| Show DO EASTERNERS PlY Engineer Says Banks Take Big Fees for Examining Mines Anxiety of western mine owners to finance their projects has led le lately to the practice of a new species of wild wildcatting wid wildcatting by eastern estern financial sharks ac according according cording to a Salt Sal Lake engi engineer engineer engineer neer who declares declare that the th new scheme is to Induce the mine owner to advance a large fee re for examining his property b by experts with wih no Intention upon the part of those receiving it to ever give anything in return The Th engineer had just received by mail maila mal malo to fur furnish j a proposal from an eastern agent o nish a a buyer for a well wel known kown Utah mine upon certain conditions The condition upon which the greatest stress was placed was that the owners of the th mine should pay ray for examination by a ex expert expert pert the taking it I over oer depending alto altogether alo altogether gether upon his report That Tat reminds me said the engineer of an experience I had not long ago when I went with wih a a mine owner to a prominent banking house hous in an eastern city ty to aid him in presenting his application tion for financing a property When we ton had been admitted to the private office of the official who had charge of ot that de department department department of the banks affairs he said saidAh sid saidAh Ah you want to present a a mining proposition Then before we proceed fur tur further further ther you jou ou had as well wel understand that be before be before fore tore we take up anything an of that kind the sum of ot 0 must be b deposited In the bank to cover the th cost ct of an examination by our expert the amount to be forfeited In lii the event that his report Is unfavorable unfavorable unfavorable able abler I r made a remark to the effect that under such condition he could not have haveman many man mining propositions to consider seriously but he assured me that as a high as ten applications a week went through his department Then your mining expert must be overworked I ventured Oh he has competent assistants assistant whose reports he O 0 Ks Looking him squarely in the eye I asked Has your house hou ever financed d a mining project At this he became incensed and showed us the door Investigation afterward ro that his bank had received not less than in fees for examining mines mine 90 and had never financed nunce one The Th exam examinations eam examinations did not of course cost cst of the amount received I |
