The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1907-02-11

The Star prints today astounding expose OF the mini
ing business in Western Washington
1t shows conclusvcly by facts and figures which cannot
be controversial that mining in the Cascade and
Olympic proved costly deusons and snares
and that where millions OF dollars have been sunk in pros
peets practically nothing has back in the shape OF
dividends.
THE WORST FEATURE OF 1T is THAT NEARLY
ALL OF THE MONEY LOST CAME OUT OF THE
POCKETS OF THE pEOPLE-oF WAGE FARMERS
OF SEATTLE AND WESTERN WASHINGTON.
WHO WERE LuRED ON BY PROMOTERS" TO IN
VEST THEIR HARD EARNED DOLLARS UNDER IL
LUSIvE PROMISES OF SUDDEN WEALTH
Usually scheers kept their money out OF these
deals but reserved themselves generous share OF
motion stock on the chance that something might possibly
come out mines In many instances they went further
paid themselves fat salaries expenses etc. out OF the
stock sales st other the funds appropr
without these prsext and the investors left to
whistle.
OF course prospect holes" were usually sunk carry
out the impression things being conducted by the
companies in good faith.
Ii is also right to state tina, occasionally the promoters
really believed they had good thngsalthough they
still quite willing that outsiders money rather than
their own should the accuracy OF their beliefs
The Star has desire discourage legitimate efforts
to develop supposed wealth OF these mountain ranges
by who afford to lose money II il be demon
ssraed day that mining OF other minerals than coal
be made pay Washington the whole state viii rejoice,
BUT THE HISTORY OF MINING IN THE WESTERN
RANGES is DIRECTLY CONTRARY TO THAT CON-
cLuSIoN
intention OF warning the general public
against further in mining companies whose only
assets arc prospects, The Star showing how few Of
the many hundreds which have been organized in King
county have brought anything but disappointment and loss
70 the people who invested money in them.
THE FACTS PRESENTED DEMONSTRATE ABB
soLUTELY THAT no persons Of small means especially
wageearners afford money in mining pros
poets in the Cascade oiympi. ranges matter how
tempting they may appear.
Twenty years Of uninterrupted failure in these
tains should be sufficient proof.
The facts prove also that ANY COMPANY WHICH
ADvERTIsEs STOCK FOR SALE IN WASHINGTON
MINING PROSPECTS asks for money with full knowi-
edge that millions have been sunk in similar and
nothing made excepting by promoters and prospect
who unioaded their valueIess others.
The Stars expose ought put end to wildea,tng.
far mining locations in Washington concerned
But it is harder suppress idesttng in prospects
in other districts where rich discoveries have
occasionally been made
In three consecutive issues beginning tomorrow The
Star win deal with different phases Of the mining in
Western Washington showing the operations Of wildcat
promoters during the last years.
TOMORROW A GENERAL REVIEW OF WILD
cATT1NG IN SEATTLE TOGETHER WITH EXAM
Piles OF LOCAL WILDCAT COMPANIES. WILL BE
PUBLISHED. 1T WILL TELL OF FRENZIED SPEC
ULATToN INDUCED IN BY MANY MEN PRoMI-
NENT IN FINANCIAL AND POLITICAL CIRCLES
AND THE LOSS OF MILLIONS BY THE WAGE
FARMERS INVESTED IN KING COUNTY CORPORA
TIoNs WHICH HAVE SINCE DIED OR WHOSE
STOCK is HAWKED ON THE MARKET TODAY AT
FEW CENTS PER SHARE
Wednesday will appear review Of the oil swindles per-
petraed the public by Seattle promoters and list Of
companies Of large capitalization NONE OF WHICH
EVER PAID DIVIDEND TO STOCKHOLDERS. and
which today by thousands Of shares Of worth
less stocks.
Coal mining the only branch Of the industry which has
been made pay will be taken up Thursday. In this line
also the failures largely outnumber the
Automatic Divorce