figures, but the cheaper H shocks attrnct no more attention than H the lynching of a rtogro Iri South H Carolina. The buyers of Iron Bios- H som take the 10-cent dividend due H In AprP into thoir o'culatlons, und H theje is no doubt that most of the H purchasers of Silver King Coalition H are nursing similar hopes In regard H to that property H |