The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-05-01
INJUSTICE TO MERITORIoUs MI
MING COMPANIES.

Work in its endeayOr 10 protect tne
public, and particularly holders OF
Liberty bonds, against the represen-
tations of get-rich- quick promoters
taken to render this service has re-
suited in injury to legitimate and
meritorious mining companies that Is
on a par with the wrong which the
writer's attempt to correct. Ihe
March number of the magazine con-
tains an article entitled Pirates of
Promotion" which is duly proclaimed
on the cover in red ink, Names OF
1000 worthless Investments The
writer claims that Liberty bonds to
the amount of $400,000,000 have been
taken from subscribers in the states
of the middle west in exchange for
worthless or doubtful securities. These
figures are perhaps too high, but that
il not material since all honest peo-
pie desire to see the public protected
against such transactions and If pub
licity will accomplish that purpose, 1t
is not worth while to bubble over a
few million dollars. more or less But
in order to back up his assertion with
specific information. the writer gives
lists of alleged get-rich- quick pro-
moters and oil, industrial, mining and
miscellaneous promotions, and here
is shown a recklessness that renders
the author and the magazine almost
as culpable as the fake promoters and
companies he processes to expose.
The list of mining companies is the
longest covering several pages IN
small type, simply the name of the
company and the capitalization actual
or estimated, being given, The writ
err ignores the fact which is well
known 10 those ltIilildi win HiiN''S
in the west that there are many COM
panies incorporated under the same
name or with slight difference, and 1t
is therefore clear that to charge
crookednes against one OF
these without specific information
that will identify it works a serious
wrong against the others. In the list
of mining promotions there are AT
least two names that correspond TO
two well known companies in the
Occur d'Alene district. one OF these
is the Bullion Mining company. This
company is credited with $2,OO0,oOO
capitalization, although its actual
capital stock is $1,5OO,OO0 Possibly
there are other Bullion Mining COM
panies in the west and these Defend
ers of the public do not refer to the
one in this district, but the company
here suffers by the publication just
the same. Another company is the
Lucky Calumet Mining company, as
given in the published list, which may
mean the Lucky Calumet Copper Mi
ming company, of this city. The cap
italization is given at $1,000,000 while
the company here is incorporated
with capital stock of $1.5OOOoo
Possibly the magazine article refers
to another company, and If so sutfi-
cient information should have been
published to identify it beyond ques-
ton.
The management of both these
companies are in the hands of well
known and reputable citizens of wal
lace. They were organized for the de-
velopment of promising ground with
in well established mineral belts, and
with ample mineral showings to war
rant expenditure WITH reasonable ex-
pectation of proving mines. A large
amount of work has been done on
both properties, funds being raised
through the assessment of stock, and
IL any of the funds raised has been
diverted to purposes other than for
the development of the properties, we
have heard no intimation of it. They
are both regarded here where the
companies are well known as perfect
ly legitimate and well managed MIN
ing enterprises. The stock OF the
companies is widely scattered and II
Individual stockholders have misrep-
resented it's value for the purpose OF
exchanging it for Liberty bonds or for
cash. that is not matter that can be