worth and can be
sold to-day for from 30 to 60 per cent. more than the
subscription price.

First--Because the assets now owned by the Amalgamated
Company are worth from $100,000,000 to $125,000,000.

Second--Because the Amalgamated Company is now earning at
the rate of 12 to 16 per cent. per annum.

Third--Because it will, from the start and always after, pay
8 per cent. dividends annually.

Fourth--Because the interests actively engaged in its
management will make and keep it one of the most
conservative and sought-for investments.

Fifth--Because there will be rights attaching to it almost
at its beginning that will give to it large profits
independent of those accruing from its dividends.

The fact that the above values are now known to some, and
will be in the next few days recognized by all, will cause
the stock to be largely oversubscribed, but this should
deter no one from subscribing, for the reason that,
notwithstanding this certainty, those who are engaged in
perfecting this great enterprise have decided that instead
of a favored few being allotted the entire amount, all shall
be treated alike. Captious critics of "Coppers" will
probably again cry their sarcastic "philanthropy," but to
the legion of broad-minded investors who have followed and
profited by this great industrial revolution, the policy of
this liberal treatment will be obvious--the consolidated
company is to be many times larger than its present capital
indicates; it, in my opinion, will from time to time offer
to the investing public large amounts of increased stock for
the purpose of obtaining hundreds of millions of cash with
which to pay for all the producing copper mines, as it is
now obvious to students of affairs financial that this
company must in time become the owner of all good mines,
because all such mines can be run to better advantage to the
consumer of copper, the investor in copper stocks and the
present owners, by the Amalgamated Company than by others.
This being so it requires no supernaturally bright mind to
see the wisdom of a policy that insures a constantly
increasing premium for every new issue of stock.

I advise all intending subscribers to send their
subscriptions personally or through their banking or