Bisbee daily review., 1917-02-04
San Francisco Mining Engi- neer Writes of the Need of
 Better Protecting Investing
Public From ''Wild Cats" SUGGESTS CENSORSHIP OVER THE PROMOTION
Declares the Line of Demarka- ton Between Good and Bad Propositions, Relating to Ground, Is Indistinct.

Anent the agitation in favor of more rigid restrictions over new mining ventures, Percy Williams, San some pertinent remarks and some suggestions which would aid the legit- innate industry and yet protect the investing public.
 Williams letter follows:
 I have noticed that during the pres ent session of the Arizona State Legis- lature several bills have been. or are about to be, introduced whose objects contemplate either a curtailment or an enlargement of the powers of the Arizona State corporation commis- sion.
 Inasmuch as the bulk of the busi- ness, at the present time, coming be fore the commission is concerned with the incorporation of new mining companies it would seem that a thor ough analysis of the present scope and powers of the commission and the proposed amendments thereto should be initiated and fostered by the mining fraternity of the State who are interested in the legitimate de velopment of its wonderful mineral resources.
 All mining engineers know that the most difficult problems of the indus try today are not technical. but are lo would seem an appropriate time for a candid discussion of the effects and defects of commission control of mining finance.
 The elements involved in a safe and sane legislative program dealing with this subject are psychological rather than scientific. i e. they have more to do with human frailities than with the fundamental merits or demerits of mining as business or profession
 Long experience should have taught us all that no one engineer or asso- citation of engineers is either infalli- ble or a fitting court of last resort when it comes to passing judgment upon any prospective mining venture; but the bona fide and experienced mining engineer and mining operator is well qualified to pass upon the fi- nancial requirements of either a mine speculation or a mine investment.
 Recent history, not only at Jerome, but elsewhere, warns us that there is rarely a hard and fast line that may authoritatiyely be drawn between a mining venture that may make good and one that my not make good, the only discerrible difference between the two laying in the fact that one ven ture has more rock to break-more dead work to accomplish-than the other venture before finding the large ore body or the worthless "stringer," as the case may prove to be. The geological veil can be lifted by anyone possessed of nerve and money. It can be lifted more economically and quickly by trained experts but the reward of the disappointment await ing such efforts in the end is the same.
 However. hard and fast line can be drawn between classes of mining ventures; and this line can be au- thoritativeiy drawn by experienced men. This differentiation is non technical and is solely concerned with a proper presentation of facts and an exercising of sound judgment in deal ing with the financial requirements of prospective enterprise, and a wise supervision of the legitimacy of its expenditures of treasury cash and shares. In other words. an expert enced and competent mining engineer or skilled operator can probably save his clients from vast percentage of failures by his judgment in making recommendations but it is neither fair nor safe to characterize as wild cats" such prospective propositions as are not recommended by such authority.
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