The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-11

failure of officers or directors of any
company TO comply with this law they
De deemed guilty of a misdemeanor and
slned not to exceed $500 or imprisoned
a LOT a term not exceeding three months.
Inc committee urges that all state leg
lsiatures and the United States congress
pass this or a similar act.
IL was also suggested by the committee
tnat the National Mining congress urge
upon investors the necessity of investi-
gazing companies before they speculate
IN mining property. The following was
suggested by the committee as an ex-
ample Of the warning TO be given out to
the public:
Advice to Mining Investors.
The American mining congress. num-
nering among its members thousands of
the representative mining men of the
West, at its Denver meeting in 1906 and its
meeting at Joplin, Mo-. in November,
committed itself to policy of suppressing
fraudulent mining promotions.
In pursuance of that policy 1t ap-
pointed a fraud investigating committee,
which has issued to the press of the
country the following information, in
tended as a safeguard to the mining in
weston:
I'm the interests of those who wish to
invest, not speculate, in mining stocks,
the committee urges that each prospective
investor arm himself with Information in
answer to the questions below.
Let there be no evasion of the pro-
moter. accept from him no glittering gen.
eralities, but insist on clear concise, ac-
curate information. The honest promoter.
who has a business-like proposition 70
present to business men, is unafraid of
shocking their intelligence by explaining
the business chances which his enterprise
entails.
saT'I,a Cana for Ioro,,,ota-, bo-.o,r
that is. one whose chief interest is in
dishonesty separating cash from the in
weston, rather than in separating metal
from the grounds either afraid to re-
veal the thousand to one chances against
his gamble, or reluctant to disclose his
method of pocketing the lions share in
case of success.
Presenting that the prospective in
weston is anxious to acquire definite in
formation regarding a mining company
and its property, the committee urges
that, as a preliminary STEP he secure pre-
else statements from the promoter in an
swer TO the following questions. mas
much as the misuse of the mails Is a
felony, be sure to preserve all replies, to-
gether with the stamped envelopes con-
tanning them:
Some Pertinent Questions.
q. Company organization when and
where Incorporated?
'2. Capital stock, how issued and ap-
pOrtiOned?
''S What steps have BEEN or will be.
taken to raise funds for the development
or equipment of the property?
q. Is any of the stock pooled?
% How was the property acquired by
this company?
sc. Are there any debts against the
company?
y; Are there any membranes
against the property?
IS. Location of the property and total
acreage? Nature of titles?
-. Nature and extent of developments
and equipment, and how much has been
expended in this work?
10. How much treasury stock has been
sold and at what price?
IL. How much cash is in the treasury?
'12. Has the property ever produced
and if so, how much has it produced
under the present ownership?
'19. Has the property ever been exam
ined by competent and honest mining
engineer? Give his name and address
and send copy of his report.
IA. Is the property working at the
present time? If so, how many men does
it employ, exclusive of stock solicitors?
rs. Has a comprehensive financial re-
port of the operations to date been is
sued? If so, send a copy. If not, count
the writer out.
"These questions are modelled after
few of the most important contained in
q blank form issued by the American
mining congress, James F. Callbreath. sec
rotary. Denver, Colo. This blank will be
mailed TO any address upon application.
Some Methods of Takers.
1T will be noted that question No. Is
calls for the name and address of the en-
glneer who has examined and reported
upon the property in question. To those
innocent of the fact that scores of para
sites upon the legitimate mining industry
masquerade under the title of professor or
doctor. or have appropriated the degrees
of E NJ. or Nj. T.. word of advice may
not come amiss
Investigate the standing of this engi-
neeT by writing some one in a position
TO know, and whose integrity is beyond
question. If you are not a good judge of
these things, exhibit his report to some
one who is
Below is given list of the various
state officials, whose duties concern the
mining industry.
''AriZOna-William P. Blake, state geo.
logist. Tuscon.
"California-Lewis E. Aubury, state
mineralogist, San Francisco.
''ColoradO-T. J. Dalzell, commissioner
"Idaho-Robert N Bell, state inspector
of mines, Boise.
''Kansas-Erasmus Haworth, state geo.
lOgist. Lawrence.
SMichigan-Alfred C. Lane, state geo.
logist. Lansing
North Carolina-Joseph Hyde Pratt,
state geOlOgist. Chapel Hill.
MISSOURI. r. Buckley, state geo.
logist. Rolla
south Dakota-E c. Perisho, state
geologist. Vermilion.
''Washington-Henry Landes, state geo.
'sWiseonsin-E. A. Birge state geologist.
Madison.
Cheyenne.
''In some of these state Offices the reg
ulations require the receipt of 81, accom-
panying ali inquiries, to guarantee an
swer In all of them such small fee
is only d proper reeompense for
conscientious reply to inquiries
"A quick method of getting in touch
with a reputable engineer. familiar with
the region in which the mining property
is located, is that of corresponding direct
with the editors of the reputable tech
meal mining press. Avoid what are
known as promotion organs.
These suggestions to the public are
made by a special committee of the Amer
lean mining congress, COMPOSED of Hon
orable Albert w McIntire. Everett Wash
ington former governor of Colorado; Hon
orable Henry c. Beeler. state geologist.
Cheyenne Wyoming; Judge William +.
Clark. Glover. Vermont; r. L. Herrick.
associate editor of Mines and Minerals.
Scranton, Pennsylvania, and Charles J.
Downey. managing editor of The Daily
NTspino RppOrd Denver. Colorado.