Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-08-07
BIG MEN IN CHARGE.
Financial Giants Take Hold of Wall
Street Situation.

Financial Giants Take Hold Of Wall
Street Situation.
New York, Aug. Hollands dis
patch to Philadelphia Press: If 1T
We're true that no one is embarrassed
but the Spectator whose ruin is of no
consequence to any one but himself,
and If it also were true that some OF
the great ones of this speculative and
financial center were forcing to the
wall some of the little ones. then there
would be no significance in the hurry
call which brought back from Sara
toga William C. Whitney Henry Clews,
and others, who have been thought to
be personally Indifferent to all that
progressed in Wall street, or else to be
watching with the philosophic interests
of retired financiers, finding the game
exciting, but without personal peril.
This dramatic return of Mr.. Whitney
and other financiers yesterday after
noon was not needed to assure those
who are in touch with local matters in
the Wall street district that something
like anxiety dominates even the lead
ing bankers and financiers. For a day
or two they have fastened from their
homes to their offices at an early hour.
When they are asked by those who
have right to ask what the outlook
for the day is the reply since last FRI
day has been. 1T is perilous." or else,
Il am afraid there will be squalls,
or sometimes there is no more said
than this, TT may be that one or two
firms will find their burden heavier
than they can bear
The record of the exchange which is
made public thru the quotations. that
unpublished record, except as it is car
ried from ear to ear by runor, which
has been made in al! places where
money is loaned, has shown the accu-
racy Of these predictions. Peril has
prevailed for several days. 1t already
has overcome six firms, whose aggre-
gate liabilities are in excess of S20,-
100000. How far the assets will Offset
these liabilities remains to be deter
mined. in fact, can not be discovered
until the downward tendency ceases.
That the governors of the exchange
should have granted time for the liq-
uidation of the securities OF the more
important of the firms tnat failed yes
terday might be assumed to Indicate
preston that the worst win have passed
In the near future. That, however, is
mere assumption. The governors I'M
doubtedly hope that the worst will
soon be known but their assumption is
in doubt by bankers. They confess
themselves almost wholly in the dark
as to the course of events hereafter:
nor do they think that i: is any longer
expedient to make any pretense that
the condition is better than 1t really is.
They seem to feel that If a more un
happy condition is experienced than
any yet reported during the summer, ii
may be well that it be met and its evil
effects overcome before the customary
demand of the early fall is made for
cash wherewith to pay the harvest
makers of the summer They would
regard 1t as in the highest degree I'M
fortunate If that demand should concur
with the moment of the darkest experi-
ence in the exchange.
1t seems Paradox.
One feature much commented on
elsewhere, and by many thought TO
give the lie to the statement that there
is real distress and apprehension of
greater troubles in New York City. is
the quotations for money. Apparently
in this time of fluctuations, the money,
market, of itself, is undisturbed, placid
and indicative of heavy if not stagnant
conditions. There seems to be no real
demand for money, else why should the
rate charged for it sometimes be as low
as 1 u per cent. and not often in excess
of 2 cent.
tyv-N SNlo "a Nf
apparent paradox. One is that no one
cares to loan much money upon time.
All of those who have cash, or its
equivalent, to loan, prefer to do that
upon call. They are exactly as to the
character of the securities, and as to
the margin. rather than as to the
amount. Just at present there is III
the business world, or in the greater
movements of the nation, no specially
strong demands for funds. The de-
mand will come a little later.
Another explanation is that the banks
either do not care or do not dare to eX-
act high rates of interest for call loans,
knowing we'll that charges of that kind.
would intensity the perpleNities and
possibily bring to a head embarrass-
ments which may yet be avoided if
there are not heavy interest charges TO
pay. 1t may be that neither of these,
explanations Is the real one. 1t is cer-
tain that there Is at present no real
money stringency, and that these trou
bles are not due, as those of the early
'eOs were, to apprehension respecting
the national fiscal system and the cur
rency.
Passengers Were Crowded.
New York Tribune.1
David Belasco was born in San Fran