Mining Securities (Classic Reprint) - Softcover

Yeatman, Pope

9781330286845: Mining Securities (Classic Reprint)

Softcover

ISBN 10: 1330286847 ISBN 13: 9781330286845

Verlag: Forgotten Books, 2019

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Excerpt from Mining Securities

And yet the mine, thus made the object of speculation and perhaps aban domed in disgust, may be really of value and capable of being worked so as to pay a moderate profit on the capital actually invested in its development. But the idea was given out in the beginning of the enterprise that it could be made profitable at once, and because this has not been the case, the holders of the stock lose all confidence and refuse to furnish the capital, without which hardly any mine, however rich it may be, can be put into a condition in which it can for any length of time be worked with profit. The system which prevails in this country of chartered companies with a large number of shares, seems especially adapted to make the mining business, which contains so much of the lottery element of uncertainty in it, a mere object of stock speculations.

The records of the last few years (prior to 1854) show almost without exception that companies with large fictitious capital and an enormous number of shares, have been got up for the purpose of swindling the public, and not for bona fide mining purposes. It may be laid down as a universal rule, that the stockholders in a mining enterprise should be_ kept fully informed in regard to the expenditures and operations of the company. A frank and full publication is the only guarantee of sincerity and good faith. When these things are more generally understood and the public refuses any longer to be victimized, we may expect to see a less noisy but far more effective development of our mineral resources than we have yet had.

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Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Rese�a del editor

Excerpt from Mining Securities

In addition, by reason of certain state laws under which some mining companies have been incorporated, it has been possible to levy assessments as well as pay dividends. The market has often been depressed by calling for assessments, at which times stock could be repurchased by "insiders" at a low figure; and later on prices would be boosted by declaring dividends, when the "insiders" would unload their holdings.

Mining Booms

A good illustration of speculative booms is given in the shares of the Bonanza Mines of the Comstock Lode at Virginia City, Nevada.

The first discovery was made in the early part of 1859, and from that time until 1901 it is reported that a recovery of about $351,000,000 was obtained. Thefts, leakages due to loose and dishonest management, etc., were responsible for the diversion of great sums, and it is probable that the actual returns would have amounted to around half a billion dollars, had it been possible to obtain an accurate statement of production. During this period assessments amounted to $78,845,737, and dividends aggregated $133,178,390, as shown by the following tables. By far the largest proportion of dividends were paid by four companies. Many of the others were what are commonly called "wild cats", but even securities of the best of the mines were manipulated. Levying of assessments was one of the methods employed.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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