Arizona weekly citizen., 1881-09-04
SALE OF WORTHLESS PROPERTIES.

U
 mining to countenance the impositions
 which are being practiced upon eastern
 buyers Of mining stock and all attempts
 to sell worthles properties should be promptly exposed and condemned. The
 editor of the Las Vegas Mining World
 has been sojourning in tie east and his
 righteous indignation ct the methods Of
 sone unprincipled stock brokers finds
 expression in the following:
 We have been in New York and Phil G0elphia for seventy days .Ne visited
 ths seat ot War in mining stocks almost every day. We studied the situation in every phase which our meagTe compre- hension was able tO grasp; and We come
 back tO Las Vegas, to the centre of legitimate mining business In the South
 west with @ few ideas We know a
 thing or two nov, if we never did be-
 fore. We are disgusted with the specu-
 lative operations that are now the prin-'
 cipal features and attractions of the
 Mining Boards of the two great cities.
 We deplore the fact that are now quoted
 upon their boards, or about tO be quoted,
 a number of worthless mines and also
 many mining stocks which represent nc
 mines at all Possibly the speculators
 know what they are doing, We do not
 There is a system of robbery on rock representations, which Is in such per feet working order that, strange to say, thus far no serious explosion Las Occur- red The day IS fast approaching. how ever, when a higher standard of integri- fy must characterize mining stock brok- craze business. The business may be just as legitimate as any other in the world, and If the corruption which now exists is speedily expurgated the charge of gambling VIII not be truthfully i'm posed upon any who cOnscientiOusly en- gage in i., and make a genuine endeavor tO invest Tn and encourage investment in securities having real mineral merit beneath them.
 The best stocks are not listed. and ol those that are upon the boards. laccord- ing to our modest opinion founded upon observation and iuformation,) the most substantial are rated considerably under the wildcats. No good and sufficient reason can be assigned why this is necessarily the ease. There are plenty Of experts who Will make a true and falthiulrepOrt upon the properties wiicl the stocks represent. Five men cculd visit once a month every mine in Col OradO, which is represented on tl, boards and render a statement of what there is in sight, and that Is all that any body should feel justified in investing ln. He should reckon upOn the DOS abilities of augmented value with devel- Opment for his margin. 4 disregard of this general principle will bring upon mining speculaEons most disastrous panic and a deplorable odium against the industry within a very short period. But facts are not wanted. Opinions are Tn great demand. IT a man who is post ed happens to insiuuate himself within the fold, the herders round hiin up in about three shakes Of the lambs tail and say:
 Look here. Nr. Jones tells me that you saId Co Lir. Smith yesterday tlat Bloody Gulch wasn't worth a --; is that sop
 "Yes, that's what did."
 Well, now, ny friend, you have mo particular interest in that stock, have youy
 Not in the least"
 Well I'll be dod-asted fl i won't l give you five thousand shares O. iLc l Gulch if you will Just keep your month | closed for few days. These lambs here are hungry for the Gulch, and it won't 1. take me many hours to give t.am a ] deal Of it.
 The question may BrIse gs tp Low t.e | worthless stock ever gets on the market | Is II not thoroughly described and re- | ported upon by some one whose iUdu- | me1t was acceptable? By no means. | the routine Of placing it on the board is | not sufficiently vigorous. And all that IS necessary ls for some man of known reputation e recommend it; and here. we must say. IS where the great errors are made, mistakes for which honoreG men In Wall, Broad and Third streets must pay sooner OF later. They were tempted by an enormous 'divvy' from the maln owner to push the stock, and. Dnoyed up ny theIr personal representa- .lOn alone. the name of the miue is called three times a day, while ii may 1ot he thought of as often in tle canr where it lies.
 We dislike to make any sweeping 8enUncIations of the methods of ou brothers in the journalistic profession. We will not do if, but against those men. who are publishing daily and weekly mining sheets, avowedly conservative md honest, yet corrupt, delusivc and seductive Tn every way that may af-I-.. heir own bank account, wecagp,- p,-s'iilg ,c.lif 100 much reproach. They e-s hot journalists; they are bugands iH the boards; they Hrostitute the high calling 'f news-ga.hering and their editorials Ire only valuable to the experienced nan who cen give his reason for buying yDtn they advocate selling, or the re- .erse. We can pick Up copy of these heets and prove to the satisfaction of nyone that their prophecies are in lany instances merely the hopes of the rophet editors, who hold a geoily num- er of certificates of the stock.
 It is not iucumbeat upon us t0 open a ersOnal war upon these abuses and heir authors; they will work thcir OWE min, and the great and powerful indus " of mining for the precious metals i'll be elevated to its just position of lgnily.