Bisbee daily review., 1908-02-02
GOOD COPPER
 CUSTOM ER IS IN FINE SHAPE
Conditions In Germany, Coun- try That Consumes Vast Amounts of American Metal, Declared To Be Splendid.

BOSTON, Feb. IL Voglestein, of L. Vogelstein & Co, New York, one of the largest Of the copper selling agencies, representing in this coun- try Aron Hirsch & Sohn, of Germany, has just returned from a foreign trip. He says:
 During the last few months the impression generally prevailed in this country that conditions in Ger many were pretty nearly as bad and the crisis fairly as acute as here. As matter of fact, even today, a good many voices can be heard predicting disaster to the German financial and industrial situation. From personal observation and after close study of the situation, it can be stated em- phatically that the impression was not and is not justified, and that condi- tions in Germany are at the present time much better than most people on this side seem to believe.
 Of course, the money markets all over the world, and especially in Germany, felt the strain since the end Of 1906. and the high rate of interest prevailing ever since the fall of 1906 had it's effect on the financial as we'll as the industrial situation. The mortgage banks, which are in the habit of selling their bonds and loan ing the money secured by the sale of such bonds to real estate operators, were unable to grant the customary accommodations to their customers and, in consequence, the building trade all over the German empire showed a material shrinkage ever since the beginning of 1907. The ef- feet was felt in the iron and other industries. All the same. there was at no time a demoralization in the iron market, and nothing more than a depression-at the beginning only slight-later more severe-could be felt. It may be that this more or derly contraction in the business ac- tivity was due to the influence of the syndicates which control practicaI all the branches of the iron and sim liar industries in Germany and whici .used their influence in a wise way-tr wards maintaining prices and cuTtail ing production rather than yiemoral- ize the whole trade, but in any case the German stock banks deserve the highest praise for their conservative and at the same time liberal attitude which no doubt has saved the situa- tion and prevented such panics as have seen here.
 The large German banking institu- tions-and principally the Deutsche Bank-had warned the public not to be over-sanguine and to look for a restriction in trade and for a setback all round. The banks also scrutinized every demand for credit made upon them and refused to grant any cred it's which were not strictly in the line of legitimate business. By so doing, they stopped all speculation and pre- vented a crash which might have been unavoidable under othter con tions While money was tight during the whole year of 1908, conditions had shaped themselves fairly satisfactory towards the fall, and there was every reason to expect a comfortable situa- tion towards the end of the year. when the American panic upset all previous calculations and threw all European markets in a turmoil of semi-panic. forcing up rates of inter est to an unheard of level for Euro pean countries.