The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-13
1. 1903. leans rs sssso,sss,,5to, an actual er-

pansion of 1892, 400
To show relative. and very enormous
been carefully complied, showing the de-
cline firm the highest prices in 1909 to
the close of the market, July ed last.
OF the loanable values Of the common
stock alone OF Only twenty OF the leading
stocks actively dealt in on tho exchange
and readily hypohccatable with the
banks and generally hypothccated TO the
banks The e, &C. m p y so shows par
age thereon is $5663ol9l1
Now, bearing in mind that this is the
shrinkage In the common stock only. of
only twenty corporations and bearing in
mcnt as well as speculative have greatly.
If not similarly declined. ii is not extra
VACANT considering preferred stock
bonds and other forms Of Indebtedness
of only these corporations whose securi-
ties are hypothecatable with the banks,
II is not cxtravagant TO assume that not
less than two billion tS20pjcooC0U and
Some think much more are required to
ing in mind that this shrinkage was not
on miscellaneous securities, some good,
some bad and some worthless, but on
securities easily negotiated with banks.
basis Of loanable values will be found.
Now. with loanable basis less by more
than two billions G20O,oO0GW we should
except as the hypothesis of expansion.
and great expansion AT tnat, ma great
curtainment Of loans; on the contrary we
fine an expansion between January Sd
and August LIST of more than $33.0oO,C0j.
Certainly no better proof Of the charge
of expansion should be required.
1t would seem, therefore. that the
banks have not yet taken even the first
steps towards the contraction essential
for their own safety and for financial
The; There is not enough money for existing
business and much less for tho greater
legitimate business that viii soon con-
front the banks: therefore If they do not not.
begin to curtal and that right speedily
and extensively, business OF every XIII
Is liable to q serious. ana fortunate viii
it be. il not disastrous check.
Some OF the banks are singing syren
to listen to them would be to dismiss all
annrehension and as they arc experts we
ought probably to listen to them anu we
would. had not experience taught us that
sometimes Jacobs, and such beng the
case, we suspect the sincerity OF the
banks; we do not believe they speak their
real opinions. But granting thcn sincere
experience has also taught us 70 a's snas.
cial opinion is expert it Is that Of Mr.;
J. Pierpont Morgan, who, had he lived
In old times, would have been Wo i,.o
Of of'H Jupiter omnipoteus and omnisciIeus.
but especially Of Jupiter pluvius. NOW.
last March this sen,lsman P pn warth all all
thov we're selling for and threatening
upon, upon all IL course wh9 a Mss Tf e
i mn. IN one so lofty but the opinion
nnfn1 tie Rn sf9 to the tan
vas va sa ame to be shorn. Now, observe
the of n tasS f ya1uss and
Ei ,nd, e 90 securities transformed into
ne5ssesH saee MF v &e5sa
eoarse this opinion, for he is too pious
gentleman and too s hgs snsfsnd
to deG 1erssaid opinion was expert in tbs
highest II the onn front be sn sueh
such e enIne how should we value the ey'
pert opnions, the Dn sanss with aFe nov A'
No remedy milder than strenuous t,nn rs
contraction VIM fro oe1e 4eea ssf tha
stIil locked up in pernicious spec,ulha az, d
and restoring 1t to the channels Oh oe''e
flcent legitimate business. II p