Show Metal Markets of Country Show Eastern Man Sees Orgy of 01 Spendin j jJ J t Present Ti Copper in Excellent Position Speculation and p Pi cering in Labor Material l and Products Cause C. C L. L Howl Believes High Profits Gone f By Percy M. M Cropper I TH a corps o of or men Supt James Jimes Quirk left for Alta Friday to tor V V V the property property-of of the Emma silver mines in readiness to start opera o Mon Monday ny By that time i if it is believed that all the machinery wilf rca readiness iness to start stare the mine Just Jus how long this will tak matter mn only be bo decided after the work ork is started At th the work was st stripped the mine filled up in thirteen days daY 1 so oit it is probable within the next thirty days the work of can beAs be he accompli As soon as this is done development work will be started at once to to up the big b g ore body that has been found and from which minin mining op I were carried on at the time timo the work was waa stopped J The Tho pound sterling sterlinS' went as az low a aa M last week which cannot help but cut tho the exportation trado trade In August to toa toa toa a a much lower point than during July In of or the efforts being made by eastern banking interests to bolster up tho price of ot exchange It has bai thus far farhad farhad farhad had no effect In a a. number of or wa waIt ways It has had Its effect on the Iho Wall street market aa as millions of or dollars dollar worth of ot American held abroad have o been sold Bold out on account of or tho the sagging of or tho the English pound and the tho French franc trane Normally tho the pound Is around and five francs franca for tor or a a. dollar donar The slump clump If It continued for any length of at time will probably clear cicar the business business busi busi- ness atmosphere more readily than any other wa way There la lii little doubt doutt but what tho demand for American goods will reach a a. point never nc seen before but that time Is not the present and probably will not come for tor some time In the tho meantime business ss conditions are going to be bo far tar from Crom satisfactory There will be bo varia variations in every lIne lino but tho the majority of ot industries will I continue continuo an oven even and profitable gait bait Tho The runaway condition I Is fast being curbed i is the belief of or many Probably at no time In tho th history of or the big hig market has there been the condition that now exists Stocks were purchased low b by tho the bl big Int interests and they arc are unwilling to let et go when they have to pay a a. tax to tt tb t. t of or probably 10 70 per cent of ot their ltD Its They are In fact tact eo comM hold their securities T The condition of or the eOP copper er m Is now better botter than It has baa b bS months monts The Tho price has hu been slowly upward The Tho amount of on hand Is not quite as bad had at u seem when It Is considered tk that a of or this has been sold for tor er cry ernd and nd the th market Is sold-out sold condition Copper pr prod are In no na hurry to got bot started zt If t blast again for tor several r reao reasons j building is taking an array o or throughout the country and particular Is furnishing a greit u of ot these me men Tho The foreign elem lenea going oln back home and there thera shortage o of or help for the copper I al aland i and the others as welL welt tr are also holding down production D i A As 5 the copper at lb till th- quest of the government push production ahead until tle of ot this th Is year the result of ot In la tho the market for 1201 after arter as It requires tha time from tram the moment the ore ori shipped until It leaves the it This Is being rapidly absorbed ad tail market will t shortly be In a I. eo eon conJ f to take on much more copper Eu will before many months months' look t t United States to supply her per cent of or her needs In red metal net net Continued on I Following Page o EASTERN MAN SEES Continued d from preceding pa page patro There Is but little doubt but what tho the price of ot silver will be even higher this year th than n for a quarter o ot of a century cen con tury as st. lI statisticians are agreed that thoro will be bo a shortage of ot white metaL The strike at Cobalt cutting off oft something like 10 p per r cent of or the worlds world's production the high cost of ot la labor labor la- la bor that th Is holding back many old prop properties from rom resuming operations lIons tho the costs that are holding back smelters smelt smelt- ers from taking a large lare tonnage I. I of i low grade ores and other difficulties are arc putting silver fl er In a 3 more solid posItion position position tion every day The Tho To lead and speller r markets have hav shown but little advance anco of ot late al although although al- al though prior to tho war the United States supplied something 1 like 3 32 percent per rent cent of ot the worlds world's needs During tho the war Wr this ratio rato was wa greatly greath Increased d. d It H ma may not be bo before the first of oC tho the year that exports of or lead and speller will show much of or an n Increase e and anI ane a fl consequent advance In price price These two Industries arc also being held down and the tho surplus Is 15 being ab ab- ab I s a ruic ruc most moEL from irom tn I east ea I Is on tho the bull side Ido with an occasional occasional occa occa- line lInc or 01 two to that caution should I be bo used It I Is seldom that a brokerage Je house takes the other side but Goodbody Goodbody Goodbody Good- Good body Co of ot New e 1 York recently l Issued sled sleda a letter which In part rca reads s as a follows Colous Big nig Profits Gone One main re reason on for expecting lo lower cr prices for tor stocks Is that tho we expect net act earnings of or most corporations to de decline do- do dine cline rather sharp sharply 1 Wo 0 ma may be mistaken but we arc ae of ot the opinion that the bl big war profits and bl big peace pro profits have passed and gone Sone forever at at l least ast for tor several years I They have havo passe passed partly because the tho den denizens ens of or this world an and particularly the United States are experimenting with ith schemes to enable them thorn to live without work torl Some of them are arc doIng do- do InS Ing only nominal work orl others arc working only three three- three Quarters of or what has heretofore been tire the normal time timo others are arc profiteering while hie still sUl other others oth oth- er ers are speculating In realty or stocks stock Nearly Nearl every group roup of Individuals Is each particular Industry Is mad because he lie or It i has been I thwarted by the fact that others were verc playing the tho same sam game ame and that the b benefits of high prices for what wh each ench has ns to o sell seH Is nullified by hy tho the losses I he Because of ot tho high prices of or what hal each h ha has to buy tho universal 0 r.g.-n. r.g. S n t. t t the h h cost ost of oC living The got rl G-rl 1 mania matita 11 has lins tak tJ taken n pc possession of or all nl classes of or society All l I however howe expect to ivo and Ind to lh live ant extravagantly on the tho other fellows fellow's work There Is an nn orgy of spending p I ork 1 Oly 1 t ut A. A vi o uc u I u i is LII- LII lag Ing for tor others to support them Unrest Unrest Unrest Un Un- rest and td discontent are arc prevalent In Inal all al the twenty odd countries that were recently at war Men and women work worked cd and saved who ate less and wore less and who ho were ere quite quie patriotic and decent while wo we were at t war have forgotten all al of ot their good qualities and are arc rc now le leading ding riotously extravagant ant lives lives lives- 11 as witness winess the exhibits In our hotels on our boulevards and at our seashore and resorts Stating it baldly Idleness laziness and nd are Jre largely r responsible responsible spon- spon sible for Cor our IT H. C. C of oC L L. L troubles s There Is 15 no cure except to work and to change slow production into rapid production Goo Goods s arc are dear mainly because the they arc are scarce Th They are scarce because small sm l quantities of oC them arc are being pro pro- War Yar production and economy econom should be continued until the ravages of ot war have ha been repaired Tire The folly oI of ot trying to live lire without work Is b being ln well el demon demonstrated in Russia Russia where the they have ha of money paper but where millions are arc starving Other European countries have hae also been experimenting tre freely ly hut not successfully suc sue with cheap mone money v Wo We c. c In Inthis Inthis inthis this country countr are arc not entirely exempt from the inflation germs With us it is speculation that Is re responsible to- to for tor disappointing results on farms an and in factories Land Craze In tn est estA A lan land craze has developed de In the Ule west Iowa farms arc are being bought and sold several times a month on 10 per cent margins Many Ian farms farms haven have n advanced 00 an acre In four months monts A D Dos Ds s Moines banker says ss that deals In farms at al fanc fancy prices are arc flooding into the banks these days s and that and henceforth hence hence- Iowa ow bankers generally forth will 1 adopt a policy of or discouraging ing tho the purchase b by their patrons of ofa Iowa a land at anything above o an anac ac acre rc Speculation in farm Car and factory prod prod- rod rod- ducts is also a hl big factor In rising prices s. s Merchants ln seeing curtailed production L because causo of ot labor troubles buy more mor s goods than the they need and hold them speculatively This fact tac C causes l S prices to rise rapidly and en- en 9 thC these profiteers to grow grov groW rich quickly Thousands of or land food and clothing speculators and other profiteers arc are today riding In expensive cars smoking amok amok- ing InS costly cigars and living extravagantly extravagantly gantly Ganty on their paper profits Somo Some day day and and perhaps at no very ery distant day day ay paper and visionary profits will wi disappear Th Then n there will vill Can follow ow years of or depression for tor wi Jewelers florists automobile makers and for tor other makers o of and dealers In luxuries Gradual Gradually however tho people will vill wil get bel back to work and to produce the necessities of at lre life Then hen will decline an and living will prices wi ln l wi again be bo cheap though our producers in of or hard times In real real- will wil complain I Will DC oe iw y J v it thc they ity 11 their present jamboree What hat hal we wo sa say applies as well to mechanics me me- 10 and laboring men nten a as well ol as asto asto asto and und to merchants manufacturers farmers Alt All Al are arc playing the tho same came rame has hns game One of ot our customers who hundreds hundred of oC shares of tobacco stocks 5 said tire the other oIlier da day Of OC course tIm tho railroad men will wil win Let them them get a it Ii dollar an at hour It will be bc good for 0 my tobacco stocks I We wil 0 aro arc bears on blocks primarily because wo we expect the tho per capita production production pro pro- to decline and p production costs cost to advance Profits will wl be a vanishIng vanish vanish- In lag Ing quantity Labor dissension Is forcing forcing forc fore ing lag Idleness and indifference We Vo 0 see no remedy except by way y of ot hard hardtimes hardtimes times which means hunger and pov po Cr crt erty t y Cion VieWs 1 V Henry Clews Chews of or r New w York In h his hz weekly letter latter teler says ays This country Is its It passing through ono one of the great It If not the tho br greatest alet crises In ITt lt I Its history Thou Though h far distant from Uio tho scat boat of war var and much less Injured than any of or the combatants we arc are reeling the the economic results almost as sharply as aH they Th The T very ver fact tact that w 1 s suffered buffered lC less ICES S means meana that tha t wo we must help more mora hence in iii the work of or ro- ro I ou our oUr burdens are arc actually I much heavier than wo we 10 had ever ex expected e- e them to be We Vc have not only been bean oble obliged to feed reed moro snore freely Creel than usual with our spare grain and meat but now that peace Is h hero re we wo are aro also called caled upon to suddenly furnish Immense quantities of oC cotton coton copper petroleum and steel products In tn order to fill tIl up the tho void created by five years car of or Intense destruction demands demand are arc not easy eny to measure In addition additon to those Just menton mentioned cd we have been called upon to provide i ships hips coal credit and many other things formerly obtained from other sources Such exceptional demands de- de mands s forced high prices it A 1 every di direction dl- dl reelon and the tho urgency of or these re requirements re- re enables labor to insist I upon hl higher her an and higher wages wages ages Domestic DoI Do Do- mestie a extravagance ance Is also an n Important tant element clement In hl high h prices Whether hether th these so movements have havo reached their climax or not depends upon how tar fir tho demand has b boon been en met When buers buyers buyers buy buy- ers cease striving for goods gonds because either cither satisfied or exhausted then the then n advance ance will wi surely sureh end and dullness ensue until untO demand receives fre fresh h stimulus from new inquiries or lower prices As long as these conditions last it Is useless to expect Industrial stability Return to the tho normal will wi require many months of or largo large product And L hard work L. L Tho fe federal eral reserve resene I I I I I coara wisely saia sala the tho only cure for the tho present crisis is work and save This applies apples to all al classes of ot I workers those of or hand and head alike alke as OR n a J Washington a will wi be tho the center of or In Interest Interest Interest In- In terest for or the tho balance o of or the year car at at least On tho surface our foreign relations relations rela rela- lons appear to bo be the tile chief factor As Asa a matter mater of oC reality our Industrial Industria problems are arc of ot far more pressing Importance The Tro stoppage of ot profiteering profiteering proC proC- profi profi- Is at tho the moment of ot greater reater consequence than playing politics with the tho peace pence treaty It I was wa urgent that an Immediate check be placed upon the rise In prices which ma may mo modify lf the tho advance In costs somewhat but cannot stop the demands for high wages The latter laler arc are based not altogether altogether alto alto- alo- alo gether upon hl high h prices but In part upon tho tile dc desire lre to occuro a larger share In the general prosperity as lon lonas long longas I as it lasts The Tho ho railroad brotherhoods very ery sensibly took President Wison Wilsons Wilson's I advice In regard to their higher wage demands postponing them for tor more de deliberate do- do liberate consideration and without striking The public Is weary of or Innocent Innocently In Innocently In- In suffering not only tire the inconvenience In Inconvenience In- In convenience of these transportation strikes but also of or paying their costs In higher fares tares or taxes and and If It labor lenders leaders persist In pushing these tactics too far an Jn unpleasant surprise ma may be bc in store from them The movement mo for government ownership has been fairly launched and it Is practically certain that It I will wi be bo a n live Iss Issue e next election electon The disinterested and thinking think ing InS classes of f the United States arc are on record ns as opposed to government because It destroys estros estro's personal Initiative the most powerful incentive I to lo all al progress The Tho radicals |