In speaking of mining, many people think of a mining proposition as a gamble. True it is, that the unscrupulous promoter has been too much in evidence, and it is not surprising that an intelligent public is inclined to look with suspicion at even the legitimate mining enterprise. Mining when conducted along business lines, is just as legitimate and far more profitable than any other enterprise, but the investor must exercise care and judgment if he would make his investments profitable. Mining is not affected by seasons or stagnant markets. Manufactories are influenced by competition, over-stocked market, variations in the price of raw material, and by the condition of the financial centers. Farming depends largely on the weather, and even when everything conspires to produce good crops, market conditions are frequently such as to subject the farmer to a loss of his entire season’s work. [Illustration: Concentrating Plant and Smelter—1¼ Miles from the “American.”] The product of the mountain is always the same. The mines are the banks established by nature; are not affected by runs; have a market that is always certain, with a demand that is constantly increasing and a wealth of resource—the limit of which is co-extensive with the world. But there is one thing that investors should bear in mind: “_Mines are made—not found_,” and a mine is not made in a day. When any other business is being built up, investors do not look for dividends until a market is created and the supply is sufficient to meet the demand. Many good mines have been ruined by the haste of stockholders in demanding dividends before the mine is put in condition to pay; and by their refusal to recognize the necessity for a large outlay in order to make dividends certain. Description. The American Consolidated Mines Company is organized and incorporated under the laws of New Mexico. The capital stock is divided into 3,000,000 shares (forever non-assessable). On organization there was placed in the treasury 1,500,000 shares and $2,000.00 cash. Our treasurer’s report shows the company to be in a flourishing condition financially. (See report on following page.) On January 1, 1903, there was in the treasury 1,300,000 shares and a cash balance of $11,866.82. _This large treasury reserve_ assures the company of ample means with which to thoroughly develop its properties, erect a suitable reduction plant, to treat company ores and make any other necessary improvements. The Company now owns the Berry, Berry Extension, American and Dewey lodes (each claim contains 20.6 acres), and the Coinage mill site of five acres, a total of 87.4 acres of the choicest mining property in the Rio Hondo District. This property is covered with the finest of timber and has abundance of water, two very necessary factors in mining. Veins and Development.