Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1907-02-10

lative feature. and the latter is even
| reduced to a greater minimum than in
some other lines of industry All this
for the reason that capitalists are gen.
orally men OF good business judgment.
or men who are in a position to secure
the services of those who have good
| Judgment. In addition to that. they
have all the money necessary to oper-
ate with. A property is offered; a
group of capitalists secures an option
md sends competent Dnen to expert it;
reasonable development follows. II
the expert proves TO be in error-and
the good ones generally make mistakes
in favor Of their employers rather than
against them-the property may be
discarded and another one taken up.
The capitalist can afford to lose rea-
sonable amount Of prospect money in
oi der to insure ultimate success, and
with money and good judgment he is
eventually sure to find a good mine
If he wants TO and sticks to It. The
property acquired. he ~s the capital to
develop it and the control and man
agement never gets away from him, or
them, as the case may be. They can
make all necessary equipment and take
advantage OF every scientific economy,
and in times like these there is little
excuse for the failure Of this class Of
operators.
The above is written merely to diff
ferentiate between capita lists and cap
ital, the latter as reii,senteG by the
promoters of cheap llctations. uIdny OF
asara lie md
many of whom are charged with being
rascals when they are excellent gentle
men, and are operating along natural
lines. and lines, too. that may be con-
sldered honest even though unsuccess-
full. Attention is particularly called to
this class OF promoters, at this time,
by the almost universal outcry in the
east. and some parts of the west,
against so-called fake promotions.
Mining editors are appealed TO con-
stantly TO say whether this or that
promotion is a fake or whether the
property is a good one. II requires a
great deal of temerity to make a direct
reply. In most cases the edior honest
~ has no means of knowing. and il
he makes a guess he is as apt to be
bly, worthy man and a possibly good
property. Unless crookedness be de-
monstrable in court and the evidence
at hand, he will most naturally re-
fuse to go on record. To still more
clearly illustrate the point it may be
said that il five rich men decide TO buy
a mine and spend the money of them
selves and their immediate friends
there is no more risk in their venture
than there would be IL they bought
10. 900 acres of corn land and went into
the business of raising corn, and if
they fail they are entitled to no more
sympathy than they would be in the
latter instance. They are in the first
class mentioned
But, TO continue the smile, 500 men
Of the second class. or perhaps four
times as many, responding TO the prop
osition of the promoter. contribute
from $40 to 800 each for stock al from
ten cents TO a half dollar. and the pro-
moter with the aggregated or dssoci-
ated wealth, buys the 10000 acre corn
field. If it is good land; if the sea
sons are good: if the markets are
right: if the promoter is honest. and
THO UT dSSONidNtu
with him is economical, the stock
holders will undoubtedly make money.
II the promoter is dishonest he always
has control and can blk his stock
holders II he is honest and the other
conditions do not obtain it will be, on
his part. an honest failure, but his in
vestors will lose just the same. His
investors are merely giving him that
much money to do with as ne sees fit.
though. Of course, his promises are all
that could be wished for. In other
words, they are gambling both on the
promoters honesty and on his business
judgment. and have absolutely no con-
troll of the management and no right
TO interfere until it is plainly in evil
dence that the money is being inten-
tionally misspent or disbursed with