The Barre daily times. (Barre, Vt.) 1897-1959, 1903-07-29
In
WALL STREET
Leading Stocks Showing a Firmer
Tone.
NO NBWFAILUREs EXPECTED
Rousea In Trouble Have Apparently
Been Tided over the Criais-Tay-
Tor & co. May Resume-Banlx-
ers Fear Money stringency.
no NBWPAILUREsE EXPECTED

New York, July TO- During tbs open
ing hours the stock market was very
ordinary in character and gave no hint
of the troublesome times of the past
week. The fluctuations we're moderate
and the volume Of business was small
Prices started on slightly higher
basis and then reacted for a brief pc
Rod, only to advance again later on. 1t
seemed to be generally believed that
houses whose suspension was regard
ed as inevitable at one time had been
helped out Of their difficulties and that
for the present no fresh troubles were
likely to develop
It is believed that the affairs Of Tai
bot j Taylor & co. will be settled ex
peditiously and that the firm may be
enabled to resume business before very
long. The work in that direction viii
be furthered by the granting by Judge
Bischoff Of the petition Of the assignee
for permission to file a provisional bond
90 as to be in a position to use as may
be most conducive to the preservation
Of the estate such Of the assigned as
sets as are in his possession.
Opinions of Conservative Bankers.
While still averse to placing their
opinions on record the conservative
banking interests Of this city practi-
cally agree that events Of the past fort
night have done much to clear the at
mosphere. A few express further APP
prehension as to the stock market sit
uation and there are limitations in 9th
err quarters of a money stringency
when crop moving time comes.
Jacob III. Schiff of Kuhn, Loeb & Go.
said: 1.-THE time is hardly ripe for a
full and free discussion Of the financial
situation. I think, however, that mat
tiers are gradually readjusting them
selves. In fact, so confident am that
all serious danger is ait an end that
have arranged to leave town tonight
for a stay of thirty days at Bar Har-
Dor. That, I think, best proves my
faith in the situation"
A. Barton Hepburn, former comp
troller Of the currency at Washington
and now vice president of the Chase
National bank, which has several thou
sand correspondents scattered all over
the country, said Of the situation:
.'The country has undergone an era
Of great ana genuine prosperity AS Is
always the case. advantage is taken of
such conditions TO promote great
many securities at greatly inflated
values. That has been the experience
Of a great many people in the last three
or four years.
"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 level that
would determine their proper value
was bound to ensue and IS now in
progress throughout the country.
'aThe public and banking interests
generally became skeptical, credit was
withdrawn and liquidation became in
evitable. AS Is always the case under
similar copditions people sold their
best securities when the crash came be-
cause their others were unmarketable.
They did this to meet commitments on
what have recently been characterized
as indigestible securities
Under this pressure railway shares
some Of them-have deprecated to a
point where, as an investment. they are
| attractive. Doubtless other securities
on the list win be subjected to pres
sure, receding in value until they reach
the investors point
No Crisis Impending.
Later the commercial and Industrial
interests of the country win doubtless
undergo similar experience. Those
who have made mistakes financially
must suffer financially. People who are
too much extended will very likely
come to grief,
General business conditions, how
ever, are in excellent shape, the crops
are so munidcent that II will be i'm.
possible to produce anything like a
financial or commercial crisis. and PEG
| pie VIII have ample opportunity to put
their houses In order Those who fail
to heed the warning with which the
atmosphere is sureharged at this time
Will surely come to grief.
'sThe stock market has fallen SC
points without serious panic or compli-
cations, and che business interests Of
the country viii have equal opportuni-
ty to conform to any fall in prices OF
any reduction IN the volume Of trade"