Los Angeles herald., 1905-03-06
Legislation Invoked to
Save Unwary From
Bad Investments
MINES ON PAPER
WILL BE VENTILATED
Gold Dredging Proves PrOfita.
ble-Mines Active in Cali
fornia-Arizona Mines

at Sacramento that will regulate the
exploitation of paper mines of which
the chief yield is valueless mining
shares to be sold to a gullible public,
the subject of mining fakes is also
under consideration in Colorado. Ac-
cording to the Mining World, the Colo
RADIO state geologlst has suggested to
the governor of Colorado that blanks
shall be issued by the state geologist
to mining companies, calling for COM
prehensive statements in regard to
property, development and finances.
The statement is not to be compulsory
The World argues that all legitimate
mining companies would be glad to
take advantage of the opportunity to
be afforded through the blank system
to place themselves on record, while
persons who have been invited to be-
come investors will be able to learn
whether the company that desires their
capital has assumed the proper atti-
tude. Every investor will know what
the states questions are, and If any
are unanswered it will be possible for
the investor to get information why
the needed answers are withheld.
Wyoming has a law that makes it
the duty of the state geologist to re-
port upon the physical condition OF
any mining property upon request, on
the payment of a fee of $25. Fifty
four such examinations were made in
1904. Publicity" says the World, lis
al GWindlnS
When this publicity is made matter
of record the interested parties have
reliable data upon which to base their
action"
Another scheme for the protection
of the investor in mines has been pro-
posed in Colorado, which is summed
up as follows:
1t is proposed to have the state ex-
anime mining corporations as banks
are examined. The promoters of the
plan urge that the state bureau of
mines is responsible only for the physi-
cal condition of the property and that
it has nothing to do with the financial
status of the operating companies. 1t
is urged also that there is no authority
to whom a prospective investor may
go to ascertain the value of any stock
or the condition of the financial affairs
of any mining company. The inspector
or examiner, according to the ideas of
the men back of this new legislation,
shall be accessible to visiting invest
ors so far as advice is concerned, and
shall further have power to satisfy
himself as to the status of any mining
corporation by personal inspection of
its books. He shall also be empowered,
if satisfied that any company is in
solvent, to prevent it's receiving any
money in exchange for stock"
Giant Ledge Strikes
L. M. Gregory, president of the Giant
Ledge Gold and Copper company, has
returned from visit to the company's
property located in the New York
mountains some six miles west of Man
vel in San Bernardino county. The de-
velopment of this property is progress
ing satisfactorily under the manage
ment of E. Brough. The main or No
tunnel is now in $40 feet and is being
pushed for the purpose of encountering
a contact ledge known to exist between
the lime and granite formation prob
ably some 100 feet farther away. In
driving this tunnel the crescent of the
Giant ledge disclosed a body of ore
sixty feet in width at a depth of 300
feet below the surface. Another ledge
of ore was cut of about eight feet in
width. Recently Mr.. Brough uncovered
a new ledge 300 feet to the south of the
Hard Cash workings, an eight-inch
streak of high grade iron quartz with
values in copper silver, lead and gold
amounting to $1s,19 per ton. The large
body of ledge matter of the Hard Cash
claim is sixty feet in width and easily
followed between granite and lime.
and the ore a f1uor spar with values
ranging from SO to $40 to the ton. The
tunnel follows the ledge on foot wall
for 900 feet. Other development is by
drifts, laterals and crescents. 1t is
estimated $1,000 tons are already
blocked out
California Mine Activity
In the Greenwood district in Ell Do
RADIO county the Santa Claus Mining
company has been organized. with
100000 paid up capital, according
to the Georgetown Gazette. The prop
erty has been worked before, but will
now be opened on larger scale. In
the same district development work is
proceeding at the Oliver quartz mine.
The mine is owned by Mrs. Sarah j. de
la Montanya, who is developing the
mine with her own capital. Several
good prospects are to be developed by
individuals In Greenwood.
In the Humbug district in Soskiyou
county the Mckinley quartz mine has
been leased to William Jamison, to be
developed. The Mono quartz property.
otherwise known as the old Punch
Greek claim will resume during the
coming month. Eastern people have
bonded placer ground at the mouth
of Vesey creek in the Virginia Bar
district Operators are drilling for
,..o.xaot. a., tha Oro Eino diatrtot