New-York tribune., 1907-10-26
COMMENT IN ENGLAND.
,,FTHODS HERE BLAMED,
Chances for Dishonesty and Political
4pathy Causes of Trouble.

4 DI3fiU OUUSES " 4 TOHOJG.
,o,don. oct 26.-Au the leading weekly news
..rs to-day discuss the American financial
I,.,otioy. and generally take their customary
,,,,de that il IS due to the unsoundness OF
-orrroercial methods. The Statist'' says:
The lesson Of the crisis is not that American
nnoercIal honesty is less than that of other
,,ntries but that the opportunities for sue
oessfuI dishonesty are more abundant and more
tempting
THE Statist' asserts also that the situation
g tbe outcome Of the fact that with few dis
,lnpuished exceptions the more respectable
classes do not take part in politics. which now
!, the career for men of low character. for
,hs most part. many of whom have failed in
other careers
The Saturday Review describes the situa-
non as the bursting Of the American bubble
aTy,e outlook" like The Statist." dwells on the
situation from the political point Of view. say
tnr that America is in a radical mood with an
annette for conhscatory legislation" All the
nspers praise Secretary Cortelyou's prompt
action in affording relief. and President Roose-
rets attitude toward what they call frenzied
finance
Money was in restricted supply and good de
rand in the market to-day. Discounts We're
firm.
tone prevailed on the more favorable news from
New York which strengthened the general
roarle. as well as Americans. First class Sc
curties were steady, but there were fewer in
vestneut purchases. Prominent foreign secur-
ties benefited by Paris support. with the excep-
tion Of japanese which. however, closed frmer.
Americans commanded the chief interest.
They rallied from > TO AZ points parity
in the forenoon. the strong financial support
afforded by New York inducing the shorts TO
cover. while moderate Continental purchases ap-
peared. The market sagged fractionally prior
10 the receipt OF the New York opening quota
tione and then luctuated sharply. especially
T-rion Pacific and Atchison, Topeka & Santa F6,
which finished one point below the noon level,
with other stocks only fractionally lower The
final tone was steady. with q hardening ten
dency.
The sharp rise in the price OF the metal and
the better American news hardened Copper
shares Rio Tinto gaining two points.
The Economist thinks that the real weak
ness of New York is the want of great central
bank free from the possibility Of interested
in which absolute trust could be
r5posed
Berlin. oct. 25-The financial community,
which Is taking the deepest interest in the crisis
in the United States. was to-day inclined TO the
view that the climax had been passed. and the
Roerse evidently tends TO a more cheerful esti-
mate Of the situation. partly under the influence
Of London opinion. Berlin operators are show
ing confidence in an early recovery of Wall
Street by buying American securities in London
and New York. and the considerable amount Of
this buying has caused a sharp rise in American
and English exchange.
4 banker today expressed himself as con-
hdent that the American situation at the bottom
was sound. but he thought Europe. and es-
pecialIy Germany. should refuse 10 assist the
American market with money in order TO pre-
vent q repetition of unhealthy speculation.
Many authorities are discussing the causes lead
ing 10 the crisis. The ''Frankfurter Zeitung'
saws il finds there are three Of these, namely
an antiouated banking system which does not
even protect from the most palpable frauds;
second. moral insanity Of leading personages'
who merely use the enormous sums committed
n their tr7lst 20 fill their OWE pockets with
hinge urofts. and third, unbridled eXcesses IN
srec1Ilatfon and the establishment OF new uh-
der1alings. leading finally to an absolute dis
nroro-tjon between the supply and demand OF
capital
The .eBoursen Courier also points out what
+, terms the tnadequacy Of the American bank
ing system. and the need Of A strong central
hank able 10 supply currency demands in an
emergency The paper says an interest rate Of
100 rer cent is a disgrace 10 a country which
boasts enormous riches. It gives high praise
to the trust companies which have been able to
stand without difficulty the runs that have been
made them
The .'Vossische Zeitung'' says IT admires the
cool headedness and circunspection with which
the united banks in New York are adopting
measure TO check the panic.
Americans recovered on the Bourse to-day, but
the tone generally was weak and domestic
shares declined.
Paris oct. 25-There was a general recovery
the Bourse to-day. and prices closed firm
owing to the belief prevalent here that the worst
Of the financial troubles in New York were
over. This resulted in a covering movement, in
which copper shares were included.