The Ketchikan miner., 1909-09-11
MINES AND PROSPECTS

-hAAtAS eAANA AASeaAa sA . A~as cNStSks concerning measures for the protee- tion Of the public. there will doubtless arise the various difficulties that hamper most reform movements. One of these thas seems just now coming above the horizon is the conaiei
 between the desire to enforce high ideals and the necessity for exercising the virtues of patience and tact is striving for their realization. The over-vaiuation of mining properties oy investors and the public due to ignorance of mining conditions and a lack of appreciation of the real nature of the investment with the serious abuses that have grown up in conse- Quence of these conditions seem to demand not only frank statement of all available facts and estimates in every mine report, but also the full- est possible interpretation Of such data with reference to the mines pre- sent status and future prospects. Of course, there is a large class of mines,
 falsely so called whuss shares are sold widley over the country as recently pointed out by Mr. Merrill in these columns. one of the most difficult tasks that confront the soclety in it's cam paign for the square deal to the pub lie is that of enlightening the people on The distinction between mine and mere prospect. As I under stand It, however, the society is devel- oping the less refractory vein first and the one that seems to promiss more speedy returns, ramely, the relations of the real goin. mine to is stock holders.
 Surely il is to the interest of the mining industry in every wa-, and particularly as regards its standing in the public estimation, to combat the prevalent idea that mining is an aggravated. although somewhat pie :uresque. form oi gambling. The sooner a mine comes to be known and dealt with as tangible asset the better fer all co1cerned in real mining. This category Of course. does not include the professional specuIstor and inaasor These are the parasites of tue industry; and parasites are not only a source of discomfort in civil ized society they are . positive dis grace.
 While We cannot weigh mine and attach positive value to IL as if i: were a packet of lea. still il is possi- ble b arrive St valuation on per tactiy rational basis. The public should nc; only aaow this, but should be abe to take advantage Of the results, with the clear understanding of course, that such 3 valuation is only an esti- mate. and that various assumptions as well as known facts are involved in its computation. If mine cannot reason ably be valued at above $500. 0oO. and this fact is ascertainabIs on competent authority. there Is bitter danger Of the percolation Of 'me.eoric waters into 1t to The extent Of s500. GO and such "magma.ic waters" as may have attended it's intrusion into the upper strata of finance will be quickly elin- mated by the normal processes of cool ing and specialization.
 4 good mine report should certainly include a statement Of oIe reserves. and the s:ocs holders may also reason bly demand an estimate of the pcoba- 5Ie life~o, the mine. This i1forma- riCn furnishes 3 basis for some sort of of mines actual value. Otherwise there are matters of little interest or importance to the public. IL may be contended, however, that to stop a, this point Is to defeat, in measure, she main purpose, 50 far as the investor is concerned. He will read of ore reserves and life of the mine with only vague conception Of their real significance ard he might well inquire in the language of the street: '-@hat s the ansEer?" h is no reflection on the average inselli- gence to-say that few, even among business men. can properly such data. The services of an expert are required, and the stocknojder may contend that he should not bs obliged to employ an engineer to interpret the company's