Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-05

In the case of the Equitable itself, 1t Is
pointed out In the limited circle referred to
changes in methods may not only be neces-
sary, but it Is insisted that If the Equitable
is to continue a going concern the mu-
tuality of the company must no longer be
left to the assurances of agents and the
printed literature OF the company. which
are not binding. but must be settled be-
yond peradventure by some such process as
selling the controlling stock to the society
itself or placing 1t in trust controlied py
the policy holders votes.
In the opinion of many well-informed men
the necessity of re-establishing shaken con-
fidence in the conduct of fduciary and de-
pository institutions is of paramount i'm
portance but it is also the opinion of these
men that an official purging is not sufficient
If any potentially miSchievous methods are
allowed to continue to underlie the busl-
ness of these institutions In the case of
the Equitable the Prick committee assert
ed that were such methods. the deferred
dividend plan of meeting insurance for ex-
ample. So important recommendation as
the one urging that this method be aban-
doned deserved other treatment than sheiv-
ing by the directorate, no matter what
might be the differences Of opinion about It's
merits.
The annual meeting of the stock holders
of the Amalgamated Copper Company was
held in Jersey City this morning. Inc nrst
public statement of the earnings maze IN
the companys history was issued The
d
sheet up to April %. showing surplus ana
reserve after providing for the dividend
due on May %, of $S,942,t12.
1t Is stated that, based on the productlon
of 2O2 900 900 pounds in 1904, each pound OF
copper produced is capitalized at 40 cents
a pound in the outstanding capital STOCK
of the Amalgamated Company without TAX
ing into consideration any earnings from
other sources than mining. This capltaIlza-
ton compares with a market capltallZa-
ton of so cents pound OF copper prouuCeu
for the Calumet and Helca company ana
market capitalization of SLOT a pound pro-
duced for the Rio Tinto Company.
|. The retiring board of directors was re-
elected, except that H. II. Rogers tr., was
selected in the place of F. p. Olcott
The statement gives list of the invest
ments of the Amalgamated In other COM
paneS and says:
1.-The principal asset of the company con-
sists of the ownership, through the COM
pany's mentioned. of copper mines, the
value of which is largely dependent upon
the duration of their productiveness The
mines look as well at the present time as
there are no indications that they have
not a long productive life before them.
Exclusive, however. of the said copper
mines the assets of the company, consist
ing of timber land, coal mines, reduction
works, saw mills, railways real estate,
buildings, copper and cash, controlled
through the ownership of other companies.
are of very great value-exceedng, in the
opinion of experts, S5O,000,000 over all la
bilities of the company.
1.-THE company directly or indirectly en-
ployes in Montana 10000 men and eXpends
annually for wages S14,OO0,O0O.
AT the present time the status or the
company and the position of the metal mar
ket are more satisfactory than at any time
since the early part of 1901