| Show speculative MINING VENTURES CONSID considerable MABLE interest has been excited over some mining prospects in plute county coun t y and companies have been organized with capital stock placed in the aggregate at very high figures and be bearing desiring the names of responsible pon sible parties with the object of developing the mines and making the fortunes fortune of the stockholders reports more or less sensational sensation sensational fl have been circulated concerning the richness rich ness and extent of thet the discoveries and circulars have been issued in which offers of the capital stock are made at very reasonable figures some persons too have been canvassing for sub ger ibers offering the shares sham which are placed at 10 for twenty five cent calit all this has made quite a stir particularly barly as the names of the highest authorities thorit ties les in the church have hare been pub dished as stockholders erp and held out OB an example for others to follow and ad a a sort of guaranty that the scheme Is reliable and likely to be of great benefit we do not know anything as to the actual status of the project it may turnout turn out all that is anticipated by its promoters they are very confident of success but there should be no misunderstanding in the public mind concerning the position occupied in relation to it by the prominent men of the church whose names have been mentioned as large holders of the stock this will be made clear by the follow ing letter letta r which we have been per bitted to print and to which we invite the attention of all our reader SALT LAKE CITY U T october 1891 1991 to the ferris gold and silver mining and milling co Gent gentlemen lemom A number of friends have called to our attention a eire circular alar which has been issued by your company setting forth its incorporation and the amount of stock which has been placed and the number of shares into which it to it divided and also that our names appear in the list of shareholders followed by a rather glowing glowing description of the valuable mines w which ich are owned by the company and announcing that it is in belle believed veol that no safer investment can be made by the public than by purchasing some of the limited number of shares which are offered for sale ale at reasonable figures IV some espres expressions ions have been used by on one and another that have caused us to J think that we had better return to the company the stock that has been so liber ally and kindly given to us we hope our motives in doing this will not be mis apprehended we appreciate the generosity which prompted the organ aizers of the company to give us each BW shares of stock but you understand that our position is is different from that of an ordinary rd inary citizen and that many thin things 1 I which might be done by in private life we cannot do in the position we occupy without exposing ourselves to crit on this account we take the liberty to say that you will please consider these shares as still the property of the company compa pa and not belonging to us with kind regards your brethren signed rexa att ford WOODRUFF Q CANNON joaeph P F SMITH this should be sufficient to place the brethren right in the publio public min they are not promoter promote rif fT of this enterprise neither have hav ethey they bought any of the stock of the corpo corporation ragon and in view of the influence that might be used by the use of their names they think proper to decline the gift of shares hares which the company generously made to them it his is not unusual in organizing as soc lations of this kind to place on the list of stockholders the names of prominent persons to give the corporation prestige the TAe shares are donated and the benefits derived from the use of those namon names are often greater than the price of the shares would bring this is in frequently done without any ulterior motive but sometimes imme times the purpose in view is to induce people to invest in doubtful or worthless projects and is thus equivalent to obtaining money under false pretenses in the present cise case the company claim to have excellent prospects but it should be understood that this is about the extent of the basis on which it to is organized As we understand it the mines have not yet been worked they may turn out all that is anticipated and they may not it to is a matter of speculation therefore people should be careful about investing 0 on any other ground or expectation if they think the venture is worth risking money in tt it and they have the means to spare for the in vestment that is their own affair and what they dol should be done on their individual responsibility that is the main point they should not be induced to take chances on the plea that capitalists or big men or church authorities are in it M every business institution or manufacturing fac turing enterprise or mining concern should stand on its own merits ay any investments in either should be made on business principles A gling home industry may need support without promise of immediate returns in that case came the matter should be understood der stood and no flattering battering prospects be held out to gain the help that to is wanted in the promotion of any scheme involving the investment of capital the utmost candor should be used and very every investor should act with a clear understanding of the situation and oot merely because of the use of great names in connection with the venture we are glad to see that the presiding authorities of the church have set themselves right in this matter and we are sure it will be gratifying to a host boat of their friends and followers at the same time we desire to do no injury or injustice to the company which placed their names namee on its ito list of stockholders nor do we attribute improper motives to any one connected with it if the properties owned develop into all that its most sanguine promoters predict they will be none the worse off for the courteous return of stock which they so generously donated |
