Daily Arizona silver belt., 1907-05-24

Q cents This year s increase will be no larger in comparison than the nat ural growth of consumption. The gen eral business situation so far shows practically no indication of weakness. The price of pig iron is advancing and steel rails are being purchased for de- livery as far ahead as next year. There is good demand for structural mater ials. and the tone in approximately all lines of business is about all that could be desired It may reasonably be ex- pccted that industrial development along electrical lines will be relatively more rapid than elsewhere, and, there fore, it is safe to depend upon contin. ued strength in the copper market while general business conditions continue as favorable as they now appear.
 The Copper Share Market
 Viewed in broad way, there is very little in the general situation to en- courage the conservative trader and investor to buy stocks of any kind. The dullness which has settled over the market is likely to continue throughout the summer, and if coming crop reports are of as diseouraging nature as the last one, it may be anticipated that stocks will decline gradually to a lower level This Is the conservative view, or the bearish view, if you please, and it may be supplemented by the assump ton that business retrenchment will soon become apparent and that the price of copper will gradually recede from it's present abnormally high level. On the other hand, 1t must be remem- bered that the industrial growth of this country and the world has always been much more rapid as whole than anyone has been able to anticipate in advance. The present momentum of business Is tremendous. As we have never had anything like it before, we are unable to measure, or estimate intel ligently how long it will continue, or how far 1t will carry us. It is safe to predict that the anticipated reaction in business will not go so far as is gener. ally believed, and that the recovery will come sooner and be stronger than any of us is now able to appreciate.
 If security prices were back to the level of January and February, the con servative position would bo the only safe or reasonable one. Prices have declined, however, from 10 to 30 per cent, and net earnings on curront mar ket prices are without precedent in the history of the stock market. Not a few of the principal copper producing mines are earning l5 per cent on the current selling price of their stocks, and practically every one of them is carry ing large cash surplus. There have been reasons for increasing dividends and not one reason why they should be reduced.
 The copper mines of America arc earning in net profits more than s40O, GOO per day, and it is reasonable to an tieipate that the dividends disburset will exceed S250,000 for every day oi the year. These remarkable dividendi will exert the natural psychological in huence, and the public will be prett, sure to increase its investment in cop per mining securities.
 There is money enough and sufficient of all the other factors required to war rant the belief that there will be bull ish speculation in some of the best oi the coppers this summer. The dividen, payers will be most popular, and they are the safest stocks to speculate in Copper Range, Utah Consolidated Amalgamated and Anaconda are al worth considerable more than their eur rent selling prices,