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T V o t n m e t t t H INCLUDING B a n k a n d Q u o t a t i o n S e c t i o n (Monthly) f i n a n c i a l S t a t e a n d C i t y S e c t i o n (semi-AimnaBy) R a i l w a y a n d I n d u s t - i a l S e c t i o n (Quarterly) S t r e e t R a i l w a y S e c t i o n VOL. 85. SATURDAY, AUGUST 24 1907. NO. 2200. PUBLISHED WEEKLY. Terms of Subscription—Payable in Advance For One Year .................................................................................
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   TVotnmetttH INCLUDING Bank and Quotation Section (Monthly) financial State and City Section (semi-AimnaBy)Railway and Indust-ial Section (Quarterly) Street Railway Section VOL. 85. SATURDAY, AUGUST 24 1907. NO. 2200. PUBLISHED WEEKLY. Terms of Subscription—Payable in Advance For One Year .............................................................................................$11 00For Six Months............................................................................................ (500European Subscription (including postage)....... . ..................................  13 0 )European Subscription six months (including postage) ......................  7 50Annual Subscription in Loudon (including p stage) ........................... £2 14s.Six Months Subscription in London (including postage)..................... £1 11 s.Canadian :Subscription (including postage)...........................................$11 50 Subscription includes following Supplements   —  B * kk   axt ) Q uotation  (monthly) | S tate   and  C ity   (semi-annually) R ailway    and  I ndustrial  (quarterly) j street  R ailway   (3 times yearly) Terms of Advertising—Per Inch Space  Transient matter per inch space (14 agate lines).....................................  f   Two Months (s times) ........................... Standing Business Cards * Three Months (13 times) ...........................branding .Business earns six Months (26 times)........................... CTwelve Months (52 times) ........................... CHICAGO OFFICE—P. Bartlett, 513 MonadnockBlock; Tel. Harrison 4:012.LOXDOX OFFICE—Edwards & Smith, 1 Drapers’ Gardens, E. C.WILL \yi IZ.  SANA COMPANY, Publishers,P. O. Box 958. Pine St., Corner of Pearl St., New York.Published every Saturday mornin? by WILLIAM B. DANA COMPANY. ‘William B. Dana, President; Jacob Seibert Jr., Vioe-Pres. and Sec.; Arnold G-. Dana, Treas. Addresses ot all, Office of the Company. CLEARING HOUSE RETURNS.  The following table, made up by telegraph, &c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $2,458.046,.>63, against $2,^05,261,062 last week and $3,312,148,769 the corresponding week last year. $4 20 22 00 20 00 50 00 87 00 Clearings at   —  Week endlng\\ ugusl   17. Clearings—Returns by Telegraph.   Week endfng August   24.New York___________________________ Boston  _____   _____   ___________________ Philadelphia ______________________ Baltimore____________________________ Chicago  _____________________________ St. Louis __________________   _________  New Orleans  _____________   _______   ___  Seven cities, 5 days  ________________ Other cities, 5 days............................. Total all cities. 5 days  _____________  All cities. I day______________________  Total all cities for week  ___________  1907.1906. Per Cent. $1,091,287,963111.421,600105,261,07620,961,283220,703,65849,655,08210.613,107$2,004,970,576119.009,230114,034,16918,771,594172,415.42142,612,26213,325.392 —45.0  —6.4  —7.7 + 11.7 + 28.0 + 16.5  —20.4Sl.6o9.903.769408.281.5S0S2,485,138,644 335,411,276 —35.2 + 21.7$2,018,185,349439.861,214$2,820,549,920491,598,849 —28.4  — 10.5$2,458,046,563$3,312,148,769 —25.8  The full details for the week covered by the above will be given next Saturday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the la=t day of the week has to be in all cases estimated, as we go to press Friday night.We present below our usual detailed figures for the previous week , covering the returns for the period ending with Saturday noon, Aug. 17, and the results for the corresponding week in 1906, 1905 and 1904 are also given. Contrasted with the week of 1906 the total for the whole country shows a gain of 5.0%. Outside of New York the increase over 1906 is 12.3%. Clearings at   —  Week ending August   17.1907.1906. Inc. or    Dec. 1905.1904.New York ........ $1,707,918,266$1,693,776,742%+ 0..S$1,631,644.744$1.114,467,648Philadelphia  ____  132,730,545131,063.880+ 1.3133,723.94892,990,285Pittsburgh  ______  ã19,489.17643,514,292+ 1M.745,241,78636.392,350Baltimore  _   _____  28,250,43524,354.819+ 16.021.769,19419,155,842Buffalo__________ 7,998,5287,275,545+ 9.97.097,7946.941.268Alhanv  __________  Washington  ___  ã 6,404,4645,100,879+ 25.64,281.6833.380,4565,224,0404,261,000+ 22.64,059,7723.273,048Rochester  _  _____  3,(100,0643,150.000 — 4.83,012,6332,033,540Scranton ............ 2,022.3831.839,831+ 9.91,536,2511.361,064Syracuse — ...2,108,4771,582.163+ 33.21.370.5511,124,365Reading. - ____ 1.371,5311.291,132+ 6.21,002.963948.744\\ ilmington  _____  1,218,1281,363,390 — 10.6938,2171,003,285Wilkes-Barre1.143,568965,659+ 18.4923,812868,710Wheeling ..........1.102.386989,510+ 11.4703,347544,129Erie . ........... ....... 098,520628,809+ 11.1532,685137.894<;reensburg ------ 450.000■135,166+ 3.4413,315286,086Chester . .............457.043428,993+ 6.5389.424282,913Binghamton .. .514,800471.900+ 9.1476,800410,300Franklin............263.549217,943+ 20.9228,223213,620Harrisburg........ 968,268850,515+ 13.8 Total Middle..1,953,334.171 1.923.562,168+ 1.51,859,347.1-12 1,286.115,547 Inc. or  1907.1906. Dec. 1905.1904.S$%$SBoston  ________  160,281,1 Of 114,942,285+ 10.1130.249.021109,908,878Providence  _____  7,589,9017,091,701+ 7.C6,805,70!5.634,900Hartford  __   . .3,581,4872,880,941+24.:2,375,18.-1.945,665-New llaven  ____  2,366,66;2,184,34*+8.:2,229,89.1,758,820Portland .  _____1,705,19.'1,997,39' —14.11,632,16'1.422,257Springfield.. ._ 1.850.00C1,637,30)+13.(1.664,6311.260,475Worcester  __   .1,756.9321,511,030+ 16.:1,452,8911,092,181Fall River  __   ._882,911754,24.’ + 17.1613,68;625,631New Bedford...721,251675,387+ 6.8496,261374.428I-owell  __   __   ..561,827499.39'+ 12.5401,49.'369,676Holyoke ........ ..... 417,564425,488 —1.1357.01-379,319 Total New Eng181,714,898164,599.511+ 10.4148,277.965124,772,228Chicago  _____  224,825.39*196,861,581+ 14.2179,640.245162,682,400( indnnatl  ______  26,570,25123,282,751+ 14.119,496,25124.006,950.Cleveland . __ .17.535,90716.274.71C+ 7.715,268,77.'11,852,680Detroit  _________  18,866,44812,908,397+ 16.211,888,36-10,263 024Milwaukee ........ . 11,463,5659,254,921+23.17.675,6376,765,53*Indianapolis  ____  S.312,5147,075,001+ 17.56,519,6706,008,306Columbus .......... 6,000,0004,543,10(+ 32.13.810,90C3,965,100 Toledo__________ 4,849,3343,812,556+ 27.24.181.86*3,188,186Peoria  ___   ______2,483,0322,792,117 — 11.13.004.94:2.686,249Grand Rapids  __  2,400.0002,239,844+ 7.22.274.42S2,106,422Dayton  ______   _ 1.904,9811,809,8051.491,3721,491,723Evansville -___1.733,0151,587,361+ 9.21,278,4211,122,405Kalamazoo  _____  1.148.90C876.291+ 31.1928,47:.805,112Snringflcld. Ill .704.792727,27C —3.1757,412656.975Fort Wayne  ____811.212766.881+ 5.S802,633Akron  __   _____  750,001651.917+ 15.11534.60C511.300Lexington . _. ...673.20£549.175+ 22.6435,855531,10»\ oungstown . - -716,775513,674+ 39.5533.807475,333Rockford  _   _  ____  600.98C574,965+ 4.5502,371418,285Canton  ________  550,370510,682+ 7.8364,891454,356South Bend-- .-484,275414.883+ 16.7320.872Bloomington ..378,326332,851+ 13.7406,987392,458Decatur .  _  _   ___  491,893318,196+ 54.6351.032254,779Mansfield - - ...328,310320,131+ 2.6279,368186,072Springfield, Ohio525,302287.372+ S2.8325.30C295.795-Quincy.. ........... 368,125257.154+ 43.2304,180 282.829 Jacksonville. Ill.264.452254,908+ 3.7248,857244,024.Jackson .  _  ____  335.942216.201+ 55.3197.757199,951Ann Arbor  ______  122.56297.769+ 25.494,66285.579 Tot. Mid.West.336,199,874290,112,5464-15.9263,919,921241,932,931San Francisco  __  43,550,27544,642,820 —2 439,394,09529.014,117Los Angeles11,233,70011,456,954 — 1.910.721,3685.747,154Seattle  __   _____  9,784.4418,718,407+ 12.25,806,3944,230,272Portland  _______  7,815,2315,391,693+ 45.03,869,6483,240,407Salt Lake City  __  5,983,9855,145,426+ 16.34,842,0492,716,958Spokane  ________  5,573.8854,300.400+ 29.62,634.3832,015.252Oakland  ________  2,487,1643,946,803 —37.0 Tacoma  _____   -4,763.9073,602,577+ 32.22.989,5281,8-19,142Helena -  . ......... . 939,028851,805+ 10.2760,770578,738I- argo  ______   _ _554,781399,286+ 38.9509.328401.-153San Jose, ..501,789383,312+30.9Sioux Falls  _____  405,000329.176+ 23.0269,635232.215. Total Pacific. _93.593,18689,168,659+ 5.071,797,20050.625,708Kansas City .34.272,67923.599,799+ 45.221.802.57723.727.674Minneapolis  ____  19,143,38313.391,488+ 42.913.193,51813,522,097Omaha.  ______  10,801.3969,146,396+ 18.18,174,2186,711,23 i>St. Paul.. ........ . 8,072,3477,388,633+ 9.35,248.3065,305,170Denver  _____   .7,824,8036,732,978+ 16.25,890.8303,881.824St. Joseph.  _   ____  4,785,0174.279.479+ 11.84,038,3224.137,926Des Moines .2,722,3952,090,793+30.22,090,7201,934.755Sioux City  ______  1,732,0111,438,153+ 20.51,532,8561,037,127\Vichita  ____  ....1,224.5631.202,114+ 1.91.013,1341.039,7821.050,8241,064,529 —1.3790,628895,077 —11.744(>,6i 78 It, 300Davenport  ______  886,923699,441+ 26.8633,996687,886Colorado Springs749,335709,771+ 5.6664.344565.3841<edar Rapids . -.631,131456,323+ 38.3426,000400,000 < Pueblo  ________  632,046537,605+ 17.6495,7021Fremont  ____   ..465,487267.066+ 74.3232,477190,735 Tot. oth.West.95.784.96873,899,645+ 29.665,877,61763,955,908St. Louis  ______  60,785,58853,637,841+ 13.347.997,27550,380,404New Orleans  ____  15,321.71315,39^.150 —0.513.308.74410.465.871Louisville  ______  12.787.39311.238,968+ 13.810.663.88010,200,401Houston  _______  12,035,5169,803.537+ 21.86,124.1975.661,145.Richmond  _____  6,050,0004.700,000+ 28.74,407,0623.771,5345,188,0005.811.000 —10.84.900,0003,489,000-Atlanta  ________  4,183.8553.845,257+ 8.82,730.8282,120,694Memphis  ______  3,164,1952.907,192+ 8.83.403.5192.863.180Nashville ......... 4,000,0002,950,000+35.62.731.6322,191,492Savannah  ___  2,670,5383,476.312 —23.22,9.31.3302,690,408Fort Worth . ..3.471.9302.801.639+ 23.62.100,2931.388.61SNorfolk -  ____   .2.231.4462,036.601+ 9.61,643,6981.506.472Birmingham - -1,970.4221.836,520+ 7.31,220,439981.057Mobile .-  ______  1.414,3541.564.698 — 9.0971.097 Jacksonville .. .1,424.7971.170.183+21.71,293.086824,998Knoxville .......... 1.391,2521,168.996+ 19.11,080.0001.003,724Augusta...  ____  1.135,068976.811+16.2]1.131,985907,390Chattanooga ..-1.450,0001,190.324+21.8917.720703.392Little Rock  __   .1,156,755913.774+26.6754,051615,259-Charleston  ______  900,000836,294+ 7.6915,968724.846Macon . .............. 456.500455,996+ 0.1357,887319.1.54Beaumont ........544,643400,000+ 36.2293,392262,317-Oklahoma  ______  soo.ooo600,000+ 50.0  _______   Total Southern144,633,965129.720,099+ 11.5111.878,083103,074,35ft Total all  ______  2.805.261,0622.671,062.624+ 5.02,521,097,9281,870.476,678-Outside N.Yr..1,097.342,796977,285.882+ 12.3889,453.184,756,009,030Montreal  _______  28.772,01126,697,439+ 7.82?.167.96119,877.714. Toronto  _______  23.319.S0721.125.549+ 10.417,846,20414.873,585WinnlDeg  _______  10,623,5708,730,779+ 21.76,518.1485.170.590Ottawa .  ______  2,871.9682,794.015+ 2.82.424,0822.272,981Vancouver  ______  3,701,0702,720,486+ 36.01,747.1611,392.679Quebec  ________  2,203.2431.700,938+ 29.61.591.9331,549,5471.807,6301,654,701+ 9.21,630.0001.704,8441,661.0871,517,732+ 9.41.329.8091,117,4091.189.7181,195,942 —0.51.139,2891,056,754London ........ ..... 1.404.4811,127,937+ 24.61.045,9748*6,0l4\ictorla ............ 969,448881,389+ 10.0653,186683,98o-Calgary  ________  1,227.470925.212+32.7  _______  - - - ------ Edmonton_____   _  1.004,677710.922+ 41.3---------- -------- -  Total Canada .80,756,18071.783,041+ 12.559,093.80750,576,082  434THE CHRONICLE. I V ol . lxxxv . THE FINANCIAL SITUATION.  The twin speeches delivered this week by the President and by Mr. Taft, his nominee for next President  —heretofore the people have been accustomed to select their own candidates—these two speeches contain all of hope the present Administration, and, if Mr. Roosevelt can enforce his will, the next Administration, has to offer or will be willing to extend to the public in their distress. This dual relationship we call special attention to, because it has become at this  juncture a highly important feature of the situation, one which every citizen ought to consider most se:i- ously. If no other importance attached to it, is it not of itself a matter of deep moment how long such a state can be allowed to exist—a state which permits a chief ruling officer to choose his successor and use all the force of the Government to nominate and elect him.At a time like the present it is especially perilous. We and those who think like us believe that a great and, fundamental principle of law and equity is being violated by the existing Government through the policy it has taken upon itself to enforce, and which through the Roosevelt scheme of successorship he is preparing to perpetuate. The financial part of his policy described collectively is nothing less than a war fomented directly against capital; as it excites a fear as to the stability of the values of all our securities, and is hostile in its effect upon accumulated floating capital, it becomes an element of doubt entering into all financial international arrangements. These speeches indeed, indicated that, instead of relieving the situation, the Administration resented the suggestion of relief, and showed extreme irritation, going so far as to lay down a program to be made effectual on application to Congress by which the burden would become heavier to bear. Probably the most disturbing feature the Roosevelt policy has assumed is hostility against all corporations and their securities, especially railroad securities. These evidences of property rights, we hardly need say, are held and owned not by any means wholly by individuals in every part of the United States, but in large measure by individuals and corporations in all parts of Europe. They have found extremely rapid lodgment in more recent years in Great Britain and on the Continent, and are being used largely as a basis for international borrowing, especially short loans at times in very large amounts. These securities have been tainted by Mr. Roosevelts actions and speeches, and have thus become an adverse factor, disturbing monetary affairs in Europe. This, in brief, is the nature of one important phase of the disturbance in monetary affairs which Mr. Roosevelt is causing. The Stock Exchanges at the world centres of trade are merely instruments for recording with as much accuracy as possible the variations from hour to hour in the value of the certificates dealt in. The figures thus afford recorded evidence of the extent of the direct loss to the owner which has been and is taking place. But in addition to that there is a wonderfully sympathetic influence floating capital disseminates where arbitrarily dealt with which adds to the distrust, imparting a degree of gloom in all the world’s markets affected and to the body of securities dealt in each. Remember, too, there is no country of the world in which a loss of credit in its securitiescan be so widely disturbing. Europe owns more than we realize until the securities begin to flow homeward. For they have a strong homing tendency as soon as their values are questioned.For these reasons such an exhibition as we have had this week of the mischief-making spirit possessing our highest officials, and the total ignorance of the simplest of money problems, must have a tendency to lessen Mr. Roosevelt’s prestige in Europe if it does not here. We think he is losing ground even here. According to our view he could not carry New York State to-day. There are hosts of republicans who have been sufferers, and who have had enough of his work.  The noisy people are never the majority. Besides, there will be experiences before election day arrives that ■will make a change a necessity.We regret that a man of Mr. Taft’s ability, heretofore so widely respected and fully capable of standing alone, has apparently accepted the position of adopting all the vagaries Mr. Roosevelt espouses with the understanding attached that he is Mr. Roosevelt’s echo and is to be lifted into the President’s chair by Government influences if he will endorse his chief’s platform. The country can probably survive the eighteen remaining months of Mr. Roosevelt’s term, though it may have to pay dearly for it. But a mo; e Serious question is—must it accept any substitute the Roosevelt dynasty offers for a succeeding four years? The inclination is to laugh when Mr. Roosevelt tells us that rich malefactors have combined to bring about financial stress for the purpose of discrediting the policy of the Government. That is so baldly absurd, so far from the truth, that only the most ignorant could be misled by it. What imparts respectability to Mr. Roosevelt's outpour of vituperative censure of the rich is not he, himself, but his props in his Cabinet. If he was deserted by the best of them, his words and purposes would be heeded as little as the vaporings of Mr. Bryan, which they so nearly resemble.An event of the week was the export of $1,100,000 gold to Europe. There were three consignments of the metal, the earlier of which, amounting to£500,000, had an indefinite destination, though it was understood to be for Germany, as later, exports of $600,000 were announced as being for that country. The fact that it was difficult to account for the shipment as an exchange operation—calculations showing that it must have been unprofitable to the shipper, unless he was reimbursed otherw ise than through exchange—seemed to make it probable that the movement was in response to requirements of creditors, German bankers elsewhere than at Berlin, for the settlement of previous advances. If this should prove to be the case such requirements may soon be satisfied without making necessary the shipment of much more gold. There is, however, urgent need for the metal for the reinforcement of the reserves of the Reichsbank and it seems quite possible that if the official rate of discount of that institution shall be advanced for the purpose of attracting gold, it will be drawn from this centre. The situation at London appears to be such as to indicate that it is confidently expected that gold will be attracted to that point from New York without the offering of special inducements by the Bank of England for its importation. The unofficial rate of discount at London has been maintained at about  A ug -. 24 IUO' i .' i THE CHRONICLE.435 5% and it is thought probable that the official rate will be advanced next week to 5%. The Bank this week secured £300,000 out of the £100,000 Cape gold that came into the market on Monday and apparently without competition, though tlie India Council obtained £100,000. The ma:ket p ice of gold bars has been advanced %   of a pcny, to 77 shillings 9% pence per ounce, and exchan e at New York on London is4 87j^. for sight. If these advantageous conditions shall continue, and if, as the result of the fi m discount rate or of an advance in the official quotation, they shall be maintained, it appearslikely that gold will flow hence to London in some volume, and that the movement will not be interrupted until the Bank shdll be enabled materially to augment its esCve and possibly to meet a great part of its requirements for va ions purposes, including the financing of the Egyptian cotton crop.One notable feature this week was a rise of 43^ centimes in the rate for exchange at Pa.is on London, due to remittances by French bankers of funds to the British capital for employment at that centre; later in the week the rate for exchange fell one centime, to parity, and it was weak thereafter. This reaction seems to indicate that while the French, bankers are disposed to invest their capital in London, they are controlling such investments so as not to contribute to the movement of gold to London. The July statement of our international trade, remarked upon further on in this article, made such an exhibit as to account for much of the strength of exchange recently ruling; it indicated the existence of such an invisible adverse trade balance as to make it unlikely that this would turn favorable for some months. Indeed, this adverse state of our foreign exchanges will continue so long as our unsettled securities market shall be promotive of selling for European account of American share properties. The centre that is now in greatest need of our gold is London; we are more largely indebted thereto for loans than to any other centre and presumably the gold that is exported hence will be largel}'’ absorbed by London.In view of the fact that gold exports—which the Secretary of the Treasury has been seeking to prevent through the withholding of relief to the money market in the form of public deposits—are now in progress, it would seem that such relief should be promptly extended. A liberal increase of public funds in the banks would probably be accepted as an indication of our ability to finance the commodity export movement with domestic capital without aid from abroad, and might also stimulate commercial interests, which seem to be suffering now more severely than the}r have been at any time heretofore through the inability of merchants to borrow even at unusually high rates; continued stress from this cause would most likely have a more unsettling effect than would obstructions to bo rowing by stock operators. The Philadelphia “Record” is inclined to make sport of us. In an article entitled “A Pitiful Wail from Wall Street,” in its issue of Monday, it takes up the remarks we made last Saturday with reference to the utterances of Secretary Bonapa te and declares that the slump in the stock market has made us unusually bitter. This slump, it adds, “has also made it (the “Chronicle”) what it very seldom is—foolish.”As illustrating the particular in which we have proved ourselves foolish, it declares that “it is pestilent folly to pretend that the drop in coppers and in certain enormously over-capitalized traction companies is due to anything done by the Administration, or even said by it, although Mr. Bonaparte has said several injudicious things and the President has said some things that would come better from a college professor than from the Chief Magistrate.” It adds that “incomes from securities have not been affected at all, and no one expresses any fear that they will be.” This is just where our contemporary is astray.  There are very grave fears that the income from securities will   be affected. It is true that there have I teen no defaults of consequence yet, but up to date we have been banking on past conditions. Our manufacturing enterprises have been so overwhelmed with business that they have been carrying enormous unfilled orders on their books, and these orders have kept and will continue to keep, mill, furnace and factory active until the}' are exhausted. But new business is now coining fo^ ward only in limited volume. The railroads have been getting the tonnage incident to such unprecedented manufacturing output, and their earnings have kept up (gross, we mean) for the same reason. But when business falls off they, too, will feel the effect. Furthermore, State and nation, by new laws and regulations and restrictions, are endangering the revenues .of the roads while at the same time adding to their expenses. The increases in wages and higher prices of materials and supplies are also running up operating cost. All this comes at a time when the railroads have heavier charges and dividends to meet,' by reason of the new capital outlays which they have been obliged to incur. And the remark applies as well to traction enterprises as to steam railroads. Thus, any reverse in business, of which, unfortunately, the indications are multiplying, raises a very grave fear that present income from securities may not be maintained. And as a matter of fact, one important dividend reduction has just been announced, the Southern Railway yesterday afternoon having declared a ãsemi-annual dividend of only \y>%   on its preferred stock, against 2]^% previously.Our contemporary is also in error when it states that “it is pestilent folly to p etend that the drop in coppers . . . is due to anything done by the Administration,” &c. The States, taking their cue from Washington, have been following in the wake of the Federal Government, and the two together, in their policy of antagonism to railroad and other corporate interests, have succeeded in throwing so much discredit around securities that it is practically impossible for railroads, for traction enterprises, or for industrial undertakings to secure money for new capital needs except at forbidding terms. The result is that new construction work everywhere'is being brought to a sudden halt.  The copper trade is the first to feel the effects. Where a few months ago' copper supplies were unequal to the demand, now the latter has almost entirely disappeared. It seems but yesterday that copper producers were getting 25@26 cents a potmd for the metal. In July leading copper-producing interests, finding themselves no longer able to dispose of their product, made a sharp cut in price, with a view to attracting bidders. New prices were fixed at 22@2'j cents a pound, but buyers are still holding off, and to-day  436THE CHRONICLE. [V ol . lxxxv .  just a trifling business is being done at 18@19 cents per pound. This absence of demand and tremendous collapse in price explain the great shrinkage in the market value of copper shares. Here, therefore, there are already pretty palpable indications of a probable reduction in “income from securities.” It should be understood, too. that the demoralization of the copper trade is real and not imaginary. The Boston “News Bureau,” which is exceptionally good authority on copper matters, on Wednesday contained a review of the condition of the copper trade which was gloomy in the extreme. Here are a few extracts:'Copper is accumulating at various points throughout the country, and at one place in particular—the Raritan Works of the United Metals Selling Company in New Jersey—the copper is plainly visible from the trains of either the Pennsylvania or the Jersey Central railroads. The capacity of this refinery is 20 million ãpounds a month. At the Lakes, copper is storing up. . . and the stocks here are variously estimated . at from 15 million to 30 million pounds.Last week prominent wire manufacturers held a meeting in New York and the concensus of opinion following the conference was that business in the last three months had fallen off 50%. The brass people ; state that their business has fallen off from 30 to 40%, while the sheet copper business is practically at a ^standstill.(Unfortunately, too, in the iron and steel trade, symptoms of the same kind are becoming manifest, though as yet these are not very pronounced. The '‘Iron Age” of this city, in its review this week, says that, generally speaking, the undertone throughout the iron trade is one of increased nervousness over the future. The plants are all still running under high pressure, and will do so for the remainder of this year, in order to fill orders now on the books. But there is .a falling off in new business in nearly all directions, though specifications against old contracts continue very heavy and there is no indication in the finished lines of any cessation of work under way. Throughout the whole country, we are told, the buying of pig iron is from hand to mouth. Prices, it is stated, are weakening, and there is complaint that melters of iron are exhausting every pretext for canceling high-price contracts. There is nothing very surprising in all this. Con-  J&dence has been so completely undermined that enterprise has been brought to a halt. It has been evident for some time that this would be the outcome and the ■only question for reasonable people to consider is ãwhether we shall fatuously invite severe and pronounced prostration in business by denying that such prostration is possible and refusing to remove the causes responsible for it. The Philadelphia “Record” can do much to avert the impending catastrophe, and with the above facts before it we confidently count upon its co-operation to that end.It seems that Kansas is to have a much larger wheat crop than any one thought possible only a short while ago. In June, judging from the gloomy reports at that time coming to hand, it seemed improbable that aggregate yield would exceed 40 million to 50 million bushels. The State Board of Agriculture has just given out a statement indicating a possible yield of 70,057,362 bushels. This statement is based on threshers’ returns and reports from grower?and threshers giving acreage and yield of winter wheat.  The improvement is based in part on a considerable increase in the area sown to winter wheat. The acreage in winter wheat is placed at 7,051,872 acres, or about 562,000 acres more than the estimate last fall, and larger by 615,000 acres than any previous season’s sowings of winter and spring wheat combined. Not only does the area as officially reported exceed all expectations, but it seems also that much of the 21% earlier reported by growers as a failure, so surprisingly responded to the greatly improved conditions which followed the Board’s June 4 return as to justify its harvesting, considerable of this area returning  yields per acre approximating the average for the State. This improvement, we are told, was made possible by the disappearance from infested localities of the pestiferous green lice and the development of ample moisture, abundant sunshine and favorable temperatures. It also appears that excellent conditions for ripening and in the main for harvesting have resulted in grain that will grade well, nine-tenths of the whole being reported as of “good, merchantable quality.” According to the report of the Department of Agriculture at Washington (which does not always agree with the State returns) Kansas last year raised 81,830,611 bushels of wheat and the present estimate of 70,057,362 bushels for 1907 would, therefore, indicate a falling off of only about 12 million bushels.  The condition of corn in Kansas is put by the State Board at only 74. Here, too, however, there may be a great improvement before harvest time.As Mr. Roosevelt has so emphatically expressed the belief that those in control of large corporate and other undertakings are seeking to discredit his work and are placing themselves in direct antagonism to his policy, it is worth noting that quite the opposite is apt to be true. Purely as a matter of policy, such a course would be considered unwise. Recognizing this, the managers of our gieat corporations and the large capitalists behind them are prone in dealing with Government officials to be diplomatic rather than hostile. They know from experience that more is to be gained by a conciliatory course than by unrelenting opposition. A capital illustration of this is furnished in the recent action of the Southern Railway and other roads in  yielding to the demands of the State authorities in the matter of the new State laws reducing railroad rates. The roads were entirely within their rights when they sought the protection and shelter of the Federal courts against the aggression of State legislation, but nevertheless, in view of the hostility of public opinion in those States, it was not deemed good policy to continue the conflict. Accordingly, in North Carolina, in Virginia and Alabama the roads have agreed to put the cut rates into effect, pending a determination of the controversy in the Federal courts. The Southern Railway has just issued an address to the people of Alabama setting out the reasons for its course, which is almost pathetic in the way it lays stress on this feature. The address is contained in a four-page circular, and concludes in these words: “The Southern Railway Company, while satisfied that it was proceeding in a legal and orderly way in defence of its property rights, after a careful consideration of the matter did not believe that it would be justified in standing out
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