Organization and Growth of the United States Smelting Refining and Mining Company

MINING, in contrast to manufacturing, deals with a wasting asset. That which is taken out of the ground is gone, the property is depleted to that extent, and will eventually become exhausted of profitable ore. So the life of a mining company is dependent upon the ability of its management to develop improved methods to permit extraction at a profit of the lower-grade ores which remain, to extend by intelligent exploration the limits of its known ore bodies, and to find and acquire new properties to take the place of those that, for one reason or another, are no longer operated. Its history is a story of constant change, of the working out of properties here and the acquisition and development of properties there, to maintain the vitality of the whole. It is a story of estimating with the tools and the knowledge available the location and extent of hidden ore bodies and of devising the means of extracting