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Page: of 90
bond and lease or whether or not he, in company with
friends, could get one, rather than to purchase stock at a
fancy price in some of the companies capitalized beyond
reason or possible chance for profit to the investor.
THREE ESSENTIALS IN MINING
Orn j-Llarr
'! MAY be said, in a general way, that
_ there are three essentials in mining—
the property, the capital necessary to
develop and operate, and the management. ‘The property is acquired either
by purchase outright, by purchasing a
major or minor interest, or by the pur.
chase of stock in a corporation representing certain holdings. Very often options are taken upon certain mining
properties, a corporation organized and stock sold to effect the original purchase of the property. Under such
conditions the purchaser of stock pays for something that
does not exist until he has helped to create it. In a majority of instances the property is purchased by one or
more parties and then incorporated, stock Sold and. development work inaugurated. ‘The parties who purchase it
are known as the “ground floor” parties and usually set
aside a portion of the capitalization of the company to
themselves and sell the remainder as treasury stock to develop the property. In many cases the owner of a property says to a prospective purchaser: “T will place a reasonable value on my property—you put that value in cash
against it for development purposes or for operation, and
I will take a half interest in your cash and you a half interest in my property.” The methods of buying and selling, stocking, capitalizing and dealing generally will be
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