Arizona republican., 1904-06-15
OUR MINING RESOURCES
A Plan for Their Development Well
 Worth Investigating.

IL is fair to say that seventy-five per ! cent of the resources Of the territory l Of Arizona consist Of its mineral de- ! pOsits. IL is equally true that the de-
 velopment of these resources has been | but fairly begun. Fer every developed mine, that is being operated, there arc | dozens of prospects, that have been in ! the process of development for, from ! Gve to fifteen and, even twenty years. | and which give as good promise. as i these proven mines did at the same 1 stage of development. Again. the | mines of Arizona are practically, all such as require deep workings and ex- | pensive machinery. Another fact .s | that the money to develop and equip | them must be brought from the east. 1 Given, therefore, the mine properties.
 here, and, the money, necessary for their development, in the east, the | prU blem is this: How shall the two be brought together?
 owing to the exploitation of fake
 mining schemes and the sale of worth less mining stocks. throughout the east,
 it has come about that the eastern in- vestor now demands some security or guarantee for the the money he is in
 vited 10 invest in mines. He does not ! object to the speculative feature of the investment, he wants that feature. He
 knows that immense profits are made in mines. It is not interest upon his
 money that he wants. But, fer the
 actual money he is asked to invest, he
 wants security. And this security must
 be of such an unquestiohable character
 that he can investigate it through Dun
 or Bradstreet or his local bank.
 Out of this situation and based upon
 these facts, has grown the plan of in-
 suring investments, by means of un-
 derwriting the stocks of corporations
 and thus giving absolute security to
 the investor, so that he can have the
 option, of surrendering his stock, at
 fixed period and receiving back the
 money he has invested. This plan of
 underwriting investments has been in
 operation, for many years in Europe
 and, fer several years in the United
 States. But not, until recently, has the
 idea been worked out upon a safe and practicable plan. The first of those
 who entered this field, were hindered and crippled by their inability to fur
 nish satisfactory security to the in-
 vestor that he would actually receive his money back, in case he elected so
 to dc, at the stipulated time. The charge for underwriting was large and
 the plan involved too many contingent cies and uncertainties. But, as there was no reason, in the nature of tue thing to be done, that made it impos- sible and, as IheIe was no reason why an investment in the stock of a corpor- ation, might not be insured. as well as an investment in house or an invest ment in any piece of personal proper ty. men of ability concentrated their thought upon the problem until they succeeded in solving it. Profiting by the experience and the mistakes of otb- CTS and, cal efully providing against the errors and mistakes of the earlier companies, and, locating in the west, l where interest rates are higher than they are in the east, some of the more recently organized companies have suc- ceeded in working out plan of under