Show FINANCIAL SURGERY In banking as in other operations the time comes occasionally when nothing but critical surgery will avail to re restore restore restore store normal health and when such occasions arise the surgery Is benefi beneficial beneficial cial dat even if It is extremely painful for forthe forthe forthe the patient New York has Just witnessed such an occasion and in this Instance F FAug FAug FAug Aug Heinze C W Morse Horse and their associates furnished the subjects for foras foras foras as neat a wholesale clinic as could have been devised Just what conditions ex cx existed existed isted will probably not be known un until Until til the affair has become a memory and its attendant excitement has subsided but the United Copper opper magnate and his friends were amputated from all banking connections in New York Tork as a condition of clearing house assistance to banks under suspicion because of their connection with the Heinze com corn combination combination Unhappily the public feels the con consequences consequences consequences sequences seriously because the opera operation operation operation tion was attended by a shock that was felt in financial circles all over the country count Some one had violated all the rules of ot banking and the public in a I large measure has to bear the conse consequences consequences consequences The one consolation in the situation is that the shock was precipitated In time to avert fatal results and a panic which might easily have devastated the whole country has been forestalled by drastic measures taken in time to prevent such a calamity In Utah as well as in all the copper producing centers the ultimate effect of the upheaval ought to be for good The price of ot metal is expected to re remain remain remain main at a low point until accumulated surplus stocks have been absorbed but when operations are resumed on a large scale it is unlikely the lesson this year will wilt be forgotten A range of prices had been established that could not be maintained with the heavy pro production production du tion induced by big profits in fu future future future ture dealings it is unlikely producers will permit such enormous accumulations accumulations as have crushed the market with within in the past six months On the con contrary contra tra tear if the experience counts for any anything anything anything thing the price will be maintained at ata ata ata a point where normal profits will co coincide coIncide coincide with normal demand the temp temptation temptation tation to overproduction will be want wanting wantIng wanting ing and operations can be carried on if less profitably still sun on a permanent basis The steel corporation has established Ole die ti ie policy polley of discouraging abnormal prices brIces rices for fear of violent reactions the copper producers of the country can profit by the same policy polley and every everything everything everything thing points to their adoption of the same samo plan While the price of cop copper copper copper per may go still lower for a short time it has got down now to a point where comparatively few mines can operate at a profit and where consumers can afford to buy for legitimate demand Both these factors will tend to give the market stability so that there seems to be no occasion for pessimism as to the future of the metal In general commercial finance the next two or three weeks ought to see sec considerable relaxation of the pressure for money in the big centers The movement of export grain and cotton ought to abate any chance of gold ex exports exports exports ports the influx of foreign cash for commodities Europe has to have the return of ot crop money to the eastern banks anks as shipments increase all these afford substantial assurance of better conditions Unless something unforeseen seen teen happens the first of November at atthe atthe athe the he latest ought to see a great Im Improvement improvement provement in banking and commercial conditions |