The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-07-06
MINE STOCK PROMOTER.
Engineering and Mining Journal
Press)

Z
Press)
While participation in most of the
most favorable ventures in mining
never is offered to the public, the
capital being subscribed by small
private groups or furnished by some
large company yet the offering of
stock to the public is on occasion as
legitimate in mining finance as in any
other sort of enterprise. The re-
quirements for honest promotion and
stock selling are as simple in mining
as in other enterprises; only in most
other enterprises they are more fire.
quently observed. They are that the
facts and business figures pertaining
to the enterprise be impartially sub
mitted, supported by the reports of
experts known to be Independent
accountants lawyers and engineers.
No participation in the stock of a
public utility enterprise is ordinarily
offered to the public without the re-
port of firm of engineers of recog-
nized standing and independence,
and ordinarily a clear statement of
the present financial condition sub
mitted by a well known firm of pub
lie accounts.
Mining stock offerings should OF
course be accompanied by the same
reasonable and fair submission of
facts and conditions Even with all
these. investments in any enterprise,
mining or otherwise. partake of the
nature of speculation. But the
public has a right to at least a plain
statement and thereafter the buyer
of stock takes the risk which goes
with his purchase. But it seems to
be true that the picturesque elements /
of mining have been seized upon Nv a
cheaper less scrupulous type of pro- /
moter than the ordinary, to induce /
the public to buy through the emo
tons rather than the Judgment and,
therefore, in disgusting sequence
come out bids for the public money
supported only by the cheapest kind
If sentimental rubbish-get- rich
Iuick, "come-on" stun, such as is the
usual scenery set by confidence men
md swindlers. Such methods should
'e left to this class of undoubted
ogues; for men who hold themselves
honest to practice this kind of emo
ional fact-evading stock selling. is
or them to skate so near the edge OF
he open water that ten to one they
re in it sooner or later.
Moreover. the ignorant and credul-
us public has a right to expect pro-
ection from such hollow and sly on -.
husiasm; if not by the promoters. at =
east by reputable engineers and the
equitable mining press; and all those
Tho hold that mining is a most hon
rable and sober industry and not
DOL where the slick promoter may
sh for suckers, for bucolic stock
olders to hold the sack, so that in
ny case he shall not lose
one trouble is. sad to say, that the
who is apt to be something
child as to fundamental ethics.
eets a wiser but if anything less :,
'rupulous mining engineer who is
lite willing to fall into any promo =
on scheme which will yield him
me money. Such an engineer will
rnish glowing generalities to the
'omoter for a consideration-gene
tiles singularly lacking in cold and
ensured appraisal of facts. Such
gineers are disgrace 10 the pro. p'
ssion. e2
The type of engineers. of mining III
en- who regard any methods what
er as praiseworthy provided they pt
cceed in bringing in money for de- 81
lopment and activity are parasitic 10
d pestilence- breeding-the betray IN
industry which in its normal and WI
nest form is peculiar in its nobility ma
d its lack of parasitism Ia
ST.