The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-09-18
|[UE Of MINING
DISCUSSED
4. Finlay Handles the Sub
ject With a Rather
Rough Pen.
& MEASURE OF HOPES
,,ks Priced by Public Be-
cause They Lack
Stability.
Z MEASURE OF HOPES

Stability.
..in, Is an excerpt from the
~ s,o,, NJ ]. r. FinlaY on the
= mines Of Michigan;
- ,.orEs do not represent an''
a.orIte. Some paw dividends IN
,helr quotations arc compar-
a. ,boss Of other securities. but
m.,orv Of cases mining stocks
no,hinc more tangible than
they nuctuatc wildly AS these
~, and subslde. The very fIuctua-
~. ,base stocks useful for gam
r.,,,,e b,y them not as serious In
arts but as temporary specuianons.
4 tpowinrly paving far more than
-. unr,h. on the chance of selling
Ia. ,on,ehody else for still more.
.,y ceses this sor, Of thing has been
-l-.a Into business which depends
~ Intrinsic. value in the nroDcr-
IN wholly In gambling. For this
~ ,hc stocks are rrized not be
4 ,hev are stable hut because they
.InFtsblc. .,,
<niahlo instance of this is that OF the
4. comstock mines Of Nevada, which
scarcply paid dividend In thir-
|>ars. On the contrary the assess
/. have reached astounding figures,
.hiy over n score Of millions. Ihc
-msnts paid by stockholders mere
.kr The place OF prizes paid by
.ks. serving no purpos' except 70
.Ifa,e Tho gamble The public, OF
\ il fed with tales of the marvellous
mites of these great mines and
nast record is pointed 10 often
Ia Still II is doubtful II much q!
. stocks Is sold to n cullihlo public,
nv mainlv bought and sold by sea-
4 rnn,blers with whom it Is case OF
eat doc
Changing Valuations.
|,le this Is an extreme case il iz
a trur that gambling forms an clc-
/ 10 be rsckoned with i'm every dis
6hsre trading In mining stocks has
~e established. The copper dis
4 0 Michigan Us no exception, There
4 n cases Of terrific fluctua tions In
Values The ATCadlau mine was
"A 81 one time AT $4,000 900: n few
. Ialer at $50 900, bv stock quota
.se reasons make /, evident that the
4 stock quotations in a serious an
y OF mining properties is illogical
meath the dienlt" Of q soGernI"1
But II the method is illogical IL
<fainly impraciicable. because In
~ sfKa La - f,.E l.,s
/ Companies. whose shares arc traded
confined 10 a single district-the
mines. The much moro important
I|nes are owned mainly bv outside
>tlons or partnerships simply as
'Ih private property. No nyaila ble
lrps apply in them even remotely.
'fniously necessary 10 use a method
flIl spDlv fairly to all properties
nput the. state.
lqation Of Undevcloped Lands.
plsln That where no deposits have
tofked and not even proved 10 cx-
aeVuitc factors which csn he an
~ the valuation Of all active mine
King. In this case no definite ap-
ran he made. A figure only rsD-
guess. can see no way 10 come
epnelusion about such lands. other
atiempi such an ANALYSIS of the
y may llmlt the range between
auesses VIII be reasonable. In this
lon II seems desirable to discuss
W. points of difference between
sha ntler forms Of business.
rihing business may properly he
1unanle Oh the ground that an es-
prsnminary is the discovery Of "A
IN lie crust of the earth that liz
iE valuable. : sufficient quantity
s"a or" IN the rrmptesl desert is
as soon as il is discovered. The
Is valuable. The commercial
W uul'zlng the ore can so GER
soWen lhat no one !e much con-
Eonni u Such dcposit can
valuable because II is limited in
rTmhsrqncnily. It's size and the
Ssm lhs' are points OF great con
most essential factor i'm ih..
eail oe put upon H. With min =
valuable and more common
naple because they are more COM
tphi'hercldl circumstances of a
'' play relatively moro important
contrasted Values.
Err rnino in the interior Of Alaska
sa,udoic unless II is large enough
enough 10 pay for Il railroad 10
An IRON min" In the middle OF
would have no value at all,
'duIoaa ran across It. In other
~u,ih I'm discovery To he valuable
.saitinu range of certain CONNER
oraom Fne value vi coal is still
abpns.oh oi mere environment. II
<suhnhni and can be mined AT so
+AreS That The question of an as
'-Iet is FAR more vital 90 com
lauvc"ss that The discovery of n
vodl Whr~ we come io sti
.,nph .s,, minerals. such as lime
IN n gypsum and brick clay, we
ID ~ are so enormously abund-
"a uIscoNcrN OF them cXcitos nC
.rova., n'cEcr IL Is doubtful whether
M|ue r, VI SAT-, for instance Is OF
=yo N ocean Is fun Of salt De-
nm, -n enVWn In Michigan which
16rsndsn supply tho whole world
r,lna 81 years. The utilization
frIsI elals. therefore. Is wholly =
uNtu'SNcn. and | am disposed
Z IA M octw""n mincs and othe,
t,,c VI inc simple ground oI
: "a L.,.nIn mineral rights on which ihcy
II nMe value or not.
"nat Is Miner?
fnI,t " llli'll 10 one tnlnlfs
3 nrahe n,he' use minerals and ever
H. hasVssssscs, sas, The Pcnnsvlvaui;
one,st s't years been conducting ih,
II ffeau9ns foo Of shaft ainkIng an,
|ripsis NC purpose OF devcionin:
ma ~ ~ New York CITY. but no
ru,n,m railroad a mine, or New
"a a camp. SInilarlv. we ii,
|<km.t au'ticient reason for cnllip,
hinsrss land and the cement manufac
,rco,oc ,o,calsc the first dics cIa,
( 'Iifk 'oha ono dredges mari. II how
> epousHy were limited produc
||seoy"u,si to make the n,crc hon,
y >ason OH a tract of land "a suffl
land 'or placing y higher valu
|1fh wo MAN II would oiherwis
= hsinMInc. might properly caii hrick
I tiSrs Some distinction Of ILL.,;
Z diffsar absolutely ncccssarv % IN NV nv
y tnd ndssnllate > in1"lugcntiv bciwcc,
NJ nsiris ,rt rsast group Of manufactur
IN ."at use minerals.
Excursions East.