OCR Text |
Show DECEIVING THE PUBLIC. Prior to the passage of the "Wildcat Mining" law in Nevada, that state was infested with many promoters of mining properties who did not have the merit of having back of them anything but "wildcat" claims. Ground was staked off and no work performed and, with such a false showing, companies were formed and the stock floated throughout the country. The state was fast becoming recognized recog-nized as the home of the mining shark, so, to restore the confidence of the investing public, action had to be taken by the legislature. A law was enacted requiring a certain amount of work to be performed and calling for regular reports of development. Since the law has been on the statutes of that state, "wildcat-ting" "wildcat-ting" has almost disappeared. Some such measure should be passed by the coming legislature of Utah, and, even more than that, the flotation of mining companies com-panies and the peddling of stock should be restricted or at least receive re-ceive the close scrutiny of a state officer. There are many mining companies in this state devoted more to selling stock among the easily duped than to actual mining and, now and then, an outsider, with a wonderful story of riches to be uncovered uncov-ered or in sight, wins the hard earned money of a too-trusting and easily deluded people.. There is no objection to any one inducing the public to speculate on any proposition, meritorious or otherwise, if in doing so the truth, the whole truth and nothing but the truth is told. These ruining ventures, absolutely without merit, injure the legitimate legiti-mate and honest effort at mine development, and there should be some state supervision to differentiate the "wildcat" and the purely fraudulent from the mining property being worked in good faith. |