T V f l n t t m r c i a f i n a n r i a l I N C L U D I N G Bank and Quotation Section (Monthly) State and City Section (semi-Annual Railway and Industnal Section (Quarterly) Street Railway Section VOL. 85. SATURDAY, NOVEMBER ‘2 1907. NO. 2210. ® l x r 0 u i c X j e . PUBLISHED WEEKLY. T e r m s o f S u b s c r i p t i o n — P a y a b l e i n A d v a n c e T o r On&Year ....................................... ................ . .................................. $1 00 .
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  TVflnttmrciafinanrial INCLUDING Bank and Quotation Section (Monthly) State and City Section (semi-Annual   Railway and Industnal Section (Quarterly) Street Railway Section VOL. 85 .SATURDAY, NOVEMBER ‘2   1907 .NO. 2210 . ®lxr0uicXje. PUBLISHED WEEKLY. Terms of Subscription—Payable in Advance Tor On&Year .......................................  . ............... . .................................. $1 >00.For Six Months....................................................................... ....................  <>00European Subscription (including postage) ......................................... .  13 0)European Subscription six months (including postage ...................... ' 7 50Annual Subscription in London (including p stage) ........................... £2 14s.Six Months Subscription in London (including postage)..................... S.  1 11 s.Canadian Subscription (including postage).......................................... $il 50 Subscription includes following Suvplem',nts—  B ã  xk   and  Q uotation  (monthly) I S ate   and  C ity   (semi annually) R ailway    and  I ndustrial  (quarterly) | S treet  K ailway   (3 times yearly) Terms of Advertising—Per Inch Space Transient matter per inch space (14 agate lines)..................................... $4 20 (   Two Months (« times) ...........................  22 00’ Three Months (13 times) ........................... 29 00■Standm0 Business Cards six Months (26 times)........................... 50 00 \   Twelve Months (52 times)........................... 87 00CHICAGO OFFICE—P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012. LONDON OFFICE—Edwards <fc Smith, 1 Drapers’ Gardens, E. C. WUL.L. AM R. DANA COMPANY, Pi blishers,P. O. Box 958. Pine St., Corner of Pearl St., New York. Published every Saturday mornin-r by WILLIAM B. DANA COMPANY. ■William B. Dana, Piesiden ; Jacob Seibert Jr., Vice-Pres. and Sea; Arnold G. Dana, Treas. Addresses ol all, Office ot 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 $2,830,902,412, against S3,384,701,579 last week and 13,138,839,907 the corresponding week last year. Clearings—Returns by Telegraph.   Week ending November   1.New York  ___________________   _____ ___   _Boston______________________   __________  Philadelphia  __________________________  Baltimore  ______________________________ Chicago .......... - ......... - ......................... St. Louis______________________   ________  New Orleans . .................... - .................. Seven cities, 5 days ............................ ãOther cities, 5 days. ..  _____  ___________   Total all cities, 5 days  _______________  All cities, 1 day ...... .............. . ......... .....  Total all cities lor week. ................... 1907.1906. Per Cent. 31,330,489,146141,664.747120,501,10125,437,206199,068,73251,435,85316,566,696$1,601,701,545146,279,509132,410,89625,362,734188,267,92250,614,41116,954,292 —16.9  —3.2  —9.0 +0.3 + 5.7 + 1.6  —2.3$1,885,163,481462,097,694$2,161,591,309407,974,287 —12.8 + 13.3$2,347,261,175483,641,237$2,569,565,596569,274,311 —8.6 —15.0$2,830,902,412$3,138,839,907 —9.8  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 last 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, Oct. 26, 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 2  jain of 5.9%. Outside of New York the increase over 1906 is 13.5%. Clearings at   —  Week ending October   26.1907.1906. Inc. or    Dcc. 1905.19f4.$$%$ $  New Ttork  ______  2,103,641,5242,066,619,593+ 1.81,872,184,1051,931,550,043Philadelphia  ____ 156,844,067151,888,609+3.3144,617.655120,961,768Pittsburgh  ____  58,768,25553,268,171+ 10.352,669,33842,438,453Baltimore  ____  32,502,74927,771,779+ 18.126,138,68222,881,482Buffalo  __  9,363,3177,970,485+ 17.57,607,1806,436,587Albany  __  7,812,8546,560,079+ 19.14,684,9943,377,477Washington _ 6,034,6815,097,517+ 18.44,840,3634,187,190Rochester  _____  3,847,9543,535,401+8.83,291,5472, ã.■81,342Scranton  ___  2,426,2182,094,583+ 15.81,869,0452,020,210Syracuse -------- 2,646,2771,616,256+ 63.71,250,3421,127,602Reading ----------- 1,513,8941,259,193+ 20.21.063,513985,292Wilmington ------ 1,440,1611,325,354+ 8.71,188,2991,026,131Wilkes-Barre ...1,359,1801,137,061+ 19.51,135,681912,919Wheeling, W. Va.1,173,577949,165+23.6887,762684,687Erie  ____________  794,489647,151+ 22.7582,798492,961-Chester __s ........ 563,205545,158+ 3.3475,384371,300Binghamton  ____  500,400447,900,+ 11.7455,700403,700■Greensburg  ____  623,954411,769+ 51.5356,254320,637Franklin _ 292,790315,290—7.1319,959216,3461,115,095769.7174-44.9York .....  ______  849,134Not included j in total Total Middle..2,393,564,6412,334,230,231!+ 2,52,125,618,4212,143,075,117 Clearings at- Week ending October   26. Inc.or   |1907.1906 Dec. 1905.1904.$$ %  $$Boston  ________  178,266,579171,039,100+ 4.2150,939,894135,682,342Providence  _____  10,915,5009,656,400+ 13.09,223,6006,730,900Hartford  _______  3,515,8442,982,279+ 17.92,753,7952,425,610New Haven  _____  2,465,6252,211,304+ 11.51,990,3841,759,267Springfield  ____  2,450,0001,710,909+ 43.22,388,5481,473,764Portland . ......... . 2,436,8751,713,973+42.21,761,7331.394,638Worcester  ______  1,771,9301,459,357+ 21.41,356,8601,149,666Fall River  ______  1,362,6981,014,084+ 34.3964,144523,394New Bedford  ____  926,913673,349+37.7599,051539,241Lowell  __________ 631,476496,459+ 27.2498,559495,163Holyoke..  ___  -468,027442,161+ 5.9412,816498,434 Total New Eng205,211,467193,398,375+6.1172,889,384152,672,419Chicago  ________  262,597,922215,568,644+21.8211,289,997173,073,545Cincinnati .....26,765,20024,291,550+ 10.224,954,350 19,556,350Cleveland  ______  18,210,20515,562,264+ 17.015,823,58614,334,590Detroit__________ 14,424,75211,718,921+ 23.111,821,88510,054,303Milwaukee  ______  13,026,99910,229,358+ 27.38,456',3557 506,941Indianapolis  ____  7,643,7766,594,146+ 15.97,574,1446,060,414Columbus . . .5,981,1004,988,200+ 19.94,284,5004,488,000 Toledo  _________  4,064,6534,013,007+ 12.94,239,8983,196,787Peoria ..  _____  3,284,0293,161,532+3.92,969,2483,148,201Grand Rapids  __  2,441,7112,317,453+ 5.41,926,9681,936,389Dayton  ____   ____  1,790,0441,714,985+ 4.41.720.5361.455.944Evansville___   __  2,131,6432,073,926+ 2.81,452.5431 1.180.352Kalamazoo  _____  1,092,620991,444+ 11.08 6,628728,146Soringfleld, 111..861,595847,308+ 1.7695,988638,265Fort Wayne  ____  850,214720,144+ 18.1685,572Akron__________ 790,000706,262+ 11.9460,200564,600Lexington  ______  606,840659,871 —8.0515,503437,448Rockford  __   __  680,755599,356+ 13.6601,159531,576Youngstown  ____  970,843463,419 +109.5757,569546,474Canton  ____   _____  435,094442,152 —1.6402,773398,938South Bend  ____  ’.492,958442,192+ 11.5380,198Springfield, Ohio397,352363,006+ 9.5332,883359,573Bloomington  ____  472,818360,502+31.2372,851355,140Quincy__________533,080352,479+ 51.2436,819272,495Mansfield  _  _____  380,204318,281+ 19.5276,697173,281Decatur  ________  404,461308,440+ 31.1255,000232,847 Jacksonville, 111.249,589237,115+ 5.3220,181219,128 Jackson .  _____  239,580199,650+20.0181,500165,000Ann Arbor  ____   __  138,661154,555 —10.3113,93490,989 Tot. Mid. West371,958,698310 400 162+ 19.8304 069,765251,706.086San Francisco___ 43,900,97342,878,572+2.433,916,09131,946,015Los Angeles  _____  10,579,39810,512,869+0.68,022,5826.077.44SSeattle  ________  12,820,71410,314,934+ 24.36,650,2565,541,884Portland . ____ 8,591,3045,932,247+ 44.85,278,9404,519.133Salt Lake City___6,754,0915,588,481+ 20.94,817,5003,076,739Spokane  ________  7,028,2615,210,805+34.93,784,4762,667,635 Tacoma  ________  5,038,2364,548,5633,726,6592,897,588Helena .......... 1,243,674816,488+52.31,002,117674,872Fargo  _____  732,334534,514+37.1727,430633,284Sioux Falls  _____  700,000451,018+ 55.2287,592225,637Oakland  _   ________  2,355,4033,621,812 —35.0San Jose  ________  532,422341.431+ 55.9 Total Pacific..100,276,81090,751,734+ 10.568,213,64358,260^235Kansas City  ____  39,221,94929.036,902+35.125,942,91824,094,417Minneapolis  _____  34,771,02823,236,569+ 49.223,890,60923,544.811Omaha__________ 12,638,3569,768,300+29.49,482,8877,854,652St. Paul .....13,021,61810,210,968+ 27.59,711,2418,127,596Denver__________ 10,317,1936,975,076+ 47.97,821,6254,857.49sSt. Joseph  ______  4,993,7434,526,010+ 10.34,514,66-*4,941,363Des Moines  _____  3,151,5962,376,944+32.22,388,0511,890,687Sioux City  _____  2,264,7391,735,630+30.51,696,7831,457.911W'iehlfa  ________  1,540,3251,006,472+ 53.01,076,2141.025,956Davenport. ____1.630,459942,317+ 73.0733,764672,559 Topeka  ________  1,027,789889,828+ 15.5595,107911,517Colorado SDrings.821,756510,614+60.9543,375444,158Cedar Rapids  __  682,724554,840+ 23.1614,085441,663Pueblo  ______   .782,999444,019+ 76.3481,294Fremont .. ...403,996299,3 i6+ 35.0243,515168,451Lincoln  ____   ____  1.312,2081,087,211+ 20.7 Tor. otherWest128,582,47893,601,06+ 37.489,736,13280,432,879St. Louis  _______  69,254,05658,560,445+ 18.354,502,40359,133,672New Orleans  ____20,498,58524,757,023 — 17.217,356,43919,894,031Louisville . ......... 13,153,28412,279,820+ 7.110,683,43110,649,527Houston  _______  16,297,37116,4S1,145+ i .111,522,9138,877,142Galveston ........ . 7,703,00010,074,000 —23.57,426,0006.399,500Savannah .......... 7,716,2217,801,903 — 1.16,649,8465.405,02sMemphis  _______  7,010,9176,234,725+ 12.47,254,0717,265.Si 4Klohmond  ____  6,500,0005,3i'0,710: 15.44.S05.4854 982.398Atlanta  _______   _  5.832.2875.279.99410.54 488.5693.280 767Nashville ......... 4,250.3193,390,211+ 25.42,9.‘8,1342,527,541Fort Worth  _____  4,803,4443,753,133-*-,238,17i>Norfolk ...3,120,7382.717,122+ 14.92,270.6631,950,621Augusta  ________  3,578,7382,327,083+ 53.82,249,2562,012.981Birmingham  ____  2,664,2572,344,060+ 13.72.166,4061,620.021Charleston  ______  2,050,0001,821,1364-12.61,492,4671,631,554Knoxville  ______  1,784.920l,t;64,5*l+ 7.21,268,7891,167,069Mobile ............. 1,486.4981,733,120 — 14.21,110,011Little Roek ........ 1,959,3021,422,063+37.81,464,7221,279,675 Jacksonville .. .1,316,4251,119.320+ 17.61,037,080716,195Chattanooga  _   ___  1,354,1291,090,268+ 24.21,262,126760,S59Macon ........... . 859,920871,199 — 12.9672,180735,775Oklahoma  ______  1,346.-*481,109,906+21.3Beaumont..........566,626427,244+ 32.6268,886324,580 Total Southern185,107,485171,890,211+ 7.7149,955.068142,852,926 Total all  ______  3,384,701,5793,195,271,779+ 5.92,906,482,4232,828,999,662Outside N. Y..1,281,060,0551,128,652,086+ 13.51,034,298,318897.449.619Canada— Montreal ............35,934,72336,704,634 —2.121,451,29822,683,248 Toronto  ____  26,057,18226,872,519—3.018,006,74417,585.323Winnipeg............15,137,67215,308,961— 1.18,091,5017,1*2,Si IVancouver  ______  4,482,9413,383,644+32.51,734,9121,691,296Ottawa  ________  3,241,0923,144.276+3.11,959,5001.905.9(9Quebec  __________2,394,2282,128,055+ 12.51,231,5521,534.612Halifax..............1,923,3021,586,757+ 21.21,654,6401,847,617Hamilton  _______  1,770,1421,521,690+ 16.41,125,2671.167,517St. John  ________  1,280,7611,253,7734*2.2826,7011,01S,270London  ________  1,271,6981,069,729+ 18.9833,095832,329Victoria  ________  1,356,353881,860+ 53.8612,466661,552Calgary1,442 3411 491 445 —3.3Edmonton  ______   ___   810,513‘804,971+0.7  ______  ’r”* 97,102 0<«op iso j1»57.5:>7 >’~r. 58*110.544  I 108THE CHRONICLE [V ol . lxxxv . THE FINANCIAL SITUATION.  The course of events, led by a kind of spontaniety events possess, has been working in the direction of relief during the week. By relief, we do not mean the attainment of a staying power ensuring immediate and lasting strength. That would be impossible after a growth of discredit that has been germinating so many  years—the embryo dating near President McKinley’s death—and which has so recently developed into a serious and widespread calamity. The return to a less involved state can not be expected to be otherwise than very slow. But towards that measure of relief conditions appear now to be tending. We should add, however, that so long as the Government policy pursued during recent years with respect to railroads, railroad securities, corporations and accumulations of wealth is continued, there can be no complete recovery.A decided mistake would be made were we to judge present borrowing conditions by the quotations on our Stock Exchange for call and time loans. In any proposed contract for money, the factors have become very exacting. A box full of bonds and stocks—good, but not readily negotiable—would be no temptation to the lender just now; a plea of desperate straits for a loan would bring no response other than the cold rebuff that banks and trust companies, in the nature of the case, cannot be charitable institutions. Schemes for producing low rates for money are claimed to be successful. Thus, it is said, the Secretary has found a way of increasing the working balance in the Treasury by a little matter of bookkeeping which turns a considerable portion of “disbursing officers’ balances” into free cash; he having discovered that the item “officers’ balances” is considerably in excess of what is needed for those purposes, and, by revising the figures, he has been able to restore several millions to the working balance of the Treasury. This amount, it is suggested, is to be dealt out to the public. It likewise appears that Mr. Cortelyou and Comptroller Ridgely are engaged in pushing a plan to increase the amount of national bank notes, working along the lines which ex-Secretary Shaw worked to the same end, and, as we supposed, very nearly exhausted. Further success is attending the effort now. The issue in October was $5,993,352. A telegram from Washington yesterday states that Chicago banks have notified the Comptroller that they will issue new bank= notes to the amount of 6 million to 10 million dollars. The really encouraging development has .been the demonstration of the efficiency of the measures that have been adopted by our bankers for the relief of the monetary situation. Reference is had especially to the floods of gold which have been engaged and are now on their way hither, and which in a few days will begin to arrive. The sentimental effect of the influx has this week been experienced, and the coming week the arrival of the metal will directly influence the situation. As to the facts transpiring in Europe bearing upon these currents, the foremost was the advance on  Tuesday by the Imperial Bank of Germany in its official rate of discount to 63^%, or within of 1%   of the maximum of 7% recorded Dec. 15 1906. This advance was not surprising, considering the fact that the bank’s reserve position had been under much stress since the beginning of October, necessitating a resortto every possible device for its rectification. So long as discount conditions elsewhere in Europe than at Berlin were comparatively normal, there were reasonable expectations that the Imperial Bank’s reserve would be restored through the attraction, by the Bank, of cash and the contraction of circulation. The in jection, however, into the situation of the disturbing element of an urgent demand for gold for the relief of American tension, , and the uncertainty which existed as to the extent of the relief that would be required, seemed to compel the adoption by the Bank of the most effective measures possible for the protection of its too- meagre reserve. There was probably little hope that even the high rate of discount would serve to divert to the Bank any of the accumulations of gold that were held by the other great banks of Europe; the most that was expected was that the Imperial Bank’s holdings would be undisturbed.As was the case a year ago, when the Reischsbank was compelled to raise its rate for self-protection, discount derangement became general throughout Europe on Tuesday, and the Bank of England on Thursday advanced its official rate to oj^%. This course became imperatively necessary because upon London r and also upon the Bank, there would naturally converge the principal American demand for the metal, and such were the needs of that centre for the protection of its accumulations and for the attraction of floating supplies that the most extreme measures had to be adopted to minimize the volume of withdrawals of the metal for export hither, such measures including not only the advance in the Bank’s discount rate, but the imposition of the almost prohibitive price of 78 shillings %   pence per ounce upon bar gold. The urgency of the New York situation was so great, however, that even the obstructive devices of higher discounts and the above-noted premium on gold did not avail to arrest the movement of the metal hither, and it is reported that 19% millions were secured during the week in London, of which 5 millions were Cape gold bought in the open market and 10 millions from the Bank of England. It is noteworthy that the Bank of France interposed no obstructive measures, so far as is known, to the withdrawal of gold, either from the Bank or from the Paris market. The managers of the Bank seemed to recognize the fact that the needs of New York for the metal were extreme, and as they were such, it were better to respond thereto than to contribute to more acute stress by resisting the movement. It was reported on Wednesday that the Bank had offered to release 15 millions gold for shipment hither for the direct relief of our situation, and also to supply the Bank of England with 10 millions on condition that that Bank would not raise its official rate of discount above 5%. This report was semi-officially confirmed.Rates for exchange at New York on London were so low that gold imports were unusually profitable, notwithstanding the offset of the time-cost on imports resulting from the high rates for money and the premium on the metal. The fact that cables were largely employed for cover for the gold that was engaged for import seemed to make it probable that those of the banks who were importers and who had facilities, through their exchange departments, adopted the plan of counting the metal while it was in transit as part of their bank’s reserve, thus making the credits  Nov. 2  1907. j THE CHRONICLE  J S109 which were based upon the gold available for loans.  This course, it will be remembered, was taken in April .last year, when banks were importing gold prior to the extension of aid from the Treasury through advances of cash for the purpose. The relief to the money market through gold engagements and the distributions of public funds among national banks in the interior and in this city were continuous during the week; the bankers’ pool which was organized last week by Mr. Morgan was, however, ãdissolved on Wednesday, its purposes having been accomplished. It is estimated that the relief extended here and in the interior through these other sources aggregated upwards of 100 million dollars—imports of * gold 25 millions (assuming that this sum was made available as reserve, as above indicated), 35 millions syndicate bankers’ contributions, 20 millions from the  Treasury and the remainder through Clearing-House loan certificates. It may be noted that, in addition to the engagements of gold by New York bankers, those in Chicago, Philadelphia and Boston engaged nearly 5%   millions. Timely relief was also directly afforded the local market by J. P. Morgan & Co., who on Wednesday anticipated the payment of about 7 millions representing interest on securities which was payable Nov. 1. Heretofore, when Clearing-House loan certificates have been issued, such emissions have been made by banks in a comparatively few cities; this week almost every important clearing house in the interior resorted to these certificates to relieve the sit nation; as the result of such action, facilities were offered for the marketing of wheat, cotton, copper and other commodities, thus contributing to an active movement of those staples for export. The daily Treasury statement shows that, since Aug. 29. when distributions of public funds began, 62 millions of Government deposits have been placed in the banks, including 20 millions in local institutions. Still further, though indirect, relief to the situation was announced on Thursday, when a syndicate of bankers, headed by Mr. Morgan, arranged with the City of New York to purchase 30 millions of 6% revenue bonds at par, taking an option on 20. millions more at the same price; presumably many of these bonds will be placed abroad. National banks have been urged by the Comptroller of the Currency to increase circulation, and it is expected that from 15 to 20 millions will be taken out almost immediately.A volume just issued by Chancellor Day of the University of Syracuse, on “The Raid on Prosperity,”■contains so many epigrammatic statements of social and economic truths that it is not easy to select one or two for comment; yet the most striking and most epigrammatic of them is, perhaps, this:- “Nearly every millionaire came up over the road of the common toiler, and they did not bring the road away with them.” All property is the result of toil by somebody; and this applies as well to fortunes created by the rise of land in cities as to any other. Millionaires who have become such by the rise of land have not themselves toiled; but of every other fortune it may be . said that either the present holder or his family founder who bequeathed it did come over the road of toil.It is timely and ought to be wholesome to recall this, now that we are still in a feverish attack upon property. The suggestion that a corporation is anoctopus, producing nothing and devouring the bodies of the common people, has been expanded into the notion that wealth is naturally predatory. Put into the plain language wiiich instantly repels all but the most blatant socialists, the anti-accumulation doctrine is that property is robbery because disturbing the natural equality of men.Common sense instinctively perceives that without the right to hold property there would be no property; therefore, nobody wrho has listeners dares denounce accumulation. But how much accumulation may exist before wealth becomes predatory, and at what line fortunes are to be discouraged or forbidden as dangerously swollen is not yet defined for us by the rhetorical dialecticians of the day. The truth of the matter is that the denounced fortunes are not predatory at all. The one avowed monopoly created by our laws has some incidental abuses, yet the fortunes obtained through patents are the merest tithe of the benefits obtained by the people. Similarly, the individual fortunes through so-called monopolies have come by a very small share of widely distributed benefit; the public get the bulk of it, but this escapes notice by being spread, while the individual share attracts attention. It is demonstrable that the great fortunes and trusts so commonly denounced have merely taken small tolls or commissions upon much larger benefits than accrue to the general public. Not, of course, that this is so because of generosity and self-denial; it is so because that is the business law in the case. The millionaires who come over the road of the common toiler did not bring the road with them , says Chancellor Day. For the best of reasons, they left the road there; they could not bring it away or close it, if they would. It remains open to an}^ toiler still, and this ought to shut the mouth of every ranter against wealth. This is the country of opportunity. Inability and unthrift and sloth, and watching to  jump on the shoulders of others—for those no more promise exists here than in Europe; but here is the field where (if we do not foolishly hamper ourselves by artificial statutes) every man can get all that his qualities are worth. Therefore, this is the last country which should give heed to socialistic notions. Accumulation is good, and should be encouraged to the full. Wealth and production are good, and the law should do for them the best it can, namely let them alone. Rich men are valuable in any community, and they are more and more disposed to treat their wealth as a public trust; it is short-sighted to discourage that. Property is a good thing; let everybody respect it and do his best to get it for himself.A number of the Western governors have been declaring bank holidays for longer or shorter periods of time, which doubtless is a wise thing in the present tense state of affairs. There is at the same time a disposition to convey the impression that this action is necessary because of the failure of the Eastern financial centres to respond to the calls of the interior banks for a return of their balances held here. When the financial situation is so deeply disturbed as it is at present, and when, naturally, severe pressure is felt everywhere throughout the country, even in the remoter parts, there is really no need or occasion for explanation. We are all suffering from a common cause, and no one of the numerous communities of which this  1110 THE CHRONICLE. [VOL . LXXXV. country is made up is exempt. Our Western friends, however, like to cultivate the notion that they are independent of Eastern financial interests, and accordingly when an occasion like the present arises, and it becomes so palpably evident that the connection with the East is really very close, they feel called upon to suggest that the East has fallen down in its obligations and duties, and that consequently the West, so bereft, cannot be expected to perform its part. The whole idea is based more or less upon a delusion. It crops out very plainly in the proclamation of Acting Governor Charles Filson of Oklahoma in declaring a six-day holiday in that Territory. He says that his action has been taken because “all of the leading cities of the United States through their Clearing-House Associations have entered into' an agreement to protect themselves . . . and by such concerted action are refusing to ship currency to country banks which have deposits with them or to honor the bills of lading drawn upon the banks of such.”It is certainly not true that the banks of this city have stopped shipments of currency to country banks in payment of balances due them or are refusing to honor checks drawn upon such balances. Of course, if an interior institution has no money on deposit here, this is hardly the time when the New York banks can accommodate it. Where, however, there is a tangible balance, we may be sure drafts upon it will be met. The best proof of this is that in the last two weeks the New York banks have been losing enormous amounts to the interior in responding to the demands for currency. According to the returns collected by us from the separate banks, a total of no less than $21,510,000 of money was sent out by the city institutions last week. This week the shipments have been even heavier, aggregating $22,016,000. For the two weeks combined, therefore, the banks of this city have been depleted of no less than $43,526,000 in responding to the demands for funds on the part of their correspondents outside of this city. Secretary Cortelyou, as is known, has been adding very decidedly to Government deposits in the banks, but as far as this city is concerned the benefit has been neutralized by the extraordinary amounts the banks have been obliged to pay out in order to alleviate the stress at other points. The truth is that about the only thing that is giving our bankers anxiety is the drain of money away from this centre.A favorable feature the last week has been the upward reaction in the price of copper. Our readers are familiar with the fact that during the last four months the price of copper has dropped from 26 cents a pound to 12 cents a pound, without apparently stimulating in the slightest degree the demand for the metal or inducing any but very moderate buying on the part of home consumers. Latterly, however, there have been quite extensive purchases on foreign account, and the effect of these purchases has been to bring about an improvement in the marc ket value of the metal. About two weeks ago sales of electrolytic copper were reported at a fraction below 12 cents, and sales of Lake grades were effected slightly above that figure. Since then there has been a gradual rise, and now quotations appear to be in the neighborhood of 143^ cents. No one appears to be able to discern any revival in the home demand forcopper, and in the present situation of affairs it would doubtless be imprudent to expect any extensive inquiry to spring up. But it is an important point gained that at last a stage has been reached where there is a change for the better. The fact that the change has come from abroad rather than from at home does not alter its favorable character. Of course- copper production is now on a very small basis, the output in the case of some of the leading companies being scarcely more than 30@40% of the normal. In one sense, this is depressing, but in another sense it marks a strong feature in the situation, since it prevents accumulations of stocks. It should also be noted that the present week the Amalgamated Copper Co. availed of the provision in the agreement with the * miners and gave notice of a reduction in wages from $4 a day to $3 50, effective November 1. The miners,, to their credit be it said, decided not to oppose the reduction. This will diminish cost of production—a matter of great importance at the present juncture. The statement of the United States Steel Corporation for the September quarter gives one a new idea of the strength of this, the world’s greatest industrial corporation. During the three months covered by the statement business was on the decline. Yet the Steel Corporation shows net earnings which have been but once exceeded in its entire history, namely in the quarter immediately preceding, while the total runs very much heavier than for the September quarter of any preceding year. In brief, net for the September quarter in 1907 was $43,804,285, as against $45,- 503,705 in the June quarter of 1907; but as against $38,114,624 in the September quarter of 1906 and $31,- 240,582 in the corresponding quarter of 1905. The company made appropriations out of earnings for sinking funds, depreciation, reserve, improvement and replacement funds aggregating for the quarter $9,413,- 020, and then had available, over and above such appropriation, and also the quarter’s interest charges, a sum of no less than $28,758,143, whereas the call for the quarter’s dividends (namely l%%   on the preferred stock and one-half of 1% on the common stock) was only $8,846,432, leaving, therefore, a balance of $19,911,711. Out of this latter no less than $15,000,- 000 was set aside for expenditures made and to be made on authorized appropriations for additional property, new plants and construction and discharge of capital obligations. Altogether, therefore, for the quarter $24,413,020 has been applied out of income for payment towards the various funds and for new construction and capital extinguishment, while only $8,- 846,432 was distributed in dividends to the shares.  This shows the conservative policy pursued in the administration of the property. Moreover, after these extraordinary appropriations, a surplus balance of $4,911,711 still remained on the operations of the three months.For the nine months to Sept. 30 no less than $72,- 816,697 has been set aside out of earnings for sinking fund reserve, replacement and improvement funds, and for additions to property and new construction; and even after these extraordinary appropriations there remained undivided earnings for the nine months (above fixed charges and dividends) of $12,093,367. Chairman E. H. Gary, at the quarterly meeting of the directors, pointed out that since the corporation was or
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