The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-16
WALL STREET HIT
HARD BY WORST
SLUMP IN YEARS.
Continued From Page One.

situations during the cropmovnS period.
There is entire lack of business on the part
of the investors in the security market. and
the recent decline in stocks are. in my Upin-
ion. most fortunate. Coming AT this time.
they will prevent a radical decline in the
fan. and will release a large volume OF
money into the channels of commerce.
There is absolutely nothing TO cause appre-
hension in the present conditions
Walker Hill. president of the American
Exchange Bank. said:
st. Louis banks and financial institutions
throughout this section of the country are
in most healthy condition They have
plenty OF money to cope with the crop
moving business. and the East will not be
drawn on TO any great extent to give aid.
Business generally is excellent. People
in the country and in the large business
ccnters appear TO have money. Fundamental
and basis conditions were never better The
dealings of stocks and bonds are caused
largely by many of the large spectators
having liquidated. Their leaving the mar
ket withdraws much support from it, Dur
ing the present decline there has not been
the usual amount of worry. The public
seems to take it as natural. and believes
things wifi pick up again in due time with
out much harm being done"
J. G. Van Barcom. president of the St.
Louis clearinghouse Association. takes an
optimistic view of the situation. He thinks
the bottom has been reached in the stock
market. and while no marked Improvement
will occur In the near future. things will
gradually pick up what they have lost. He
is we'll satisfied with general business con-
ditions, and looks for large fall trade.
st. Joseph.
Graham c. Lacy. vice president Tootle-
Lemon National Bank:
THE banks in the West. according to the
reports of the Comptroller. are in better
condition. both as regards the volume of
deposits and the reserve carried against
these deposits. than they have been in
years.
In many localities the banks cannot loan
their money locally. OF course. the crop
movement will call for a large amount OF
cash. but it will be noticed that the coun-
Try banks are not calling upon their corrc-
spondents this year for as much currency
as in former good-crop years. see nothing
in the conditions to cause the uneasiness.
The crops will lie large and can he put on
the market in excellent condition.
l.. c. BURNES, President National Bank
Of ST Joseph:
THE present financial situation is easy
and while the demand for money will in
crease in the near future / believe the
West Is able to furnish all that will be re-
quired for crop moving and settlements
The present striagen; condition of the
money market in the East | believe. is at.
tributed to speculation and overcapitaliza
ton. While the liquidation which has beer
going on in Wall street has squeezed out
much of the water. the process of liauida.
ton probably will continue This affects
the West only in limited way and this
section is in a very healthy financial cordi-
ton
Topeka.
1t IS the general opinion of the leading
| bankers and business men of Kansas tha,
| for the first time in her history this Stat.
| will suffer no i'll effect from the presen,
financial depression in Wall street and III,
| Eastern financial centers
kansas, with the exception of the flood
| ed districts said p. l. Bon.brale. presj-
| dent of the Central National Bank. was
| never in u more prosperous condition than
| to-day. The deposits of banks are in excess
| of any time in our history. Including Chi
cago, ST. Louis and Kansas City. We in the
| West can take care of the movement OF
| crops. We are depending less and less Gu
New York for money. and knowing the
great depreciation of stocks the West will
| be affected very little
The depreciation in values" said J. r
| Niuvane. president OF the Bank OF Topeka
, ia good thing. 1t means that the fellows
| who own the stocks are merely marking
| them down to their proper prices. Ten
| years ago our people owned no bonds and
| mortgages and had no coupons to clip;
| nov, through our bank. we are collecting
an average of S..Gc worth of coupons a
month. and other banks are doing the same
| thing
Chicago.
| Discussing the situation in Wall street and
! It's bearing on HE business and financial In.
| te-csts OF the country generally. Chicago
| financiers talked hopefully. James II
Echles, formerly Comptroller of the Cur.
reacy and now president of the Commercial
National Rank. said:
'Thcre is nothing in the banking situation
10 disturb general conditions. Money will
| BE- close throughout the fall. but currency
requirements can hardly he greater than
they were year agp and they are then met
by the banks. Commercial business will
! probably remain rs It is with some lessen.
i-- of Its actsv:,s \ :s.er than lncreass,