| Show 1 STEVENSON STEVENS ON TRADE Man y Tightness is For the th Late Lat Condit n Of 01 HOW THE RAILROADS FIGURED FlOURED I N Vitt t V Yet f on O a aWill wre 1 bevel 1 Will Be BeTo JO Wi WiT sow To T It at l a clear clr T of the tl prevent present t e l audition of o th Ue the copper r trade e U It t I la II fer to togo toI togo go back ll a leR dt and to ton bo be botin I of world worldwide worldWide tin ln n with the Ii wide Wi op ay 1 Horace Hot J I Stevens Steven the t copper c authority The Te trouble In the th copper ropper trade la I I I merely ly a 1 of ot a dl dla ens from t which the entire I world I Is Th T copper pr trade Ira de la ii laIn I I In bad b ab ChaD e III bu money mony mOM la Is I tight I Ino not flut no univ ov in tn the United State but bt In tn I Kurop Kur a well wel and nd money mone la 00 tIght I throughout the th world there tK h ba MS been bren b such ch an n unusually large lurge ta uppa of a money during turn the th p pest t ten tm Ry By R r reason i on n of the thu I h wonderful Umu thin tl n of ot au d or by b the In void gold old supplY m II ply Y the tie amount ot of o cla money miney m for ter fa new o while In tie I creaO from var yar a to year ha be grown own Claa too to aman an for fr 11 demand n Th Tb Th Ar sc log Ing of ot the great al American Aln railway line In during the past few tew year otters an ln in t inStanCe aan StanCe of what baa haa ba bun n done donn d ne In mot most mt other Industrial 4 and md nd In rao I moU t oth other u er or e oU Our Ort groat railroad Jr have CI nut not ted to lay I out ot plans plan calling for tor no the investment for hundreds hundred bundre of ot mil mit million mi lion te of ot dollar In mot moat cane c these tb the lon pious are uie thoroughly sound aund viewed 1 Teem from tm p any standpoint n put Dt except that of IRON WUi Wi BAROMETER In the pat t th HI Iron Irn trade wa was 1 caSed called cale the Parameter of cf f b hl This was Wae W due duo mainly to the tk tact fact that thI the tbt rail seU railroad road constituted one of ot the Ibe large largeSt road consuming Interest In the Iron and steel teel trade an i the t American rail railroad rAIlroads roads road often robbed frequently mud muddled muddie muddied died die In management I and nd habitually hard har up lP wars wera unable In dull dul times time tc C Chuy buy huy ratio rail for re lt and exten alone alona but with Improvement In bu bUnea bual l ness nes a nea rushed bed Into th the market mar et with Uh ol ot older 0 der 4 for far new roll relic ri causing rising price and a boom Ir Ir the Iron trade The a American bm n railroad are re now financed along alone alo much wander sunde 1 un line U II while their situ mil are ae much In thir 11 good tima In than In n lull dull ason In 1 there tier Is us I 0 no such uch Jl j In order between wel and acid bid bed bd yu as was 1 the ca c n JO 20 or ur even uen 10 00 years yearn yel o The e advanced 2 ground around In th Ih held eld of haa h ha been taku by b the tie trolley lines line lne Then The are ab tut mItes mile mi of ot trolley roads road Including both urban urb and ad In Interurban roa UnoK Ir In the th United UnIt State States InI and nd plan ar way for fr increases Increase a aggregating nerl U 50 I per p cent nt of ot the f listing Owing to 10 the general of ot in ir Ir hey iny IY the new trolley troll lines line Une have lve not nt beet been b able to raise rale ril the therah th rah cash cU required for their Ih r n through bond bd since anC the begin beginning fling ning of O 1507 Inability to flied case cal for building bl new ne lInes line lne supplemented by the necessity for economy on the Ibe port part of mot most mt o the existing eUn line Ilu musty many Inny of which have large 11 require requirement ru ment for Cur fo resulted In tn a nearly total paralysis of ot the th copper wire Ir trade trad tre This ml 11 led I to a I great t and nd Immediate cur cr In the tho mal for copper cP the t wire trade being one oae 0 of ot the tho tl mer of the tho t American copper cOP sup supply MP supply ply pl This Ti cal rapidly Increasing of O metal meL and the situation was w by the thu tl unusually high I price petos of ot copper early earty erly In 11 for tor which high bigOt bl price pile consumers consumer rather rathor than U producers pr ers are should shoulder th thA he principal pa buy bur burden den of blame As A a consequence ot of o the paralysis of nt the tho wire trade tre with de decreased 4 creased In ober other lines ln supple supplemented supplemented by high hb prices price Ilce the cop copper c copper per industry w WI was r caught lt In t a pur ly Iy pr vulnerable position olon Mid end 4 ha has b accordingly SURE StORE LEEL NOT NO Nt FOUND JUND The Th market for tr the metal mt baa haa h not nt yet found a sure aure level but I look lo for fo huch such a level of o price to 10 be b found fold near of The Tho the present range Na quotations Te drastic drate measure m taken by b Montana Montane OIW and n nd mines mine Ilea In practically rut cut rutting t tUni ting Uni production in It halt half are ar being up enD I to some eXtent tent b by the tM t tAk Ak Superior mine which with wt slightly lightly reduced por forces are undertaking ing InK such deed dead work a as Is I necessary na rut put putI rutI with Ih consequent curtailment of out output Olt I 3 can al see aoa no n indications indication of ou any boom bm in either the copper metal ml t trade or o In Inthe II inthe the th market mt for shares share ha for at least t I a I year to com come and nd possibly bl not nt for tor several veral years year r Some Borne little IU time ti will willbe wil willbe be b required to work wr off of the accumulated stocks of ot copper which al at although 1 though by no means mean ma as al a large la role rela relatively 1 aa as a those tho accumulated by b th the syndicate are a to t chasten cht the Ih spirit Irl of ot the th producer Furthermore there I is a presidential election coming com In next year ur and ad this tl unfortunately is a 1 year of o business 1 under und ae check the tl curtailment ranging from a Might t cessation lo of activity na to toa t ta toa a vo very marked 1 depression da NO JO CAJUI CAI The Tho Tie world I 1 ii richer than lh ever er before bO measured mur either elt by the tl standard of o actual money mo In I It It possession po or by bythe b the Oh truer tm standard of ot its It H various vt In Industrial I UI Improvement The world wod however like Uk many ninny on oa Individual or corporation orUo d of 0 large la las tangi tangible ble hi resources MU Is I hard har up u at t present It for randy rAy rn cAsh h and ami the tho th only process p by h this Ihl stringency ears cnn n be b re relieved v r IH ii the th simple lm I and natural though not nt agreeable plan of If try expenditure If I I V this thU Ihl cur l I IN Ar a sled i to In toti cx x tu InI ti t nn iii t ii panic 1111 t flow fion hut If I Sl OP or en HILI 11 lIlI K 01 Ol 01 Iun ANn AND lm IN IS OP W I Till 11 liRi O Stock tuk N h High re Decrease N I I 40 S ATIa r fl wa es I Anaconda n etMO lI ieT 0 Arcadian 1 o 05 1 I LIS Arona rn ni I e 00 1 5 00 7 I 00 11 r O It 1 I II t ha oi n o 1 u Ui f 4 41 Boston Conn f as Sn 10 I U 11 Butte Butt Bute fV eoal al seen ieee iu 10 Cat CaL g Arisona tM SM f 1 OttO 1 t f al l g usda 1211 MO I 1 ii I a aS l O S Ia opper t 0 r J P k I 05 T TIr tO Crab Ir Con n 10 05 il 5 I 1 lq O OJ C Ms Con I J c I III i U p I IM M 1 ii i IO H hUe Hutti I IE 11 lie 04 I S 00 13 E M 1 I TI IO t J F L I 1 Imo 47 1 m 1 i I Ii 0 I i U I I 1 10 f 1 00 o Mie U ii 7 t t I I r I 4 I II 4 I V 5 r pM 0 10 II 0 C e LI l Ru a GO 1 1 mO WI 14 I 1 I I 1100 Wolverine I IU lu Total I I I I I I r along sound und line In a 5 i 1 no b be lr liv 11 bo be b Oio thi ease case e It U simply will wi moan A 1 general check in new flOW seals a pT Ing tor l 00 heavy b v capital to lie torturing l lq the next neut nel two IWO or w wirft ort orNu Nu fM ml industry i It is ft laity sn IM tea th the reason ramn t that tbt lite Ude u to Is a t Ity In tte A general col collapse 01 of e th lb I Ii not to tobe tobe II lap lapse o Industry li ft t be looked loe for lor but bit a collon lp of over over ful demand and prices W pe not nt only oy ta Is here her ler but bt Is likely to tola re ye remain main la her b for lor some 8 Urn time U |
