Bisbee daily review., 1908-02-02
GOOD COPPER CUSTOMER
 IS IN FINE SHAPE
contInaed from Page Nlnel

Opultuueu IfOn rage NtBe.J
 This state of affairs was felt no more in Germany than in other coun- tries. As a matter Of fact, out of the $100, 900 gold which same over to this country from Europe and which was mostly imported from England, Germany contributed about $50, 100000. because although Eng land shipped most of the gold to this side, she drew gold from all other markets, and Germany lost during the period of the panic M-210 .000,000 gold. It is quite natural, with so heavy a loss of gold, that fears should have prevailed that the metallic reserve of the Reichsbank-which according to charter ought not to run below S3 1-3% might be insufficient It would have been more sentimentaTly than actual ly a serious matter if the German Reichsbanks would have been forced to announce that they must stop fur ther discounting any commercial pa per, but fortunately, even these fears were exaggerated and at the end of the year the metallic reserve of the Reichsbank was still over 409o-i. e.. fully 79o over the legal require ments, People in this country ought to appreciate what that means after having seen here the banks run fully 5ao below the legal requirements for long period.
 The aid which Germany has extend cd to the American markets during the period of the panic will further be appreciated if 1t is pointed out that during the time of the panic, when copper was practically unsafe able in this country, and when it was most difficult for the largest sellers to secure loans on the metal, Ger man banks extended liberal credits to the American producers on copper consigned for ultimate consumption in Germany. The turn in the market for copper, which occurred towards the end of October, just at the time when conditions in the financial markets here were at the worst, was principally due to the enormous demands and purchases made by Continental, and principally German, conSumers. 1t is noteworthy that the ImpoTtations of copper into Germany during the year 1907 have been kept fully at the level so far. 1t is further noteworthy that record year for copper importations the German electrical industries re- ported at the end of their fiscal year more than M-30O, ,0OO,000 orders on their books, which were likely tot carry them way into the new year working full speed.
 It may further be pointed out that the new PTussian loan, which was submitted to popular subscription only, l1, ing syndicate or interference on the part of the banks, over $45, 100000 cap ital from the public at large, which is remarkable achievement at a time when money still commanded over 60 while the loan was issued on a 49s basis.
 Summing up this review of the situation, it seems clear that the re- ports about financial disturbances in Germany were largely exaggerated, and all that can be said is that Ger many has felt the strain which all other countries have felt, but has proved that it's financial and indus trial institutions were fully able to cope with the situation, and even to extend liberal assistanre to other rountries harder pressed than they were themselves.
 It is further proved that the Ger man banking system, so often malign ed, has shown its ability to go through a most severe strain without any fail ure in spite of the most liberal sup port which the German banks gave to their domestic industrial and com mercial. enterprises. Germany will emerge from the disturbance of the last year stronger than ever before. Efforts are now under way to intro duce the check system, which is still in a very crude form in the German Empire. and hopes are entertained that by such means a large amount of the floating supply of money will return to the banks and strengthen the reserve. It is especially expected that the severe strain which is felt in Germany at the. end of each quar- ter will be materially relieved if the public can be induced to make use of the check system on as large scale as it is done in England and the United States.