Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1907-11-09
AFTER WILDCAT
Mines and Men
los ANGELES CHAMBER or
MINES MAKING SPLENDID
CAMPAIGN.

promotion stock OF the Clark Cop
per company to purchasers who be-
lieved they were buying treasury
stock. the Los Angeles chamber of
mines. which, in Its short career, has
ended the lives of many wildcat min
ing propositions, is arranging to go
before the next legislature to urge
the adoption OF a law that will not
only compel the owners and pro-
moters of mining schemes to make
affidavit that they have put SO per
cent of the treasury stock receipts
into the ground, but to compel them
to pool the promotion stock until the
mining property is on a paying basis.
Also not to float any of the promo
ton stock so that it will come into
] contact with the purchasers of treas
ury stock
Officers of the Los Angeles cham
Der of mines-and, by the way, ].
Ross Clark, president of the Clark
Copper company, is a director of the
rganization-met last week and
were addressed by Rod King, father
of the Wildcat Killing association
He explained to the officials the ur-
gent need of such a law as would
compel the expenditure of at least so
per cent of the treasury stock re-
ceipts for development purposes, and
also the need of preventing promo
ton stock from being sold and COM
ing into contact with the holders of
treasury stock until the proposition
was on paying basis.
His explanation was thoroughly
considered, and he was appointed a
committee of one to dig deeper for
details and to work out the idea for
the proposed new law. Mr.. King ac-
copied the task, and, aided by j. A.
Armitage, he is now framing the bill
and obtaining the views of legitimate
miners and mine owners The plan
is to send Mr.. King, who is the sec
ond vice president of the chamber of
mines, to Sacramento when the leg
islature convenes in 1908, to present
the bill.
Mr.. King, who Is thoroughly con-
versant with the wiles and tricks of
promoters, and the purchasers of
prospects, is enthusiastically in
favor of the law he suggests, believ-
ing that it will do more toward the
| upbuilding and development of legi-
innate mining propositions than any
other method. He points out that,
with 80 per cent of the money re-
/ ceived from the sale of treasury stock
put into the ground for development
purposes, mining towns that now are
dead, would be alive with men and
money
Contrary to expectation, the Clark
Copper company stockholders did not
hold their annual meeting and cleo
ton of officers today. The meeting
and election were postponed until
Monday, November IL, because of the
absence from Los Angeles of H. l..
Percy, promoter of the company, who
is its secretary. 1t is said that Percy
will return to the city during the lat
! ter part of the week.
Work of the Los Angeles chamber
OF mines is receiving favorable at
tention and comment from all over
the land The Produce Exchange of
New York, and the American Mining
| Congress have written to President
j. r. Mathews asking for information
of the organization, and a complete
statement of it's methods of opera
ton and what it expects to accom-
plish. Rod King, James Hodgeman,
j. v. Root and w. H. Fraser have
been appointed delegates from the
chamber of mines to attend the an
nual convention of the American
Mining Congress at Joplin, Missouri,
November IL. They will explain the
workings of the Los Angeles organi-
cation, and will invite the congress
to meet here next year Five thou
sand dollars have been appropriated
for the purpose of entertaining the
| congress.
Attorney Calvert Wilson, expert on
mining corporation laws, has been
added to the mining investigation
committee by its chairman, Mr.. King.
Principles of the Los Angeles
chamber of mines are worked out in
investigating the location of the
mine, the title, the management and
J development In investigating the