| Show MAGNATES IN l MINING SCORED Cole Ryan Heinze Schwab and Others Are Put in the Gold Brick Class Now N w that the storm has overwhelmed some of the tho uns craft cratt launched during times of excitement there Is every Inducement to moralize The same cycle Ccle of events Is recorded at recurrent Inter Intervals intervals intervals vals and mankind profits as little by the mistakes of the past as the son learns from the teaching of his father tather Each gets geta his own experience and it is a lam lamentably lamentably lamentably costly process says the Mining Scientific Press If It experience were cumulative we would be as demigods for tor ours would be the in inherited Inherited inherited and transmitted knowledge of all the generations generation precedent But it is not so Each burns bums his own fingers to find out that fire Ire is hot each loses his own money In speculation to find out that greed is punishable Lucky and truly sane is the man an who permits one ono lesson to suffice Is it worth while to castigate the wrong wrongdoing wrongdoing doing of a boom that is past Yes if It such treatment teaches anything and serves to guide us In the future For booms will come again as surely as industrial de depression depressIon depression comes now Some of the happen happenings happenIngs happenings ings of the past two years have been dis discussed discussed discussed cussed In n these columns Among them we spoke regretfully of the widening of financial responsibility on the part of men like Cole and Ryan insisting that even unusual executive ability be becomes becomes becomes comes impotent If spread over too many enterprises the reputation of ot such men becoming simply a 8 lure for the unwary The Tha episode is to the tho point This is a sad fiasco the result of and F Augustus Heinze has been broken and the bank too a gamblers fate He HI took the Senator Stewart mine in the Coeur dAlene dAleno when It had profit In Inore Inore inore ore reserves and used his reputation to sell shares at New York at an Initial valuation val valuation al of Much in the same way Charles M Schwab used his notoriety to sell shares In the Montgomery Shoshone and other I mines In Nevada of much less worth at enormous Patsy Clark of Spokane had his Fur Furnace Furnace Furnace I nace Creek property selling actively at a valuation of at at one time when It t consisted mainly of a few holes In the ground and strong copper stains while Cole Ryan bought a prospect for tor 2250 sold It to their friends at and pushed it to a market valuation of 3 and while it was selling at that figure fig figure figure ure they effected a consolidation with the Greene property and passed a lot of ot the combined stock to their friends as a n bar bargain bargain bargain gain at a valuation of It is hard to believe that any an of these transactions were made in good faith They show the willingness of financiers te 14 attach their names to a gold brick whenever money is to bi be b made by the sale of it The atmosphere of mining finance Is heavy with a kind of business that en enriches enriches enriches riches a few debauches many man and Im Impoverishes impoverishes most There is enough legitimate legit legitimate legitImate business for evey eVe one mining does not thrive on chicanery |
