Daily Arizona silver belt., 1907-05-31

of discouraging crop failures. Agita- tions in legislative and administrative circles of an anti-eorporation character have served to further unsettle conf denee in railroad and industrial invest ments. The period of political agita- tion is approaching, and with it comes the usual apprehension that there may be an overthrow which will give us an administration even more antagonistie towards the railroads than the present one.
 A great many railroads and some in dustrial corporations need large amounts of new money to pay for additional equipment, extensions, etc.; and money for such purposes is not available. The announcement of a proposed issue of S10 ,000, ,000 to $50,000,000 of new bonds never fails to brnig about a severe break in stock market prices.
 It must be recognized that our un- precedented industrial progress can be maintained only through the steady in yestment of new money for the exten- sion of large enterprises. If the rail roads cannot borrow money for new lines and equipment, labor and all de partments of industry must suffer. We are Cup against" an overworked mon Cy market We haven't sufficient eur rency 10 carry forward business in its present large volume. Unless there is some relief soon, commodity prices must .l E,rifa flrs Ia haan first by the stock market, as is always the ease, and security prices have dis counted in advance the business depres- sion which must ultimately become manifest in all lines of industry.
 It has sometimes happened in the past that extreme declines in security prices have come we'll in advance of business retrenchment, and that when the depression has actually become ap- parent on all sides, security prices have advanced. Stocks declined because in ability to obtain money through the usual channels forced the sale of se- curities to get cash. When business depression materializes money is always abundant and cheap, and larger profits can be made by buying and holding the best stocks and bonds than in most individual business enterprises.
 In this connection, investors should bear in mind that there is one group of corporations which are not calling for new money. They are disbursing dividends with lavish hand, and their treasuries are swelling to the bursting point. I refer to tbe copper producing companies. They are experiencing no embarrassment, except one of riches. Many of them are paying dividends which make their stocks yield 10 to 15 Der cent on curren market prices. Some of them could readily pay 50 to 100 per cent more than they are now, with out drawing upon their surplus reserves. These companies, from Calumet Hecla and Amalgamated down to Shannon and Michigan, can buy new properties and build new mills and smelters without selling additional bonds or stocks or calling assessments. They are in a class by themselves, and their stocks are better investments at current mar ket prices than can be found elsewhere in any market. No matter if the price of copper does decline to 20 cents or to 15 cents-and the latter is extremely improbable-the principal copper pro- ducing companies can continue to earn 7 to 15 per cent on the prices at which their stocks may now be bought.
 The best investments in the copper share list are, in my opinion, Copper Range, Utah Consolidated, Amalgamat- ed, Anaconda, Calumet & Arizona, North Butte, Quincy, Wolverine, Gran by and Greene-Cananea.