Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-09-12
Resume of Wall Street
BY Henry Clews
Decline of Copper Not Fatal.

| OSSiHHG " SOPPST iNOL
The decline in the Official price of
copper to 171s cents was of slight inn
portance. 1t did not attract new buy
| ing of the metal on any large scale,
for it merely reflected an official rec
ognition of price that had been ac-
tually current for some weeks, and no
increased inducement existed to pur-
chase the supplies at an official than
at an unofficial price. There are excel
lent indications that the industries in
which copper figures prominently are
still doing a good steady business; the
period of extreme activity, however,
evidently passed, which is merely
repetition of conditions existing in
other important industrial depart
ments.
There is, however, little change, in
a broad sense, in financial conditions.
The stock market has undergone re-
adjustment represented by something
like $4,000, 600, 900, and it is only nat
ural that a corresponding readjust-
ment, perhaps not so spectacular, shall
follow in mercantile, and industrial
circles. The fundamental trouble in
both the financial and commercial
markets is that capital has been in
vested more or less permanently
has lost its liquid form-and is not
available either for stock market pur-
poses, for the regular channels of
trade distribution or for the working
capital of the industrial world. Under
such circumstances the necessity for
an enforced caution in undertaking
new ventures is at hand and cannot
we'll be ignored in stock market con-
sidera tions.
Industries Need Capital.
The records of the mercantile agen-
cies are Illuminating IN this connec-
ton, showing for August. for in
stance, an increase in commercial en-
/ barrassments compared with the cor
responding month of last year. and it
/ is significant that the increases are al
most exclusively in industrial circles.
! thus giving practical demonstration of
the widespread scarcity of capital for
! legitimate business enterprises. The
| liabilities for August failures, for in
stance aggregated more than SIS, 000,-
900, as compared with about $4,000, 900
in August. 1906. In departments other
than Industrial there was sharp de-
! crease in liabilities, those of broker
age, insurance and real estate con-
Germs, for instance, footing up less
than those of August, 1906, while
banks and trust companies failing dur
ing the month of August had liabili-
ties of about $2,6O0,000. or $5,00O.000
less than in August, 1906.
Decline of Luxuries.
A rather good evidence of the con-
traction of the demand for luxuries is
contained in the monthly report of the
appraiser of the port of New York
The imports of precious stones, for
instance, during the month of August
amounted in value to $2,9S3,S62, COM
pairing with $3,3S2,296 in August, 1906
Since January / the number of auto
mobiles imported has been S04, COM
pairing with 935 during the CORE
spending period of last year, and the
value of such autos, as officially de-
clared at the custom house, was ST.
S16,589, as against s3,15S.143. There
are signs that a period of contraction
to a sound and sane basis of living is
at last beginning; the uncertainties o.
the political campaign, though neces-
sarily of an off-year is a factor thai
is calling for recognition n the finan-
cial situation, while the knowledge
that the presidential election year OF
1908 is approaching and that the con-
test is undoubtedly to be remarkably
strenuous is still another feature sug-
costing the desirability of taking fire.
quent reasonable profits when obtain
able to admit of buying back on the
reactions, we are now in for a more
active trading market with wide fluc-
tuations.
HENRY CLEws.