The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-16


cial or manufacturing disaster anywhere"
Boston.
Present conditions in Wall street are not
10 not apprehend either banking. CONNER
cles in Boston. but New York is looked TO
for solution of the problem presented.
Francis h. Sears vice president Of the
National Shawmut Bank. said.
The banks are careful. but there is plen-
ty of money. and any person who is solvent
will not have cny troable in borrowing.
There are not 50 many long leans, and con-
siderable caution is being exercised. bat our
customers do not seem 10 be having much
difficulty in regard to money. Til" bond
market is not acti;:e because people with
money do not wish TO invest il low-price
bonds when they can make loans ut 81 an
8 per cent. This is the reaction from our
years of prosperity. Manufacturers are
curtailing in many industries. the cotton
mills. for instance and this means that the
people have less rnoney t" spend. This has
its effect on the market
DnItimorc.
Ffnanciers and business men generally on
terrain similar opinions as to the cause and
probable effect of the liquidation in Wall
street
Hambleton s: Co, bankers. and publishers
of the Weekly Financial Circular. have this
Ia say:
so far as we can judge of the solution
1t would seem to Us that the liquidation in
the New York market has gone far enough.
1t certainly has been very drastic ard must
have contributed largely to ar improved
condition in the money market.
I'VE all recognize that at the basis of this
downward movement is The very large over
capitalization of many railroad and indus
trial properties. This has been going on
for several years. and it was inevitable ;hat
the reaction should come.
LAS to the money market, We consider
that the financial institutions of the coun-
try have been preparing for crisis. and in
this proposition they have so strengthened
themselves to remove apprehension of
serious trouble
Philadelphia.
Decentralization of to stock market is
not reflected in the general business situa-
ton in Philadelphia.
My opinion on the stock market is not
worth a cent aiiI Franc'i Il. Reeves,
president of the Girard National Bank. Il
have found no one r:ho knows anything
about it, end certainly l don't. To-day's
quotations make this pretty black
Wednesday.
General conditions are good. Bv that Il
mean legitimate business is all r-ht. not
illegitimate business and schemes of various
kinds 1t is from those that good things are
suffering, and 1t is ile~itimate business
which is now on the traCk-whcre il should
he.
Money is tight and in demand at the
highest rates. Railroads are ready to pay 6
and 4 per cent and other good opportunities
seek the oney-iender. Investors see this
and ask why they should hold stock paying
Il. to > per cent when they might sell out
and put the money to better advantage.
These are some of the guiding points in the
situation"
Pittsiurg.
Pittsburs banks are being drained by New
York financial Institutions. Bankers say the
drain is so severe that there is scarcely
enough money left 10 carry on ordinary
business.
John Il. Jackson. president Of the Fidelity
Title and Trust Company. said:
The cause for this is the enormous
amount of marsined stocks carried by Pitts
| burgers They held on too long and the
| banks have refused To advance them more
money. As Il result they are drawing from
every available source to carry their favor
tie lines. cannot see that money is going
TO be much easier during the summer if this
KEEPS on.
Samuel NJ. Bailey. president of the Com
monwealth Real Estute Title Trust COM
pany. which also controls the Commercial
National Bank. said:
Money is scarce in Pittsburg Our tinar
ciers We're large subscribers 10 the new
issue of PENNSYLVANIA stock. Pittsbursers
also the principal supporters of the new
Westinghouse issue of seconds. They have
sent all their money TO New York to pay
for their shares. and in many cases have
borrowed money from the banks to meet
these obligations Money is hard to get at
per cent, hut favorites can get loans at
az per cent. ] think that by the middle Of
August money will be more plentiful
Omaha.
Stringency Of the money market seems to
have affected business conditions and pros
poets very little in Omaha. In discussing
the situation. L. Drake, cashier Merchants
National Bank. said:
Our bank keeps only the amount neces-
sary to meet drafts on deposit in New York,
50 that We will not call Oh New York for
anything in moving crops this fall. The
financial condition of the West is extremely
coed and the prospects are fine
Charles r. Andrew. president of the Oma-
he National Bank says:
The general conditions prevailing In the