The Washington herald., 1909-03-01

Money Rates-MetaI Trades Worse.
New York, Feb. &.-The break in the
stock market IN the last fortnight, most
O. Il occurring Ia the last week, carried
prices Of the leading railway and indus
trial stocks alike to an average point
lover than any touched since the Presi-
dental election
The entire rise in the market in the
last four months was thus swept away;
and It would seem as II such q decline
fully met the requirements Of those ad-
verse critics Of the general course Of val
yes during this period who have consist
entity eontended that the rise in prices was
unfounded. and was mostly due TO the
efforts Of reckless spectators who were
encouraged in their operations BY the
great prevailing cheapness Of money
Il seems 10 be the truth. as the event
has proved. that criticisms Of this SOFT
were unjustifed in one sense and justified
IN another. They we're not justified IN
one way, because there can be no cues
don that the security market was enti-
tied TO a very considerable advance in the
DAYS following November 4. first OF &C
count Of the natural relief and encourage
rnent felt in financial circles over the sat
isfactory results OF the Presidential con
test. and, secondly. because there was
during the greater portion OF November
and December last year a multitude Of ev-
licences. which were al any rate sufficient
10 convince the greater number OF in
teIliEsnt business men IN the country
thai q slow but steady Improvement IN
business had begun which bade fair 10
b continued
Criticisms justified.
The adverse criticisms referred to have,
however. been undoubtedly justified in
rEis respect. that in January and Febru-
AIRY OF the present year, and chiefly in the
latter month. business IN certain lines has
suffered decided relapse. and the one
substantial cause OF the fall in the mar
ker recently is beyond any question the
existence Of this fact
Il Is not fair TO say that business as
= whole has turned bad because this Is
far from being the case II various in
dustriss that are not infrequently taken
As barometers OF trade. business is stin
excellent. and has maintained the rate
or Improvement shown in November
This IS notably true OF the textile and
mercantile trades. Of the dry goods bust
ness generally. and OF many retail lines.
such as hardware and the different busl-
nesses concerned n the sale Of supplies
and implements used BY farmers
Neither can any one look over the re-
ports Of the railway companies and say
that these corporations are suffering.
Statements Of earnings here are in almoS
---- ing increases in gross and
iu1e months a year ago;
that. taking the country
business IS. II not quite
o6. Yet better than Il was
from there being any fear
Dads may have 20 endure
dividends in the near fu-
eTwheIming probability is
..-... ..-..y abroad companies viii in
crease their dividends. always assuming
that Tire year as It progresses does not
bring nor promise agricultural disaster. .
Metal Trades Worse.
But there Is no denying that the iron
and steel and copper situation. and in
the main that Of the entire metal trade.
is worse. and these are departments Of
business whose influence IS perhaps more
than that OF others readily communicated
10 the security market
The position OF copper az the moment
appears 20 be more depressed than Il
has been al AM time for years. 50 much
50. indeed, that a certain sort OF en-
couragement actually appears 10 be de-
rived from Il. based on the idea that mat
ters In the trade must be in that kind Of
darkness that Immediately preeedes the
dawn. The demand for copper by con
sumers has constantly fallen away since
last January, and has now practically dis
appeared
Various quotations. usually in the neigh
b0rhOOd o. Is cents, are now given for
both eleCtrOlytic and lake grades OF the
commodity. but the fact is that sales have
been made much below this figure. al
which II should have been able 10 ser
50o000O pounds
Il would necessarily seem that II such
2 condition Of affairs IS TO be prolonged.
a curtailnlent OF copper production must
take place. such as was enforced imme-
diateiy following the 1907 panic, and also
that large speculative buying OF the CON-
'odity should be induced at the low
Light Buying of Copper
Stocks Of copper on hand in this coun-
Try are not extraordinarily large. al
though they are heavy abroad: and the
sole reason for the stagnation IN the
trads appears 70 be due not 10 overpro-
duction, for the mines OF the world are
producing less than they did formerly,
but to the simple stoppage OF buying for
some cause. or for a variety OF causes
by consumers, even at the exceedingly Low
prices a. which the staple can now be
tanned
The iron and steel situation was the
oject OF such interminable and general
scussion in the last week that remarks
gsrding Il seem almost unnecessary.