, 1906-11-19
Title Not Supported.

enteQ.
Title Not Supported.
At the present time all that is neces-
sary to catch the investors eye is a
superficial knowledge of a few techni-
cal phrases and to calmly sign M. e.
o. e. NJ. after ones name and few will
be found to question the right to do SO.
In the Pusey-Moore case, above cited,
the report mentioned was signed by f.
S. Pussy as Mining Engineer" but no
evidence was brought out at the trial in
support of this title, and in another
case the progress Of a certain pros
pector through various stages of title
has been noted with amusement by
some Of his friends and he is not alone.
His first venture was signed Mine Elk
pert" which later became Mining Elk
pert" later Mining Engineer" and
soon for brevity IN. E." and when one
OF the writer's cards was handed him
in course of business, he inquired about
the degree letters and promptly chang
GU ulo ONu W II. w. 10 COlIGopOhh
Does public Wish Protection?
The above is not intended as a re.
Election on those of the mining profes-
sion, not in possession of degrees, but
engaged actively and %honorably in the
practice of mining and sign themselves
Mining Engineer" and justly so.
These latter members of the profession
are usually amply competent to meet
all demands and would be the first to
qualify under a properly authorized e
amining board.
But there is another and perhaps
stronger opposition to be considered
and overcome. Does the public wish to
be protected? Certainly they do after
their investment has proven to be a
failure, but will they avail themselves
OF opportunity for Investigation if it be
generally afforded. Experience in the
past points to the contrary.
California has a strong law provid-
ing protection against mining frauds
anu Tie ohl1iuio nave SS'Cial Soh' ~
lions to their credit for the betterment
of conditions there.
Wyoming's Good Law.
Wyoming has a voluntary publicity
law and t~wenty-nine companies have
SO far filed voluntary sworn statements
of their work and status. Forty-eight
certified copies of these various state
ments have been issued to inquiring in
vestors on request; a dozen statements
have been refused by the geologist as
containing incomplete or false state
ments and a dozen other companies
have refused to file statements Gas
they have a perfect right to do) when
informed by the g%eologist that invest.
ors had requested such a statement.
The remaining mining companies ap-
pear Indifferent to such a law.
This law was purely All experiment
and has fully fulfilled expectations. 1t
has shown c~onclusively that the gen.
eral investing public is Indifferent and
cares only for a chance to get some
thing for nothing, regardless of past
experiences, and this is the fakirs'
golden opportunity. A recent letter re,
ceived stated that $4,000 had been in.
vested and lost by one man in the
rRst twenty years in mining stocks, but
that this time he has decided to inves.
tigate first.
Promoters Bluff Not Called.
Another case came to light when an
individual came to the biologists Office
and stated fatty that he and his asso-
ciates had been robbed. 1t later devel-
ored that the promoter had repeatedly
referred to the g%eologist and his filings
under the Wyoming voluntary public
ity law, but not one of them had taken
the pains to look it up. The promoters
bluff was not called. In the Pussy
case the bare prospectus and report"
assisted by a few wash sales" on the
New York curb, was all that was nee
essary to fill the promoters pockets,
and so on; the list might almost be in
definitely extended and the same tale
told, but in each of the cases cited the
investors were men of good standing,
educated and successful in their sew
eral lines of business. Too much so,
perhaps because they had no time to
investigate. The purchase of a lot in
their home town for say $4,000 would
have called for a personal visit to the
lot, consideration OF its surroundings
ard probable future value, and exam
nation Of title by a competent attor-
ney, but when a total stranger comes
along with a small minority interest in
a 100 acre tract 1900 to 5000 miles
away, with title open to dispute, to sell
to them, his word is accepted, the
money paid over and the wait for divi-
bends begins. Later they investigate.
Experience as State Geologist.
AS state geologist for five and one
half years the writer has come into
intimate personal contact with ali sorts
of mine promotions and promoters. and
it is his experience that not five per
cent of those who buy mining stocks
take any pains whatever to verify a
pl omotor's statements.
The mining promoter is a necessity
and he usually earns all he gets out