The Birmingham age-herald., 1903-07-29
LATE EVENTS CLEAR
 MONEY ATMOSPHERE
Financial Experts Discuss the
 Situation in Wall Street
HAD TOO MUCH PROSPERITY
Banker Says Credit Has Been Too Much Extended and Too Much Much Business Has Been
 Done for the Capital.

New York, July 2s.-While not .averse to placing their opinions on record the conservative banking interests of this city practically agree that events of the past fortnight have done much to clear the atmosphere. few express further apprehension as to the stock markets action and there are intimations in other quarters of a money stringency when crop moving times comes.
 Jacob H. schiff, of Kuehne, Loeb and company said
 'The time is hardly ripe for full and free discussion of the financial situation. I think, however that matters are gradu- ally readjusting themselves, in fact so confident are we that similar danger is at such an end that l have arranged to leave town for a stay of thirty days at Bar Harbor That I think best proves my faith In the situation"
 A, Barton Hepburn, former comptroller of the currency at Washington and now vlce-president of the Chase National bank which has several thousand cor respondents scattered all over the coun- try, said of the situation:
 Have Gone Too Fast.
 ''The country has undergone an era of great and genuine prosperity. As Is al- ways the case advantage is taken of such conditions to promote 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 The public and banking in- terests generally became skeptical, credit was withdrawn and liquidation became inevitable. As Is always the case under similar conditions, people sold their best securities and the crash came because the others were unmarketable. They did this to meet commitments on what has been characterized "indigestible se- curities." Under this pressure railroad shares-some of them have depreclated to point where as an investment they are attractive. Doubtless other securities on the list will be subjected to pressure, receding In value until they reach the investors point.
 VIII Have More Experience.
 Later the commercial and industrial interests of the country will doubtless undergo similar experience"
 ASadC N oeuBHldH OI J. 0enBmdn ana company said
 "The recent severe liquidation has i'm parted feeling of safety and security, not only among the careful banking in- terest but with the prudent and sensible public. Conditions which brought about the liquidation did not result from any fear of tight money but simply for over speculation. The feeling of hopelessness that prevailed until a few days ago has been dispelled and investment orders for high class securities have come from strong parties. Fully $10, 0OO 900 to $2O OO0,- 900 of European capital has been sent here for investment within the past week. The ruling rate of long time money indicate In my judgment that a money stringency in the fall Is most improb- able. Il is hardly likely that we will in- crease our indebtedness to Europe this year. can say definitely by way of as- surance that in case there should be any squeeze during the next two months the treasury department will offer prompt re- lief to legitimate financial institutions