[3] In arriving at these figures I am more than fair. Recent estimates of the average value of the ores is $8, and I know of some estimates by very competent mining men that are as low as $4. Some engineers say justification is lacking for even a $4 estimate. The Dome is by no means a proved commercial success as yet from the mine standpoint, although the possessor of much ore, because of the uncertain average values. How great an exaggeration the New York _Sun's_ $25,000,000 estimate is may be gathered from the statement that to glean $25,000,000 in one year from any mine where the ore assays $11 on an average, and the cost of mining, milling and new development is $7, the gross value of the tonnage in the mine that is milled during the one year must be at least $53,571,000. Further, to reduce such a quantity of that quality of ore to bullion in a single year would require the erection of mills of 17,260 tons per day capacity. As mentioned, the actual per diem capacity of the mill now under construction is 240 tons.[4] [4] It has been destroyed by the July fire and must be replaced. Undoubtedly the Dome mining company flotation will soon be made and the public will be "allowed" to subscribe for the shares or buy them on the New York Curb at a figure agreeable to the promoters. This seems certain, for otherwise why this raw press-work?[5] [5] The foregoing comment on the Porcupine situation has been more than justified by developments after the date of this writing. The first battery of forty stamps in the first stamp mill was not in operation till April, 1912, more than a year from the date of the prediction that $25,000,000 would be gleaned in 1911. The article says that a number of Alaskans offered money at the rate of $50,000 a shot for all the ore that could be blown out with two sticks of dynamite, but were refused. There never was a statement made by any wild-catter now behind prison bars in any literature I ever saw that could approach this one in flagrant misrepresentation of facts. All the ore that could be displaced in one shot with two sticks of dynamite would not exceed four tons. In order to repay the investor it would be necessary, therefore, that this ore average better than $12,500 per ton. The New York _Sun's_ story says that notwithstanding this offer the owner was willing to sell the whole property for $200,000. Imagine this: There are four tons of rock on the property worth $12,500 per ton, for a distance of 50 feet the gold shimmers on the surface, and there are hundreds of thousands of tons of rock in the same kind of formation on the same property, but still the owner is willing to dispose of all of it for $200,000! The statement is preposterous and outrageous. It is the kind described by De Quincey as "all carved from the carver's brain."