The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-06-03
OIL DRAWS MUCH MONEY FROM
COEUR D'ALENES.

While scores of promising mining
properties in the Occur d'Alene dis
trict are idle presumably on account
of the lack of funds to prose
cute the development work there
appears to be no lack OF money
when promoters Of oil enterprises
come around Offering stock in their
organizations, supporting their gilt
tering get-rich- quick assertions with
statistical figures rivaling profits from
democratic war contracts together
with maps and pictures showing the
tract to be exploited surrounded by a
forest of drill rigs and pipe lines con-
veying the liquid gold" to the refn-
cries The money is forthcoming
when this pleasing prospect is pre-
sonted while the local man who has
a mining prospect to develop. one who
is known in the community and whose
statements can be verified by. personal
examination of the property, is turned
down.
These comments are not intended
as knock against intelligent invest
ment in oil companies. but it is
protest against the indiscriminate
purchase of shares in companies that
burden the mails with chromatic lit
erature, containing exaggerated state
ments, misleading figures and false
representations regarding their hold
ings. Sometimes the advertising
takes the form of a newspaper which
to the uninitiated appears to be
bona fide publication, while as a mat
ter of fact it is published by an oil
promotion company and is used ex-
clusively for boosting the stocks it
has to sell. Occasionally a personal
agent of one of these wildcat compan-
les drops into town, with elaborate .
exhibits of oil operations in Texas
Oklahoma or other distant states
which makes investigation practically
Singuiarly enough. men
here in the best mining district on
earth fall for this sort of stuff. while
refusing to take a chance /
IN a legitimate mining proposition at
home. in the hands of reputable men
md the merits of which can be quick
y determined by personal examina-
ion or through report by a capable
md dependable engineer.
The Miner is informed by one who
$ in position to form conservative
stimate that within the last year
s25OOOO has been sent out of
he Occur d'Alene district for the
of oil shares nearly all of
Which being subscribed without in
estigaton as to the responsibility
/ the company or the prospective
alue of the land it claims to hold or 3
s to whether it holds any land at all
he point is this. that we in the
oeur d'Alene district are dependent y
olely upon the mining industry and
ne development of new mines. We
now the merits OF the district; we
now that there are scores of pros
acts that give every evidence of be
,ming productive mines, and we
now hat the future of the district
,pends upon their development In
lis situation it is evident that the
me thing for us to do with our spec
alive cash is to invest it in our
me industry. knowing that we have
reasonable chance for large profit
ID that in any event it viii contrib
e to the general prosperity of the
strict and inspire confidence in 9TH
S to invest. In this way we will
ow our loyalty to our own district
d when the time comes to enlist
'ge capital from the outside for
IRE extensive development and
we can show that we have
cked our faith in the enterprise
tn our own money. showing that
.ries much weight with a prospect
investor.