New-York tribune., 1907-09-15
The Financial World.

The week has been dominated by three events
of first importance-the government crop report
the successful fotation II the New York City
loan and the crisis in the copper trade
The authoritative statement Of the Department.
of Agriculture removes the last doubt about
crops There is excellent yieid-although not
bumper yield-of all the great staples There
will be abundance OF wheat. corn. cotton and
minor harvests; and this comes at a time when
consunptive demand the world over for every
thing we produce is so pressing as 20 maintain
prices at high level The obvious deduction Is
that agricultural prosperity is not only TO con-
tinue but 10 expand-zand agricultural prosperity
is the synonyme OF national prosperity II means
great railroad tonnage. continued absorption Of
manufactures and Increasing bank deposits
The crop question Is eliminated from security
market discussion for another year.
Successful sale OF the New York City $4,000
900 bond issue marks turning point IN fnan-
ciaI affairs 1t is true that the city is paying
Az per cent for funds so secured but that Is
not the reflection upon municipal credit which
in some quarters IS much urged Plenty OF good,
sound railroad bonds can be bought to yield
per cent and over and there are many perfectly
safe dividend paying stocks yielding per cent
and more. In these circumstances "A per cent
An inspiriting incident in connection with this
matter is the revelation OF the service rendered
by Mr. ]. Pierpont Morgan. disclosed In the
correspondence between him and the Mayor, just
made public Mr. Morgan. in the quietest. most
ordinary way, without any blowing OF trUmpets,
without any turning OF Hmelights. indicated
TO the Mayor how the loan could be success
fully made-backing up his suggestion with
personal guarantee There is the patriotism OF
fnance-revealing the greatest Of our business
leaders in a role directly opposite TO that por-
trayed by fashionable yellowness and derna-
goguery. And the natural effect OF this bond
fssue's underwriting is 70 stimulate confidence
throughout the financial world Both at home
and abroad the transaction IS hailed as one OF
more than good omen
Concerning the copper crisis there Is prob
ably much exaggeratiOn in published reports
bu. overproduction Is evident. and II must be
caught up with before normal CONDITIONS are
restored But there is not going 10 be lasting
Iet-up in the use of copper The~electrincaton
of railroads and the extension OF trolley systems
alone will call for vast consumption The cop
ner situation will right itself despite the silly
hysterfa Of Wall Street
According to some Of the wise men OF the
Street. the same conditions prevail IN steel as
IN conner" So. at the close Of the week the
bears proceeded 70 pouIl'i St00i 9eSNN~
surdity of the argument Is at once apparent
There is scant likeness between tne TWO Dusl-
nesses. Copper miners are producers OF "a"
material for which they must find a market
The United States Steel Corporation and other
important steel manufacturing concerns do
business only upon order. and at the present
time the books of every one Of the companies
are crowded with orders for more than year
ahead Indeed they all have stated that they
would welcome some slackening OF business.
which would permit overhauling OF plants and
a general cleanup. But OF such slackenins
there is no sign To sell steel stocks because
copper stocks have declined is merely reductc
ad absurdum. Some individual operators OF
course may be caught long OF copper shares and
be forced to sell other stocks they may be carry
ing. but to this extent only can the steel stocks
be affected