The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-08-27
SITUATION rs REVIEWED.
Butte Broker Handles "Rich Mans
Panic'i in Breezy Way.

c. W. Cockrell, the Butte broker, sizes
up the copper stock market and general
financial conditions in this country in
the following breezy manner:
The summer of 1907 will doubtless be
a memorable one to those who traffic lp'
securities, real or imaginary. In the en-
tire history of stock speculation there
has never been such terrific general de-
cline in values as has been recorded dur
ing the present season, and that, too, at
time when conditions are generally
their yachts for foreign shores Many OF
them have found sailing entirely too slow
for the return trip.
with country prosperous six months
the present condition of affairs. apparent
ly bordering closely on a world-wide
panic. seems incomprehensible TO the
average man. Months ago, IL is true,
mutterings of impending disaster were
heard. but these were attributed at the
time to the spleen of disgruntled investors
in railway securities, affected by unfavor-
able local legislation, as well as an indef-
mite fear of adverse action by the ad-
ministration At Washington.
simultaneously money, VIGOROUSLY
timid began finding its way into vaults
and strong boxes. and every dollar that
entered found the key turned upon its
egress. Expansion in trade circles of
phenomenal character, incident to appa-
rent prevailing prosperity. suddenly met
with a check when il discovered that
to respond to the MiGas-like touch OF
master minds.
'Coincident with the retrenchment oc-
caSiored by the retirement of money
from the marts of trade, came the decline
in copper, caused largely by the curtall-
ment in consumption, and to complete
the markets utter Decentralization, the
Rooseveltian assault on corporations and
trusts. as evidenced by the now celehrat-
ed Judge Lands decision, created havoc
unheard of. The Rockefellers are sulk-
ing in their tents and refuse TO support
their SpecialtieS, while the fear OF where
Bonaparte would break out next, has
caused stocks to be sacrificed right and
left 1t is doubtful if his prototype a
century ago created more CONSERVATION
in Europe than did the utterances of this
modern Bonaparte in the markets OF
America.
New low prices for securities have
been established within the past two
weeks, and men with millions, on paper
at least, have been reduced to almost alb
ject penury. Nobody seems to be able
to predict when the slaughter will cease,
but in these tToublous times, when con-
sentative men are liable to lose their
heads and pesSimism TeignS supreme, II
is well to remember a thing or two.
Crops, which are the backbone of our
country, after all, promise to yield album
dainty, equaling almost, If not quite, last
years bumper, and with Europes short
age, money will soon be coming our way
in ship loads. The price of wheat is far
more important 10 these Onteo Stdles
than is that of Great Northern preferred
or United Copper common. There is just
as much money in the country now as
there was a year ago. Some of it may
not be working now, but 1t will not re-
main idle long.
THE railroads of America for the past
quarter, despite the calamitous results
from ruinous legislation so freely pre-
dicted. show the largest net earnings in
their history, with undiminished diVi-
dends. Their greatest concern just now
is to build cars fast enough to move their
traffic And. finally, all of this uproar
about Roosevelt and his cOnfiscatOry pol
icy, is more for political effect than any
thing else. He is simply enforcing the
law as it applies to the rich and the poor.
They all look alike to him. 1t may be
an unpleasant awakening to the rich man
now that he must obey the law, but he
will sleep better after having done so.
To man up tree ii looks as though this
supposititious panic was made to order
for delivery during the campaign of 1908