The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-01-15
GOLFERS AND MINING.

Golfers Weekly has become the ex-
ponent of many good reforms; and in
its battles for the peoples right, it is
restrained by no cowardice and by no
flint crest. Usually. its statements
of fact are invulnerahle and its opin-
ions are unassailable in their logic. But
even the wide scope of its informa
tion is not always sufficient to protect
the paper from error. Once in a great
while it misstates an important matter
or makes an unjust deduction from
| given set of facts,
In it's issue of the twelfth of January
it contains an editorial of which the
following are n few sentences;
| Have you bought mining stocks? Sell
| them Offer them back TO the man who
| sold them. Offer them at the same price.
| Offer them al ten per cent less: Offer
| them az twenty per cent less. This will
accomplish your own disillusionment. and
| bought more. 1t will also effect expo
sure Of the person who sold you the
stock. Daniel GuRgenheim Is
| the greatest miner in the world He and
| his six brothers own mines that aggre-
| gate a billion dollars. That family knows
more about mines than most Of the rest
OF the world combined. The other day
! Mr.. Guggenheim uttered a solemn warn
| ing against "the nlmsy character OF the
| mining stocks now finding a ready mar
ket." lone In three hundred" he said.
'is a conservative estimate OF the pro-
portion OF prospects that eventually full
| hll their promise Within a week after
he uttered that warning Mr. Guggenheim
! made public announcement that he had
! himself been caught He had bought a
| famous and widely talked of mines and
when he discovered he had been deceived.
he backed out OF the trap at a cash loss
Of S2,50o,0 900. When Mr.. Guggenheim
| said one in three hundred he referred
10 the more or less reputable mines whose
| shares are sold on the regular exchanges
| II he had included the mines whose shares
are advertised az FIVE and ten cents In
the sunday papers, he would have said
| one In thirty thousand
| The entire tenor of the article is
such sweeping anathema that one is
surprised to find it in journal of the
character and reputation of Collier g.
cone in thirty thousand - That is
equivalent to saving that no New York
paper has advertised any reliable min
ing stock in all the period during which
mining stocks have been for sale
unless Golfers should choose to take
refuge in the technical words, five
and ten cents " It's readers will nat
urally infer that, since Golfers itself
uses no saving word and utters no ex-
preston which can be construed as adj
mitting that any mining stocks can
be of real value, all are equally con.
signed to limbo.
Mining, and the kindred industries
which are dependent upon it, consti-
tute the largest factor in the industrial
and commercial progress of the United
States. Except for the output of mines
the civilization Of today would stop
Collier S could not be issued for its
entire material plant, with n few OK
ceptions, is derived from mines Every
battleship that floats is built from the
product of the mines In the highest
art of peace-that Of printing, and in
the most important factor of war
that OF the navy; and in all the inter
venIng Industries, occupations and
achievements, the result of mining is
essential to progress and even TO the
maintenance of existing civilization.
Except for mining the farmer would
plough with forked stick, pulling his
crops up by the root and beating out
his grain with wooden fail. Except
for mining the means of transportation
would be the creaking wooden bullock
cart OF the pslanquin. There would be
no money. IN the world, for all issues
of governmental currency and all prom
ises to pay are based upon metallic
money. Without mining the world
would return to a state of barbarism.
Without mining the world never would
have emerged from barbarism,
There may be many wildcat stocks
advertised in the New York papers
but if so, that is a reflection on the
papers and the administration of the
laws against fraud in New York. But
there are thousands of splendid and
profitable mining enterprises, whose
stocks have been sold at n few cents
per share. and the small moneys thus
received by the companies have been
J honestly and successfully applied to
the development of immense wealth
producers.
The craze for mining stocks in New
York City is only one phase Of the
5 speculation in that metropolis which
is no more nor less than gambling. And
= 1T is no worse, either in its financial
e losses or in its immoral effects, than
5 other forms of stock gambling. In pro
, portion TO the money invested. in al
Y proba ability as much is returned ms from
| anv other form of stock gambling The