The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-09-13
Some Observations on Attracting Capital
for the Development of Mining Property


rel, so also 1t takes two to make {
business transaction, and both have
to be satisfied. Let us forget tn.
stupid and often prevalent idea thai
the question of selling a mineral pro,
lperty is a duel between the local mar
and shark from the city, wherein
each tries to get the better of tht
other, based on the general principle
OF trying to get something for moth.
ing Instead, get around a table and
remember that each side to the trans
division of the deal. Both have rights
The one has the property and the
other the capital. Simple--oh. sc
simple that 1t can't be done. Instead
of the first man demanding sum OF
money large or small but mostly
huge, or the second man demanding
discount of the cost of production OF
the property to that stage, much
more equitable proceeding, and one
that would lead to quicker and more
satisfactory results, would be to con-
cede the suggestion that share -and-
share basis might be conceived The
game Of grab may be fascinating, but
1t is also responsible for much loss of
capital in district.
A suggestion worth some consider
alton might be the formation of Wig
lance committee on mining affairs
and promotions in each district. 1t
would be good thing If the local in
terests hung a motto upon their walls,
and read it three times a day, to the
effect that there Is such thing as
Ireputatino, and reputation is as ap-
plicable to country and to a dis
trict as to man." A few individuals
working along certain disreputable
lines can destroy the entire reputa-
ton of country in the financial GEN.
ter to which it must make it's appeal
making conditions such that no mat
ter how reasonable or how good a
prospect appears, it can not be finance
ed because 1t Is In district that bears
a bad name. Instances of this can be
multiplied the world over, and it is the
cause of the change of fashion in min
ing investment that has taken place
in certain lands,
When Local Boosting is Harmful.
Another equally stupid and most
harmful proceeding is the irrational
local boosting that takes place when
ever there is discovery of supposed
Importance boosting that consists
solely Of written words without any
backing or knowledge of the true sit
uation. A typical example of this
bull is story of an Alberta man.
ganese discovery, that has been going
the round of the Canadian press with
in the last few weeks. On reading it
with any. understanding one is inclin-
ed to wonder If all the press news
measures up to the same standard of
exaggeration and inexactitude. Surely
most papers could ring up a reliable
engineer on the telephone and get the
proper presentation of the data in
half an hour ..
Another illustration of unfortunate
is found in the hurry
up" stock subscription literature of
almost any "Buncombe Asphalt and
Oil CO., Ltd" fearful and wonderful
examples of the promoters art. The
authors of such specimens must have
taken some college prizes for plausi-
biity. Really the promoters who visit
r district for the purpose of picking
up mineral property should be IL
censed before being allowed to pro-
ceed about their business. The situa-
ton calls for such a proposal just as
It Is considered necessary to grant a
certificate to the manager of a mine
after 1t has commenced operation. |
Why not do the same thing to the man
who proposes to start a mine?
One of the most exasperating feat
Tres of such ventures, constituting
mother reason why these affairs
hould be strongly handled and in
'estigated before public presentation,
S the partial and intentional use of
veil known names in such way as
o give the impression that they are
more or less connected with the en-
erprlse. AS matters stand at pres
mt the making of proper excerpts
rom reports by good men is a quite
veil established art--the art consist
ng of the ability to get the "juice"
nd apply it to another picture.
/ have friend who tells me that he
an find anything l want in raw ma
eriais in this part of Canada. So in
lstent Is he that l have a sort of ,
neaking notion that one day he will ,
ave a wand and show platinum
iscovery at my feet. The country. in :
is estimation, has never been prop-
Fly exploited; capital has missed, r
nd continues to miss many golden
oportunities. BY design | asked IL he =
'uld hnd me deposit from which a r
'mmon every day product could be =
anufactured. He vanished. return =
g three days later with the state -
ent that what l required was easy: =,
Id with that he placed upon the table =,
small and doubtful sample, not any !,
rger than small sized egg. In his '.
norance, my friend expected his =