co-partnership or individual, which said book, prospectus,
notice, report, statement, exhibit or other publication, shall
contain any statement which is false or wilfully exaggerated or
which is intended to give or which shall have a tendency to give,
a less or greater apparent value to the shares, bonds or property
of said corporation, joint-stock association, co-partnership or
individual, or any part of said shares, bonds or property, than
said shares, bonds or property or any part thereof, shall really
and in fact possess, shall be deemed guilty of a felony, and upon
conviction thereof shall be imprisoned for not more than ten
years or fined not more than ten thousand dollars, or shall
suffer both said fine and imprisonment.

This law has been enacted in six states and a campaign for its
general enactment is under way. But let not the credulous
investor suppose that even such a law would guarantee him against
loss. The Secretary of the American Mining Congress, Mr. James F.
Callbreath, offers the following comment:


CAMPAIGN OF THE AMERICAN MINING CONGRESS

"I do not believe that any one law can effect protection to
mining investors, nor that the protection afforded through the
Post Office Department forbidding the use of mails for fraudulent
advertising matter can fully cover that ground. The greater part
of mining frauds are perpetrated without the use of the mails.

"The proposed law, in our judgment, is the longest possible step
toward preventing mining frauds. A second step has been taken in