The Montgomery advertiser., 1903-07-29
FINANCIERS TALK
TONE OF HoPFULNEss FOR
 THE FUTURE.
Events of the Past Fortnight Have Done Much to Clear the Att mosphere, is the Consen-
 sus of Opinion.

New York July 2s.-While not averse to placing their opinions on record, the con- servative banking interests of this city practically agree that events of the past fortnight have done much to clear the atmosphere few express further ap- prehension as to the stock markets ac- ton and there are intimations in other quarters of money stringency when crop moving time comes. Jacob H. Schif, of Kuehn, Loeb x Co.,, said:
 "The time is hardly ripe for a full and free discussion of the financial situation. tI,Ink, however. that matters are grad ually readjusting themselves. In fact, so confident am I that all serious danger is at an end that I have arranged to leave town tonight for a stay of thirty days at Bar Harbor. That l think, but proves my faith in tO situation
 A Barton Hepburn. former Controller of the Currency, at Washington, and now vice president of the Chase National Bank. which has a thousand correspond ents scattered all over the country said of the situation:
 The country has undergone an era of great and genuine prosperity. As is always the case, advantage Is taken or such conditions to promote a great many securities at greatly inflated values.
 We have gone too far and too fast. Credit has been too much extended. We have been doing too much business for our capital. A hardening process which subjected securities to a level that will determine their proper value is bound to ensue and is now in progress throughout the country.
 The public and banking interests gen. orally became skeptical, credit was with drawn, liquidation became inevitable. As is always the case under similar condi- tions people sold their best securities the crash came because their others were unmarketable. They did this to meet commitments on what has been charac- terized as 'indgestible securities" Under this pressure railroad shares some of them have depreciated to point | where as an investment, they are attrac- tive. Doubtless other securities on the list will be subjected to pressure. reced- | ing in value until they reach the investors point.
 Later the commercial and industrial interests of the country will doubtless undergo a similar experience. Isaac N. Seligman of J. and w. Seligman & Co.,, said:
 The recent severe liquidation has i'm parted a feeling of safety and security not only among the careful banking in- terests but with the prudent and sensible WHICH dDOul the Liquidation did not result from any fear 6f tight money but simply from over speculation.
 '"The feeling of hopelessness that per vailed during a few days ago has been dispelled and investment orders for high class securities have come from strong parties. Fully $10,000 900 to $20O00,000 of European capital has been sent here for investment within the past week. The ruling rates for long time money indl- cates in my judgment that a money strin- gency in the fall Is most improbable. IL Is hardly likely that We will increase our indebtedness to Europe this year. l can say definitely by way of assurance that in case there should be an squeeze during the next two months the Treasury De- partment will offer prompt relief to legit- innate financial institutions"