Salt Lake Tribune | 1913-02-02 | Page 26 | What is Needed to Help Mining

WHAT IS NEEDED , TO HELP Mil I Troublesome Question Is Be-I Be-I ing Asked Everywhere I Over Mineral West I INDUSTRY IS LAGGING 9 -Present Conditions Are0 Due I Largely to Abuses of I Boom Times. There- is no donj'lnp tho fact that the western mining industry is In tho strong-I strong-I st yet Tveokesi. position of Itn history strongest because all tho bier organlsa-i organlsa-i tlona arc producing tho Inrgest tonnage and maJtlng tho greatest earnings of their history, iind -weakest because there ! aro practically no new flolda being: brought Into being, little if any new financing of the prospect. Thcro nppcara I to be reason, therefore, for the frequent- ly heard question e to whether or not there la to be a. revival of mining: In the west, and Utah In particular, and how. "When timca wuro good dining the boom of a few years ago. and everyone had plenty of money, almost nnyono could orgnnize a mining company upon ' any sort of a piece of mining' property, whether wheth-er he owned the grounn or not, and what is mow, he succeeded In finnnclng his organization without great difficulty. Stock Game Overdone. But the same was far overdone, and those who killed i'iu game have no one but themselves to blame. Thcv auclionod off their treasury stock, frequently selling sell-ing tjielr own personal stock In the bar-win, bar-win, thereby throwing the whole burden upon tho investing public, while, having hav-ing little or no stock of their own loft, and with bank accounts In healthy con-ttltion con-ttltion at the expense of the public, the organizers Jost all Interest In their promotions pro-motions and let things go to pieces with Croat cheerfulness. The average man in Utah enn count otf a jV.v score .such promotions wlth-"Ut wlth-"Ut extra effort, and with practically each man you meet a victim to a more or hins extent of the game, and It In lit-Uo lit-Uo wonder that the public 1b falling to take interest nowadays In mines and mining. There have been ontlroly too many dishonest, or at least unwise, mining min-ing promotions everywhere, and It will take a very unusual state of affairs to nit"!' the impressions of the public. It appears like a situation which time onlv will renvuly. One hears frequently that legitimate cnlorpriFo In mining Ih as sure to reap good rewards as In olhor line of human 'iKleavor. but the trouble is even legitimate- ftfforl In mining is baed upon n Uif pvt.-i i::f sr. 0f Lnn which 111 :111V olncr Hro yr nf.'yrt -would Instantly put tut; jvvc-:'!..' - i.e.-.'-- :i:an upon his guard. Speculative Mining. Mini:-.; v as legitimate n any calling call-ing munklnd follows, but there is too nn.i-h attention paid to the mock end. Hie real gambling phase, and to a great many mining conplsts of forming com-janlei. com-janlei. with big aha ix- capitalizations, for 'at nubile to abs-oib. This has been i ('fined v?ry apt'y in Nevada "speculative "specula-tive -Mining. ' The pn-ient .situation Is a difficult one and ntiif out of ten men von ak ap-j ap-j car to fee relief only in the obabll-it.v obabll-it.v that cood times will return again n-h-n pcoplt; win have an abundance of money, and when the same old programme pro-gramme will be tried out again. Hut It Mill be a sail day for the legitimate industry in-dustry when the conditions of 1900-7 are repeated. Uliat we need, one frequently hears tho promoter say. is a new erop of "Iambs." u: uha: if the public f;Cls that what v.e need Is ,-i new cop of mining men?