This is a condition which should be emphasized in one's thoughts

This is a condition which should be emphasized in one's thoughts; the money is in the new discoveries, the big money; the rare returns which give a competency for a small investment put at risk. Always it has transpired that where a great discovery is made a swarm of speculative enterprises follow after, the promoters stating that their mines are just adjoining, or just in line with, some well known important proposition and mining discovery. Wherever there is a great mine the country all about it will show indications of mineral; these in most instances do not lead to new mines, but simply point to the great mine which has been discovered. The district naturally has fame because some two or three, perhaps more, mining companies have occupied it and are making great strides at uncovering rich ores; the press is filled with accounts of their great doings, the well advertised situation is such that any property in the famous district can find purchasers for shares ; the mines offered are just next to, or near the great discoveries, what an opportunity! Thousands of late comers purchase, and lose their money. There is little use in trailing after a great discovery, better get in on the great discovery itself, even at an excessive price, than to risk money on cheap trailers; but the conservative thing to do is to recognize that the discovery has been made and that others have it; then keep on the watch for announcements of new fields, and when such are first brought forward be quick to investigate, and if the outlook promises well, and is in honest hands, be among those who get in first.

This condition of profit to the first comers and losses for all who follow after is illustrated in so many places that one can consider it a fact almost beyond dispute that profits are only for the early comers, generally speaking, of course, but in most cases it is a fact; and, naturally, those who get in first obtain the pick of anything the district may afford. In this there are many illustrations. A great excitement was developed when gold was given prominence in California, and millions upon millions were made by those who had the first propositions in the different mining districts; and since then millions upon millions have been lost by others following where the first successes had been made. California is a great state and new mining districts will probably be discovered and then the history will be repeated; good luck to those who get in first.

Later came the discoveries of oil in Pennsylvania with millions made, and then millions lost by late investors.

Then came the southern coal and iron lands with the same results, the iron discoveries in Michigan, the mining regions of Colorado, the copper zone in Montana, the great copper belt in Arizona and New Mexico, the excitement following the discovery of gold in Alaska, and the lives of thousands lost in trailing after those who had the prizes. Today we are having the splendid developments in Nevada, where some few great mines have made, and are making fortunes for the possessors, while hundreds of trailers are yapping out their wares and millions are being lost in expectations based on a supposition that mineral formations are of such great extent that all the numerous companies must have valuable propositions. The same situation has developed in Canada, and will probably develop in relation to Mexican mines where some remarkable developments are taking place. History will repeat itself, a few great mines will be found to have enormous value, and those who have invested in the second rate propositions will find their ventures resulting in a series of grievous losses.

Whatever the spirit of adventure and speculation may move one to attempt, one should remember that those who have made money in any district have been in on the main ledge, the principal deposits, and that is the place where one should have investments if one expects to make money in mining.