New-York tribune., 1907-09-22


Insepa-able from the copper complication Is
the money market. Lenders. when copper began
TO decline were not slow to exact higher interest
rates. thus further hampering producers IN their
difficult tasks. This. perhaps. more than the
trade situation. has been influential In curtaL-
ment OF production The money market months
ago assumed dictatorfal attitude toward the
business world-and may 1t not be that now ths
situation reverses itself and that the business
world is going to be able 10 dictate 70 the money
market?
No sympathetio movement with copper IS dis
cernihle in other industries Steel-the pre-
mier-continues the great profitable business.
Nothing could be more reassuring than the ut
terances OF Judge Ebert H Gary, chairman oe
the United States Steel Corporation. upon his re-
turn from Europe. He fnds conditions helpful
and encouraging. He welcomes the recession.
which by the way. he predicted months ago. be-
fore sailing from this side. and he predicts that
seasonable and normal let-up in Industrial pro-
duction Is but the prelude TO greater and IN
precedented achievement These are the opin-
ions OF trained skilled business leader. IN
fnitely more 20 be respected than the Vaporfnsa
of Wall Street theorists
From broad points OF view there need be no
fear for the future OF American tndustries-noe
even the immediate future-because economies
or production enabling our manufacturers 70
meet consumptive demand at reasonanle prIces
Welding fair profits-while reforms In business
nioneered nv the United States Steel Corporation
are closely initiated by other properties with
.alutarv efYect-throughout the entire industrial
world common sense ruling. That Wall street
fails 10 recognize the facts does not deInonso
them by a single atom
Inquisitions continue into the affairs OF ina
Standard OIL and New York's local traction
propertfes-reveIations proclaimed iuridly al
marvellous, daxing. and all that; but actual cis-
closure Of anything bad. damaging the pubic M
terest. must be searched for by microscope MI.
Rockefeller and his associates are detected earn
ing stupendous dividends: but aside from tns
bieness Of the figures recorded nothing Is mar
shalled quite shocking as the looming heao~
lines which ulisquote the evidence.
Some good, of course. may be hoped 1or 1roi-.
the Investigations proceeding: but up to date n07
much is on record beyond the scarcely deIrorI.-
izing fact that private fortunes IN AneHcS
mount far and away beyond precedent -.
In metropolitan affairs n1aloxlas
qualification Of free and easy anirnadVersIol.
NAV be soon expected-for Thomas F. Ryais
comes TO town to face the multitudinous ASA
ants OF his corporation policy and his own mites,
rity And among those who have oayeo Iou.
there is likely to be growing that IS low- ~
easier often to shout attacks than 10 u1alh'A-A
moderate criticism That IL has lately oeei .
fancy to sneer and fad to condemn Ar. r-y
is a psychological curio; but something inot rI
than envy. something cleaner than nance, W.
have to make good in any Indictment agalnssss
uing consistency has stood for what has osS
fair and what has been progressive. ~ .s,srS -
pettiest doctrine of pessimism that az PIE 49,
must bA bad thiuRa. II. AlAAAAWAn