March 2, 1934 (6 pages)

THE NEVADA City NUGGET FRIDAY, MARCH 2, 1934 ES ACT ~ AS APPLIED TO “MINING SHARES By FRED’*CARTARPHEN Consulting Mining Engineer Unquestionably the Federal Securities Act of 1933 aims to strengthen the, morals of private business and to formulate a code of rules for . +. the control of its intelluctual.diversions. It is not for us to judge here as to the morality :of. government inj business, as compared with private initiative, but. we may note the ten-: dencies of present legislation, and ‘operations, or through taxation, help ,to augment public revenues. . These losses were brought about, in part, by. the sale to the people of issues of stocks and bonds of corporations whose promises of profitable . financial returns Were based upon unsound calculations, and were there. fore doomed to be broken and the corporations wrecked. Or by companies whose objectives ’. } were fair enough, but whose corporate structures were so askew that j they were easily destroyed by mismanagement. And by corporations whose exissolely tence and worth depended upon the success that might attend the shady manipulation of the value Weigh its influence upon our personiAl fortunes. Possibly .such_elgislation may be devoid of moral values. It may have a very practical aspect. This Security Act comes at a time j of its stock and bond issues. MARKET RIGGING The intelluctual device that were brought into being to attain this end when .the government is spending . 2re too well known to be described money at an extraordinary rate, and is facing the almost immediate pay. meunt, or refunding, of nearly nine’ ‘billions of dollars. It is estimated that the people of the United States lost twenty-five hillions; ef, dollars, in the period 1920 to 1930,-through-the purchase of securities that became worthless. This is a prodigous sum. It is equal to “the national debt. If .theselosses! can he curtailed, it is. reasonable to asqume,, that, large. sums, hice he ayailPhone 250 W drass Valley Nevada City GRASS VALLEY STEAM -;burghase of .securities are actions . within the law,of, contracts. lid contract, there must be a’ & yell . contract _Tegistration statement.contains.a mai terial. falsehood,.or if it. omits. a ma. in detail. It will suffice to mention ithem. The rigging of markets, the over-valuation of assets, the underjstatement of liabilities, the diversion :of revenues, the understatement of expense, the giving of bonus stock, ithe declaration of ‘unsecured stock dividends, preferential subscription rights to favored persons, or officers, ; and many other acts that are viewed . ' Regulations under the Securities Act ;aS mofally corrupt and unconscion-. ‘able. Mining is a great industry: It too, has had its ‘good and bad corporations. In fact some people — been SO unkind as.to assert that mintific though . hazardous delving into: ‘I the depths of the earth for the. treasures ss Nature. is my: opinion that , scientific , bY this definition, has Jittle to. fear, from the. Securities Act. That Now, as in the past, the sale and To, be meeting, of, the minds of the parties thereto,, concerning. a lawful subject matter, and for a valuable consider. ation. AIMS -QF .SBCURITIES .ACT The Securities Act aims to make available the necessary information for a proper meeting of the minds, and after. that,.the purchaser must make his own decision. The government guarantees nothing. The docLAUNDRY * DRY CLEANERS 111 Bennett St Grass hen trine is now caveat emptor et vendor, let the purchaser and. seller. beware. Obviously, the Securities Act is ee esa ane the demand, of thousGOLD,ON GLASS WALL SIGNS— weenie _ Commercial and Outdoor Advertising 207 Commeriel St. Nevada ‘City TRUCK LETTERING WINDOW DISPLAYS PICTORIAL PAINTING Standard: ‘ON OW Products __=-Spring Is JUST ARQUND. THE: CORNER _SOME.RUFOR COMPLETE TIRE SERVICE— this, ds, so,, will, become, ¢lear, with the: . progressiye .study .of its. provisions. . Co™Poration artful abstraction of wealth. from the : pockets of the unwary, and the scien‘the determination of liability within , that. would have been harmful both}: jable for the cee of government . ands of investors who lost millions aveided: ' securities thus aiding the refunding ; in depreciated securities for a New eal in the marketing of stocks and jonds. carefully drafted, passed unanimously_by Congress and signed by the President, without dissention or opposition, as shown by the record. Therefore it is reasonable to conone, and mining promotions must be made to conform to this law. As you are undeubtedly familiar with it, a ‘iasty reference to its. provisions will be sufficient for the purpose of these remarks. The ‘‘issuer’’ of the _ securities, that is the person or body who received the money, in particular, and the directors, executive officers, underwriter, banker, dealer, promoter,the mining engineer, accountant and experts generally, have a responsibility hitherto implied but now made explicit, to see to it that a truthful cerning and its worth and. business. issue of half truths; with, and conform to the “Rules and eral Trade Commission. This Act ‘has teeth in it. ” The . penalty for an unlawful. offer of sepage for sale, may be.a.fine up o $5000, or imprisonment for not. ing is both.an art and a science. The . , more than five years or both at the, ing who have not geparted its rodiscretion of the court. I take it that the officers of legiti!mate mining companies, would rather ; Stay in the hills, than in jail, and it; This bill was solemnly considered,clude that it was acceptable to every-! statement is made to the public conthe company organization, This statement,must cover the:material facts, and is not to bé.a,vague If Interstate sale of securities is contemplated, this statement must be registered 1933” as promulgated by. the .FedSince the issuer has the money, there is no excuse for the error in the statement. On the other hand the officers and’ directors have an excuse. First they fare absolved if they had reason to j believe and did believe that the facts jas stated, Were true and fully stated. Second, if they placed a true reliance on the report of an expert and made sure that the registration statement conformed to the expert’s’ report, there is no liability. EFFECTS OF ACT ON MINING What effect has the Securities Act j had upon mining? i If we ignore the uncertainty that }existed concerning the ultimate price of gold, silver, and the other metals, the past few. months have been peculiarly favarable for the marketing of mining stocks. It\is reasonable to expect.an increase in the number of companies, filing registration statements with the Federal trade commission, unless, .the Securities Act is a great deterrent. It may be said.that about 20 per.}cent of the registration statements filed since last June with the Commission are from mining companies. Also 47 per cent of the statements ; withdrawn, and 63 per cent of the stop orders entered, are on account. : of mining .companies. These figures indicate a great actiyity in mining, as compared with the recent past. One fifth of all they companies registered is a goodly number, and.is most encouraging. cate a surge of newcomers in min}mance and glamour . from its stern business requirements. The. stop, orders are due to ignor. . however, ing proper expert advice, in the main; BEST SELLER OF1508 GAVE NAME TO CALIFORNIA At this season many’ local people are being asked about the histcry of California by friends from outside the state. Common questions are: Where .did California get its name? What first attracted visitors to its shores? Has the climate always been a topic of interest? Answers to these and similar queries. may be found in the rare manuscripts, diaries, books, and newspapers now be,ing exhibited at the Huntington Liporary in San Marino. A “best seller’? in Europe in the sixteenth century was ‘‘Las Sergas de Esplandian, ”’ published in 1508. Although opinion differs, most authorities believe that .the name California. was derived fram this Spanish romance dealing withthe exploits of the .Knight Esplandian. The story ,tells of a mythical island _ named Indies” and. “close by the terrestrial paradise. ” The earliest known English version, printed in 1664, which . is on exhibition, speaks of a beauti. ful queen “of great spirit; valiant, [haray,, fair, and of 800d behavior. . ; reigning in California. e The number of withdrawals indilp EARLS ATTRACTED EXPLOYERS Gold. and pearls, attracted the. earliest European visitors to the California coast and furs Jater brought American trappers and . traders. -Until the sold strikes in the 1840's; the, yellow metal, as aj . is proper fo give some attention to!and also to attempted promotions {Celfornia. Product, was more & myth the meaning of the act. LIABILITIES UNDER THE .ACT Those who are conversant with law, know. that there. must-be plain -liability onthe direeis meaningless. .For.what are. these; Screen of innocent third parties, the _yents , the financing of mining venIt is said that officers, direc=' sor. What are the defences to this liability ? ; Now as always, the “issuer” may be sued for fraud. Instead of a ed that costly litigation will often be men liable? They are liable ifthe terial fact. ‘The prospectus must agree .as.to, essential ,facts.with .the, : statement. _This liability_seems to be all in clusiye. . Hence the criticism of. the act, and the assertion .that it pretures. tors, hankers and , the, others, . hesitate to assume the responsibility of ascertaining the truth concerning the nterprises that they manage or spontest lies in the registration statement; it is reasonably true, or it is false, and the issue is so neatly joinOpen, _the' door. to,a new, world’ forepoanle, vbate, ey — is, poor Steet DA, CITY (620. Hl SHIRKRY, 0. D. 118. Mill. Street. q _ GRASS ‘VALLEY, CALIF. i ©SMARTEST. AND NEWEST CAFE, IN, GRASS, VALLEY ‘HOME .COOKING—/ t . Complete Seryice at Heat VR: ~~ pemmamite a Valley, ugo Building, Grass Valley. Corner Mill and Neal Streets, Entrance on ‘Neal St. ‘LQNCHES.TO TAKE QUT—THESE ARE OUR PRIDE { PERCOLATED COFFEE THAT SATISFIES -~Mrs. Bessie ~~ i A = T’S. GOOD . ‘Pleasant Prices: _PERMANENT WAVES . ‘OF QUALITY ~~ ‘The only Genuine Duart © ‘Machine in town FINGER WAVES THAT STAY Ainsworth: Shoppe 438 Commercial St.-Phone a ‘Neyada City, California areca _ COMPENSATION, INSU MILLS. BUILDING MINIMUM DEPOS Antnun 8. Foots » RREROENTpinvaae BY ERR SEA e ae ongiie 292—LIMITED MUTUAL F CALIFORNIA for the Careful Mine Operator: LOWEST RATES «MAXIMUM DIVIDENDS . STATE: smaron RANGE COMPANY SAN. FRANCISCO ITS JNATHAN. L. FAIRGAIRN SECRETARY ‘Builds Sturdy Bodies 7 Ito the public and. to mining, for the t interest of. both. is identical. sEATR DECISIONS «In,studying the decisions of the; ! Federal Trade. Commission the con-}* tors and officers, or.the.prohibition . (ugion has been reached, that they# ‘ have acted. wisely. fairly, and with a j breadth of .view that .is noteworthy. it, eee: that if, the. truth of the en-’ terpri is told, .no matter how Strange it.may. be, and the several statements check, the Commission iwill not. act harshly. The .risk to,the, miner lies in the fact that if .his. proposition is not find few purchasers, for his offerings. Therefore the extensive booming of prospects may be curtailed.On the other hand, it is a certainty, that the safeguarding of all securities, and }those of mining in particular, will restore confidence of the inye&ting public in meritorius projects. Mining is not a circus, it is not a confidence game, and when the buyer has the facts and weighs. the hazard, it will, be found that. funds. will be available for, exploration of. prospects, and the development of mining .districts. The future of mining as a, great industry graws brighter and all right thinking men will see to it that. his representation and evasion will not repress this _attainment. : 4 ‘Tt ds possible. that. the present congress , will clarify, the liability clauses beyond the, Possibility of a doubt as i to *their meaning. If any act ‘they’ will be to make. them mare rigid; ra ds, generally conceded that the act is q less drastic. than. similar legislation in, other. countries, therefore it is imICE WAS RIGHT iWASN'T IT? "FJOMOR CERTAINLY, '{1S: FILLING OUT’ SINCE. HE GETS, AM, pe BANS. S terest but did not. immediately yield ery.in.the region. some of which.are now in,the. :Huns =a than a reality. The land “abounding in gold’: ment{oned , in the ““Sergas de Esplandian”. excited much ins any _ treasure. _Cortes ina letter ,Written from lower , , California, in 1535, remarked. that he had seer people with quantities of pearls; proving that there was a pearl fisbSubsequent exPeditions obtained ,pearis. and _ also prepared valuable charts and reports, tington Library. : The earliest considerable from California, however, profit was de: California ‘at, the right. hand of the the trade in jae bethine ‘segeeiant, as told in 1840 by Richard Henry Dana in the first edition of his book, “Two Years Before the Mast,’” on view in the exhibit. EARLY CLIMATE BOOSTERS Has the California climate always had ‘boosters’? As early as 1683 it was mentioned by the Jesuit missionary, Father Eusebio Kino, in one of the exhibits—anold letter in diary form. Referring to what is now lower California, he ‘writes, ‘The land is good and the temperature pleasant.’’ Dana also praises the weather, in his ‘‘Two Years Before the Mast.’’ He remarks, ‘“‘It was a beautiful day . . and. so warm that we wore straw hats, duck trouSers, and all the summer gear. AS this was mid-winter, it spoke well for the climate.’’ According to the July 17, 1852, issue of the “Los Angeles Star,” the attraction of the climate was great even then: ‘“‘We see is estimated in letters from. the western Atlantic States, that there are upwards of one hundred thousand people from every founty jin the west, on their way this year. . to California. af The “upward of one hundred thousand” visitors of 1852 will probably be increased .twenty-fold this year, according. to. estimates of touridist agencies, and many visitors will ‘be asking questions about Califor_hia’s romantic past. There is no . . vivid and conclusive way to ‘supply -answers than. by inspecting the .ac; tual records to which historians re. Sort. A rare opportunity is offered . both tourists: and “‘native sons” during the next few weeks to see some jot these precious source documents at the ‘Huntington ss i . LOGAN THOMAS WORKS ARO EE B, JIGCINS GRAVEL MINE Logan Thomas, whi who is operating the ‘old Higgins: Bravel property on Goodyear Creek, is busy night and day. The.Yuba_ river, below the mouth of Goodyear Creek, is a rich yellow color from hydraulic operations. The rainstorms of the past few days has resulted in swollen streams and a. plentiful . supply of ;water for mining purposes. . oO equitable, and consistent with the. Tived from. furs. After the renowned hazards of .the enterprise, he wili. =2S!sh explorer, Captain James. : : Cook reported about 1776 buying “skins of various animals, such as wolves, foxes, bears, deer, raccoons, . polecats, martins,and in particular . of the sea otters,” a “fur rush” aa on. One market was the Chinese, who often gave over one hundred dollars for a sea otter’s. skin. Later portant to accept it as it is, whether we agree or not, unless the public grow impatient and. demand further restrictions that may prove onerous, rather than beneficial. ‘Eally-Sately Follow. the K-14 Diet. . ‘Chart and take KELFOOD A patural food. supplement prepared: from ‘marine , vegetables A copy.of ‘this dict chart IAS Shey ROME Bere NS ise SRR Ree E. J. Haverstock, hotel man of Washington, was a recent Nevada. City visitor. Don’t Prolong The Agony! Next,‘time you suffer from Gas on Stomath, ‘Headache, Sour odie a Cold, ‘Muscular, uma tic! s Be or, » Periodic F Paint t Tir Feeling, That elas r” Pr aee Geta Aa ape oi a of #f0P seal as ne a oe bateot arjased a en whe Wath dt wat ou . df almiode a wal eae ig, er, ause i alee air iline as contains am Te ae e x ‘ * cay peri e n.by rene jas eb @ Caiise’ wil en ety ee excess cay para sane = t teed 2 ‘Alka. hopes. “8 .am more thin pitied. nee’s ork A Get a glass a ur drug store soda fecintait 4 at your home a 30 cent or 60 cent Brits We have the quality . you want at the price you want to pay Sess a Nevada City . California Here you will find Prices That Meet Present . , Day Conditions . . Nevada City ‘Nugget does all Kinds of Printing Just a Little setter s re a 4 OWL TAVERN. CAFE : “YOU CAN'T _ BETTER THE, , BEST” Finest, Food And Coffee and BEER 134 Mill Street § Grass ieee Cali. * BEST ~—e AND COURTEOUS T TREATMENT, ' dove sai PRICES, ARE ‘RIGHT. WE ARE THE watkine be MANN RUSE, ones #2, all, Rewnable Pail petal Negdracek, Saperinton va sacar pid vine. § , <>

THE NEVADA City NUGGET FRIDAY, MARCH 2, 1934 ES ACT ~ AS APPLIED TO “MINING SHARES By FRED’*CARTARPHEN Consulting Mining Engineer Unquestionably the Federal Securities Act of 1933 aims to strengthen the, morals of private business and to formulate a code of rules for . +. the control of its intelluctual.diversions. It is not for us to judge here as to the morality :of. government inj business, as compared with private initiative, but. we may note the ten-: dencies of present legislation, and ‘operations, or through taxation, help ,to augment public revenues. . These losses were brought about, in part, by. the sale to the people of issues of stocks and bonds of corporations whose promises of profitable . financial returns Were based upon unsound calculations, and were there. fore doomed to be broken and the corporations wrecked. Or by companies whose objectives ’. } were fair enough, but whose corporate structures were so askew that j they were easily destroyed by mismanagement. And by corporations whose exissolely tence and worth depended upon the success that might attend the shady manipulation of the value Weigh its influence upon our personiAl fortunes. Possibly .such_elgislation may be devoid of moral values. It may have a very practical aspect. This Security Act comes at a time j of its stock and bond issues. MARKET RIGGING The intelluctual device that were brought into being to attain this end when .the government is spending . 2re too well known to be described money at an extraordinary rate, and is facing the almost immediate pay. meunt, or refunding, of nearly nine’ ‘billions of dollars. It is estimated that the people of the United States lost twenty-five hillions; ef, dollars, in the period 1920 to 1930,-through-the purchase of securities that became worthless. This is a prodigous sum. It is equal to “the national debt. If .theselosses! can he curtailed, it is. reasonable to asqume,, that, large. sums, hice he ayailPhone 250 W drass Valley Nevada City GRASS VALLEY STEAM -;burghase of .securities are actions . within the law,of, contracts. lid contract, there must be a’ & yell . contract _Tegistration statement.contains.a mai terial. falsehood,.or if it. omits. a ma. in detail. It will suffice to mention ithem. The rigging of markets, the over-valuation of assets, the underjstatement of liabilities, the diversion :of revenues, the understatement of expense, the giving of bonus stock, ithe declaration of ‘unsecured stock dividends, preferential subscription rights to favored persons, or officers, ; and many other acts that are viewed . ' Regulations under the Securities Act ;aS mofally corrupt and unconscion-. ‘able. Mining is a great industry: It too, has had its ‘good and bad corporations. In fact some people — been SO unkind as.to assert that mintific though . hazardous delving into: ‘I the depths of the earth for the. treasures ss Nature. is my: opinion that , scientific , bY this definition, has Jittle to. fear, from the. Securities Act. That Now, as in the past, the sale and To, be meeting, of, the minds of the parties thereto,, concerning. a lawful subject matter, and for a valuable consider. ation. AIMS -QF .SBCURITIES .ACT The Securities Act aims to make available the necessary information for a proper meeting of the minds, and after. that,.the purchaser must make his own decision. The government guarantees nothing. The docLAUNDRY * DRY CLEANERS 111 Bennett St Grass hen trine is now caveat emptor et vendor, let the purchaser and. seller. beware. Obviously, the Securities Act is ee esa ane the demand, of thousGOLD,ON GLASS WALL SIGNS— weenie _ Commercial and Outdoor Advertising 207 Commeriel St. Nevada ‘City TRUCK LETTERING WINDOW DISPLAYS PICTORIAL PAINTING Standard: ‘ON OW Products __=-Spring Is JUST ARQUND. THE: CORNER _SOME.RUFOR COMPLETE TIRE SERVICE— this, ds, so,, will, become, ¢lear, with the: . progressiye .study .of its. provisions. . Co™Poration artful abstraction of wealth. from the : pockets of the unwary, and the scien‘the determination of liability within , that. would have been harmful both}: jable for the cee of government . ands of investors who lost millions aveided: ' securities thus aiding the refunding ; in depreciated securities for a New eal in the marketing of stocks and jonds. carefully drafted, passed unanimously_by Congress and signed by the President, without dissention or opposition, as shown by the record. Therefore it is reasonable to conone, and mining promotions must be made to conform to this law. As you are undeubtedly familiar with it, a ‘iasty reference to its. provisions will be sufficient for the purpose of these remarks. The ‘‘issuer’’ of the _ securities, that is the person or body who received the money, in particular, and the directors, executive officers, underwriter, banker, dealer, promoter,the mining engineer, accountant and experts generally, have a responsibility hitherto implied but now made explicit, to see to it that a truthful cerning and its worth and. business. issue of half truths; with, and conform to the “Rules and eral Trade Commission. This Act ‘has teeth in it. ” The . penalty for an unlawful. offer of sepage for sale, may be.a.fine up o $5000, or imprisonment for not. ing is both.an art and a science. The . , more than five years or both at the, ing who have not geparted its rodiscretion of the court. I take it that the officers of legiti!mate mining companies, would rather ; Stay in the hills, than in jail, and it; This bill was solemnly considered,clude that it was acceptable to every-! statement is made to the public conthe company organization, This statement,must cover the:material facts, and is not to bé.a,vague If Interstate sale of securities is contemplated, this statement must be registered 1933” as promulgated by. the .FedSince the issuer has the money, there is no excuse for the error in the statement. On the other hand the officers and’ directors have an excuse. First they fare absolved if they had reason to j believe and did believe that the facts jas stated, Were true and fully stated. Second, if they placed a true reliance on the report of an expert and made sure that the registration statement conformed to the expert’s’ report, there is no liability. EFFECTS OF ACT ON MINING What effect has the Securities Act j had upon mining? i If we ignore the uncertainty that }existed concerning the ultimate price of gold, silver, and the other metals, the past few. months have been peculiarly favarable for the marketing of mining stocks. It\is reasonable to expect.an increase in the number of companies, filing registration statements with the Federal trade commission, unless, .the Securities Act is a great deterrent. It may be said.that about 20 per.}cent of the registration statements filed since last June with the Commission are from mining companies. Also 47 per cent of the statements ; withdrawn, and 63 per cent of the stop orders entered, are on account. : of mining .companies. These figures indicate a great actiyity in mining, as compared with the recent past. One fifth of all they companies registered is a goodly number, and.is most encouraging. cate a surge of newcomers in min}mance and glamour . from its stern business requirements. The. stop, orders are due to ignor. . however, ing proper expert advice, in the main; BEST SELLER OF1508 GAVE NAME TO CALIFORNIA At this season many’ local people are being asked about the histcry of California by friends from outside the state. Common questions are: Where .did California get its name? What first attracted visitors to its shores? Has the climate always been a topic of interest? Answers to these and similar queries. may be found in the rare manuscripts, diaries, books, and newspapers now be,ing exhibited at the Huntington Liporary in San Marino. A “best seller’? in Europe in the sixteenth century was ‘‘Las Sergas de Esplandian, ”’ published in 1508. Although opinion differs, most authorities believe that .the name California. was derived fram this Spanish romance dealing withthe exploits of the .Knight Esplandian. The story ,tells of a mythical island _ named Indies” and. “close by the terrestrial paradise. ” The earliest known English version, printed in 1664, which . is on exhibition, speaks of a beauti. ful queen “of great spirit; valiant, [haray,, fair, and of 800d behavior. . ; reigning in California. e The number of withdrawals indilp EARLS ATTRACTED EXPLOYERS Gold. and pearls, attracted the. earliest European visitors to the California coast and furs Jater brought American trappers and . traders. -Until the sold strikes in the 1840's; the, yellow metal, as aj . is proper fo give some attention to!and also to attempted promotions {Celfornia. Product, was more & myth the meaning of the act. LIABILITIES UNDER THE .ACT Those who are conversant with law, know. that there. must-be plain -liability onthe direeis meaningless. .For.what are. these; Screen of innocent third parties, the _yents , the financing of mining venIt is said that officers, direc=' sor. What are the defences to this liability ? ; Now as always, the “issuer” may be sued for fraud. Instead of a ed that costly litigation will often be men liable? They are liable ifthe terial fact. ‘The prospectus must agree .as.to, essential ,facts.with .the, : statement. _This liability_seems to be all in clusiye. . Hence the criticism of. the act, and the assertion .that it pretures. tors, hankers and , the, others, . hesitate to assume the responsibility of ascertaining the truth concerning the nterprises that they manage or spontest lies in the registration statement; it is reasonably true, or it is false, and the issue is so neatly joinOpen, _the' door. to,a new, world’ forepoanle, vbate, ey — is, poor Steet DA, CITY (620. Hl SHIRKRY, 0. D. 118. Mill. Street. q

_ GRASS ‘VALLEY, CALIF. i ©SMARTEST. AND NEWEST CAFE, IN, GRASS, VALLEY ‘HOME .COOKING—/ t . Complete Seryice at Heat VR: ~~ pemmamite a Valley, ugo Building, Grass Valley. Corner Mill and Neal Streets, Entrance on ‘Neal St. ‘LQNCHES.TO TAKE QUT—THESE ARE OUR PRIDE { PERCOLATED COFFEE THAT SATISFIES -~Mrs. Bessie ~~ i A = T’S. GOOD . ‘Pleasant Prices: _PERMANENT WAVES . ‘OF QUALITY ~~ ‘The only Genuine Duart © ‘Machine in town FINGER WAVES THAT STAY Ainsworth: Shoppe 438 Commercial St.-Phone a ‘Neyada City, California areca _ COMPENSATION, INSU MILLS. BUILDING MINIMUM DEPOS Antnun 8. Foots » RREROENTpinvaae BY ERR SEA e ae ongiie 292—LIMITED MUTUAL F CALIFORNIA for the Careful Mine Operator: LOWEST RATES «MAXIMUM DIVIDENDS . STATE: smaron RANGE COMPANY SAN. FRANCISCO ITS JNATHAN. L. FAIRGAIRN SECRETARY ‘Builds Sturdy Bodies 7 Ito the public and. to mining, for the t interest of. both. is identical. sEATR DECISIONS «In,studying the decisions of the; ! Federal Trade. Commission the con-}* tors and officers, or.the.prohibition . (ugion has been reached, that they# ‘ have acted. wisely. fairly, and with a j breadth of .view that .is noteworthy. it, eee: that if, the. truth of the en-’ terpri is told, .no matter how Strange it.may. be, and the several statements check, the Commission iwill not. act harshly. The .risk to,the, miner lies in the fact that if .his. proposition is not find few purchasers, for his offerings. Therefore the extensive booming of prospects may be curtailed.On the other hand, it is a certainty, that the safeguarding of all securities, and }those of mining in particular, will restore confidence of the inye&ting public in meritorius projects. Mining is not a circus, it is not a confidence game, and when the buyer has the facts and weighs. the hazard, it will, be found that. funds. will be available for, exploration of. prospects, and the development of mining .districts. The future of mining as a, great industry graws brighter and all right thinking men will see to it that. his representation and evasion will not repress this _attainment. : 4 ‘Tt ds possible. that. the present congress , will clarify, the liability clauses beyond the, Possibility of a doubt as i to *their meaning. If any act ‘they’ will be to make. them mare rigid; ra ds, generally conceded that the act is q less drastic. than. similar legislation in, other. countries, therefore it is imICE WAS RIGHT iWASN'T IT? "FJOMOR CERTAINLY, '{1S: FILLING OUT’ SINCE. HE GETS, AM, pe BANS. S terest but did not. immediately yield ery.in.the region. some of which.are now in,the. :Huns =a than a reality. The land “abounding in gold’: ment{oned , in the ““Sergas de Esplandian”. excited much ins any _ treasure. _Cortes ina letter ,Written from lower , , California, in 1535, remarked. that he had seer people with quantities of pearls; proving that there was a pearl fisbSubsequent exPeditions obtained ,pearis. and _ also prepared valuable charts and reports, tington Library. : The earliest considerable from California, however, profit was de: California ‘at, the right. hand of the the trade in jae bethine ‘segeeiant, as told in 1840 by Richard Henry Dana in the first edition of his book, “Two Years Before the Mast,’” on view in the exhibit. EARLY CLIMATE BOOSTERS Has the California climate always had ‘boosters’? As early as 1683 it was mentioned by the Jesuit missionary, Father Eusebio Kino, in one of the exhibits—anold letter in diary form. Referring to what is now lower California, he ‘writes, ‘The land is good and the temperature pleasant.’’ Dana also praises the weather, in his ‘‘Two Years Before the Mast.’’ He remarks, ‘“‘It was a beautiful day . . and. so warm that we wore straw hats, duck trouSers, and all the summer gear. AS this was mid-winter, it spoke well for the climate.’’ According to the July 17, 1852, issue of the “Los Angeles Star,” the attraction of the climate was great even then: ‘“‘We see is estimated in letters from. the western Atlantic States, that there are upwards of one hundred thousand people from every founty jin the west, on their way this year.. . to California. af The “upward of one hundred thousand” visitors of 1852 will probably be increased .twenty-fold this year, according. to. estimates of touridist agencies, and many visitors will ‘be asking questions about Califor_hia’s romantic past. There is no . . vivid and conclusive way to ‘supply -answers than. by inspecting the .ac; tual records to which historians re. Sort. A rare opportunity is offered . both tourists: and “‘native sons” during the next few weeks to see some jot these precious source documents at the ‘Huntington ss i . LOGAN THOMAS WORKS ARO EE B, JIGCINS GRAVEL MINE Logan Thomas, whi who is operating the ‘old Higgins: Bravel property on Goodyear Creek, is busy night and day. The.Yuba_ river, below the mouth of Goodyear Creek, is a rich yellow color from hydraulic operations. The rainstorms of the past few days has resulted in swollen streams and a. plentiful . supply of ;water for mining purposes. . oO equitable, and consistent with the. Tived from. furs. After the renowned hazards of .the enterprise, he wili. =2S!sh explorer, Captain James. : : Cook reported about 1776 buying “skins of various animals, such as wolves, foxes, bears, deer, raccoons, . polecats, martins,and in particular . of the sea otters,” a “fur rush” aa on. One market was the Chinese, who often gave over one hundred dollars for a sea otter’s. skin. Later portant to accept it as it is, whether we agree or not, unless the public grow impatient and. demand further restrictions that may prove onerous, rather than beneficial. ‘Eally-Sately Follow. the K-14 Diet.. . ‘Chart and take KELFOOD A patural food. supplement prepared: from ‘marine , vegetables A copy.of ‘this dict chart IAS Shey ROME Bere NS ise SRR Ree E. J. Haverstock, hotel man of Washington, was a recent Nevada. City visitor. Don’t Prolong The Agony! 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