The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-09-11
suIay Report Disappoints the
Farmer and Stock Jobber,
Says Journal.
|IJRTS THE SPECULATOR
|;rhigan Governor Sets Good
Example in Getting the
Opinion of Experts.

o- Osborn Of Michigan did good
,os IN inaugurating plans for read
-.-.,, of the valuation of property IN
4. .,ato for the purposes OF taxation
-..,,,lorins the employment OF experts
-,.h branch and thereby acquiring
..,iInc information, which, OF course.
,.s,,v better than the haphazard
..uors OF the ordinary tax appraiser
,hs nhflllment OF this plan. the state
I co,rnisslon employed j. r. Finlay Of
n York 10 report upon the mining
.nsrty I'm the state. Upon this work.
N . CORDS Of assistants, Mr.. Finlay has
4, engaged during this summer. His
n WAS completed about fortnight
4 and part of his conclusions have been
IN out at Lansing TO the press. His
mas as 10 the copper mines nave Deen
-srl.d az sensational, although In tdct
& err SO only I'm their rude rupture
'<orns foolish Ideas popularity held. Mr.
+ny IL sane. not sensational. says the
|rineerlnc and Mining Journal.
hero are two classes OF people who
I6fless arr disappointed. These are the
||1frs OF the lower peninsula. who would
! 10 see a heavy burden OF taxation
4 moon the copper mines: and the stock
.ters OF Boston. who would like TO
.|nfaip quotations that have no direct
lion to actual value. To the latter,
/ FInlny's figures must have been a
&,bshell. As 10 tho real mining men
|he region. we imagine that their feel
4 are rather mixed. When the ap-
nal was begun. there was more OF less
o that such report would be made
1pu!d lead to an increase IN taxation.
t. tendency Of human nature TO look at
.rerty In radically different ways when
Inns 10 bankers and Ia tax gatherers
. strongly manifest. Nobody likes to
|ffce,e the value Of his own property.
hf does not want 10 pay any more
*s than he can help. However. il is
Dfising and not wholly agreeable 10
<eelcd down io nothing al all which
been the fate ot some concerns
"a Finlay's valuations Of tho Calumet
|ecln group OF properties are lower in
~ case than those estimated by the
/|DeerS OF the company In connection
a the pending plan for consolidation.
ne cases OF snmc Of tho outside COM
|fB the results must be startling 10
#kholders. Thus, Quincy with 10000
res which In 1910 sold at S66 10 soo,
pted for taxation purposes at So. sd
Aohawk. with 100 900 shares. selling
plO AT S43 In si5. is rated at $500. 900.
<|yerino with So. 900 shares selling in
at sI02 To sl5O. is valued al 50. 70o. 600
"copper" Range. with SSa, S35 shares.
lnF al $0S 10 sSj. is valued AT $685..
Insofar as its mia!nC interests are
trned. Most rcmarka bic is the case
,tt Lake property whereof there are
IVY shares. which In 1910 sold at $9S. %
<9.ao but Is valued al only $500, 600.
'pg Inc well known mines. Mr. Firlay
,qer ,he Franklin. Tamaracli. Cen
Ial Victoria, Mass and Michigan to
n no value
"a great discrepancies in some Of
cases Is undoubtedly attributable
w prlncinle upon which Mr.. Finlay
'nined HIS figures. He has stated
ns Nainsiions represent only the
ot the mining business and do
"clune property Of value for other
srs. IhoN arc based on an average
production, an average price of
ana an estimate OF future life of
mines. When reliable data for an
~ III The last particular do not
~ y cannot be manufactured. We
me was probably the case OF the
m,ne, which is only in the Initial
y, development In such a case
eoek market caDitaIizes great eXpec-
e WHICH ItaS or may not material
Eeneral, Nr. Flnlay makes an annli-
OF The principles Of mine valuation
- employed by every mining en-
snd II rs no matter for surprise
Ia e,uch -markei valuations shrinl; IIn-
rh tests. III is utterly ridiculous
W htork ot any mining company
~ assured life OF twenty Years,
'o%uio sel, upon basis of only
fhs' W. ,1iNidcnd weld. In such n
w weld ought TO be 10 per cent.
an assured l!fo Of less than twenty
ne ylcid ought to run up 10 so
n., or even 100 ner cent. accord
,,H nv mine. Investors may expect
punuc 10 lose their money 10
js, Wopie lintil they get this prin-
mo their heads.
nnH rona; nat Mr.. Finlay's report has
.vhslrucd AS unduly pcssfmistIc
Fespect IN the future of tho connnr
~, Lake Superior, the end Of
"A, n most cases, he believes 10 be
XLc oshl pt course, he refors ONLY
ont lhal arc now developed,
Inc -, ~ INC district as \ whole. Con-
ure -" ulstt1ct as a whole there is
of Srea' length. trsversed by n
NLk' l"I.s. which no ono can rna
Ia consider to have beer fully pros
~ are long stretches in which
~, mlleS NAV be found i'm the
nj, uin', During recent years yo
M xomer, The discovery and dc
y ~ OF such good mines as the
iI,onnna nnnanplon. Wolverine. Ahmeek
VrtriIns Even now some promising
IL nsir,,I soins on far TO the south
,<E ,nhDorhood of the Lake mine
Y tor ro,ne OF the old mines OF Lake
y fw.' WIN he exhausted during the
th,. Years. VIC are inclined to
y 1Uiair NE district as whole viii
or mset and Will be large pro
~ ,,pppper long after the porphyry
IN wy present day have been for