The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-10-20

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vhess. tn The e-,too sschsnsr- th- a,io.
isticts II No -,spse there s,sH IN have
not fsilsu rcsssay. h~rw.-- ~ ,h~ persist.
encs ~ th~ syath~rp planters IN holding
ro,,on fcv higher prc~~. 10 they sr, .nstlrd
20 10 by their arpasss comparative wealth
ihss ypsr and bv the sdvspc~~ fr~-iv made
IN thesu by Tho hanks. IT, the Judgment
~ cdossrvstive r~op,e. ho~-ver. tho sen-
ersl state ~ the financial situation and The
N.as sA.s a. -. - 49, - -.
last v.sibly touci,ed cotton manufactures
soosD. not ~ spesk of the Indications fur .
Considerably larger cotton crop than was
estimated earlier In the season ami The large
stocks Of cotton nov held nv European con-
sumsrs. do not justify any speculative
movement for . rise In cotton values:
and Nlch a further fall In cotton ~ would
unloose money In the South and accele-
rate exports 81 the article would b- q
matter for rejoicing. The rise in wheat
which went on so excitedly up to a little
time ago had a much NOR" substantial
foundation In the urgent foreign necessi-
tiea for the article. which are still far from
being sstiated. The speculation for the
advance in wheat. however. has been over
done. and soin the main wheat prices nave
crumbled the week through. II has of
course been a time Of Generalization on
the Stock Exchange: and all that has besp
thought Of there has been the excited SELL
ing Of stocks following the breakdown of the
attempt to corner United Copper. Indeed
IL seems now very probable that the decline
In copper and copper mining shares has had
more 10 do directly with the fall in values
Of stocks generally during the last two
weeks than has any other one specific
cause. Despite a very common impression
to the contrary that the high prices OF
copper metal last spring we're due to specu-
lation in the metal itself. the prices thus
obtained were the result solely Of the origi-
nation Of enterprises such as new Traction
lines and the like requiring the use OF copper;
and il has been the stoppage Of these "hota-
tons" that has brought the price of copper
down. The accumulation Of copper in
~producers' hands at the moment only
represents in reality about two months
supply at a normal rate of consumption.
and ID good time the disturbance will settle
itself. II must settle itself soon with cop
per selling at a price that representa- so
small a profit. IL any profit whatever. to
the majority Of the producing interests.
Meantime, however. a subsequent acct
dent, such AZ the failure of the bungled
effort to corner United Copper. undoubt-
odly uncovered a weak spot in the local
bank position; and that this spot has been
uncovered in due season. and before it
has had time to extend itself. should be
q matter for cbngratulation rather than
otherwise. OF course the failure last week
Of an old and conservative banking firm
In Hamburg having large liabilities drew
attention new to the state Of the German
trade and financial situation. where a de-
ntIoA shpprp1 haa haao Innu in nrnuroua
but Tn matter did not seem to cause any |
real perturbation on the foreign bourses. |
Here money rates were frmer during the
week.. as was only natural in view of the
bank troubles; and throughout the decline |
In the market there wa a steady buying
of stocks for investment whose effect will
In due time be felt. One development of
the week deserves more than temporary !
notice. For the first time in a generation
almost a body of stockholders in n rail-
way company in this country has cared
enough about the management OF the
company to appear In person or by proxy
at the company's annual meeting to con- |
test the continuance OF the existing official
control OF the property. II does not now
appear clear whether Mr.. Fish or Mr.. Harri- |
man will be successful in the fight for the
rule in the Illinois Central affairs. II is
20 be ~fervently hoped on all grounds Of
Justice and fair dealing that Mr.. Fish will
win, although he has had enormous odds |
against him in the battle OF a nature that
viii 30 recognized by all people familiar
with such matters. But II he does not
win Il n clear that he will come pretty |
near doing %. and that the sentiment has
become strong enough in the country to !
arouse won in ono instance the leaden
apathy Of railway shareholders into a move
ment ~ assert their rights indicates that
o moro salutary change has come about. I
Il - one thing for the American people |
60 talk and write letters to the newspapers
cbout abuses OF railway management;
Il ID another for them actually To endeavor
20 use the power that rests In their own
hands to stop such abuses. II this power
II to be used in the future. a golden era in
railway management in the United States
will begin.