The copper era., 1910-10-21
Boston Banker Thinks The Turn is Near
 At Hand.

At Hand.
 Boston-A prominent Boston bank CT saysi "Dull is the only word tha' expresses business and financial con ditions of today, and so this will re main until the new year, althougt there has recently been a slightly improved demand for bonds"
 However, I believe that we arc near the turning point in securiiie: at least, and unless general bushes: picks up rapidly the bond market will improve. The banks will soon have much money which will be used for bonds or loaned on call at per cent.
 uThe general money situation is satisfactory, and within two or three weeks a London friend writes that no increase in the Bank of England fate is likely this year. The rise in the rate of the Imperial Reichsbank from per cent. to per cent. may, however; change the situation.
 "Democratic victories are likely this fall. New York will go demo- cratic. For that reason why did not Vice-President Sherman get out of the fight and let Colonel Roosevelt have his way? We have had corpor- ation legislation and tariff revision with the republicans in power and we are. bound to have them again whichever party is dominant.
 ,1a+ Of i~ service corporations is good The only thing is to keep it out poli- tieian's hands. If the men in charge are good, sound business men-and such men can be secured-it will be advantageous to all concerned.
 1T am a believer in corporations paying to stockholders the larger part of their earnings. If earnings amount to per cent. on the capital stock the stockholders should get large part of it, say per cent. or s per cent. It is their money and they are entitled to it, it does no good in the company's treasury except through increase in market value of their stock. We all know how tard- fly equities increase in quoted values in the stock market, and the stock holders of today may not live to keep his stock long enough to share in dividends to be paid five years hence. Stockholders should understand, how ever, that although they receive 8 per cent. one year, the next year they may get but per cent. They should expect the return on stocks to nuctuate constantly, and above all that stocks are not bonds; that stockholder is a partner in an enter prise and subject to it's ups and downs. The bond holder is the creditor who gets his interest on his investment: if he can't get his interest he can fUreclose.
 T do not agree with the theory that corporations should always be very long of cash; they should carry cash enough for their business and to maintain existing plants Large amounts of money in corporate hands are not different from that in the hands of the individual. II we have money, we spend it.
 "We have made great deal more out of the cotton bill of ladiug ques- tio1 than is warranted. Reduced to final analysis it is simple; we have cotton and our foreign neighbors have the money. We want their money and they want our cotton, and the exchange will be made just as it always has been, on some terms ar ranged. This may mean a little lower price. The south is rich and a lower cotton market would not mean loss to it. In any event they will not want to hold their cotton over, and it will find its way to market with or without guaranteed bills of lading."