"Gels gone to bed," he announced. "What's Keith doin' up to Casey Town, Westlake?"
"It won't take long to tell you."
The four walked over to the corral and the three partners climbed on the top rail, ranch-fashion. Westlake stood before them.
"Practically all the gold found in Casey Town comes from the main gulch where the creek runs. The gulch was once non-existent. It is likely there was a hill there. Its nub was a porphyry cap, the rest of it was composed of layers of porphyry and valueless rock dipping downward, nested like saucers in the synclinal layers. Ice and water wore off the nub and leveled the hill, then gouged out the gulch. They ground away, in my belief, all the porphyry that held gold except the portions now lying either side of the gulch. That gold was distributed far down the creek, carried by glacier and stream. Casey found indications and worked up to where he believed he had struck the mother vein. He did strike it but it had been worn down like the blade of an old knife.
"It was the top layers that held the richest ore. Of those that are left only one carries it and that is the reef that outcrops here and there both sides of the gulch. This isn't theory. All strikes have been made in this top layer. Where they have sunk through to a lower porphyry stratum they have found only indications where they found anything at all. But the strikes were rich because sylvanite is one of the richest of all gold ores. They look big and they encourage further development and—what is more to the point—further investment. Some of the strikes have been on the Keith Group properties. They have boosted the stock of all of them.
"I have been developing these group projects. The value of group promotion, to the promoter, is, that as long as one claim shows promise, the shares keep selling. The public loves to gamble. Keith came back this trip and proposed to purchase a lot of claims that are nothing but plain rock, surface dirt and sage-brush. They are not even on the main gulch. He can buy them for almost nothing. But he does not propose to sell them for that. He was going to start another group. He ordered me to make the preliminary surveys. Later I was to plan development work, to make a showing for his prospectus.
"He knew one would have as much chance digging in a New York back-yard. I told him so. He has his own expert and, if he didn't tell him so too, he's a crook.
"Keith said he understood his business and suggested I should attend strictly to mine. I told him I understood mine and that it included some personal honor. I was hot. I suggested that wildcat development was not my business. He called me a quixotic young fool among other things, and I may have called him a robber. I'm not sure. Anyway, I quit.
"Now, Keith's kept me off from the properties as soon as they have been fairly started and I have been only consulting engineer for the Molly. I've been busy on preliminary work. The engineer he brought from New York has been in actual charge. That was all right. I'm comparatively a kid. But I know what is going on generally in Casey Town. There have been no more strikes, for one thing; the discoveries have all been in the one layer and they are gradually working out.
"Keith would rather develop a good property than a bad one. He has established himself, has a future to look to. He carries his investing clients from one proposition to another. He never has to risk his own money and he has been lucky. He has made money—lots of it. Now then, why does he start wildcatting?"