Daily Arizona silver belt., 1907-09-04

dence. Investors must be satisfied that
 it will not be made unlawful for rail
 roads to operate at profit and pay
 increasing dividends or they will sell
 their holdings of railroad and industrial
 stocks and wait for the passing of the
 wave of anarchistic and socialstic agi
 tation which now seems to be getting a
 hold on men s minds.
 The attitude of labor is contributinp
 to the uncertainty in the business world.
 Labor organizations have taken advan. l tage of the prosperity of the past two years and forced wages close to the pro ! hibitivc level. In instances they have even regulated and restricted the amount of work which men may do.
 For example, bricklaycrs' union put m effect a rule that no man should lay ! bricks with both hands; carpenters spe- eiiied the number of square feet of flooring that man might lay in eight hours, etc. some men employed sinking shaft were given 50 cents more than the wages of other miners in the same dlstrlct with the understanding that they were to make a record. They made the record and then demanded n further increase. Their representative declared that unless the further advance was granted they would take advantage or ther ability to work slowly and de- lay the sinking of the shaft I know of an instance where there was q sud den decrease in the output of ore per man and m the tonnage smelted per fur mace throughout an entire districe. This followed series of secret labor meet ings. The superintendents spent a few nights in the mines and at the smelters, and while they were on watch the ton mage came back to normal
 If the labor union is determined to restrict the producing capacity of the American mechanic to that of the Euro pean workman, who gets only one-third to two-thirds as much pay, We must look for a boom in manufacturing, rail roading and all other industries in Flu rope and Asia, and also for gradual re. progression in the United States. Shrewd business men who are watching this ten.
  dency have been selling stocks.
 The stock market prices of six months to two years ago look high now; but as matter of fact they never adequate ly represented the real values of the railroads, mines. etc. There was prac tically no wild speculation or imitation of prices. At top quotations many | hi gnlltngY t,., L., AL. present level more than two dollars of intrinsic value can be secured with one dollar of cash.
 l am a bull on the stock market be- | cause I know the country and it's re- | sources, and because I have confidence l that sanity and good judgment will pre- | vail ultimately in politics, finance, busi- ness and even in the councils of labor l unions. l am satisfied that American | ingenuity and energy will find a way to overcome the obstacles that now | seem to bar our progress. It will not | be a wait of years. Men move more rapidly now than in former times. I believe that within three Co six months l public sentiment will have undergone l complete change and that the best coppers will be selling 25 to 90 per cent above current prices.
 The coming two or three years are going to witness most remarkable pro gross in the electrical world. On my trip through the west I have learned of hundreds of well defined plans to es- tablish new power plants on rivers and streams to generate and distribute elec- tricity. The scope of some of these un- lertakings may be judged by one I heard of the other day. A company proposes to build plant at Twin Falls, Idaho, and sell several thousand elec- .rical horsepower at the mill. shelter md mines at Ely, New, about 245 miles distant In the northwest steam power costs all the way from $65 to $l25 per per year. Electricity is be- ing sold there for $35 to s54 per horse power already, and all of the hydro electric companies are earning tremen- lous profits This means that copper Is every day a growing competitor of 'oal. It is driving coal out of the min. ng districts and it is beginning sue ,essful contest for supremacy on the steam railroads.
 There are important things to remem- per now when stock market prices have lad an extreme decline. The market is not going to stay down. Copper produc- ion will continue the most profitable industry in the country, for there must )e a big demand for the metal at high prices The coppers are cheap and hould be bought. Among the best of hem are Amalgamated, Anaeonda, Butte Coalition, Copper Range, Granby, 1reene-C Cananea, Old Dominion, Utah Consolidated, Nevada Consolidated, Ely, Boston Consolidated md Utah Copper.