The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-03
EASIER FEELING NOW
FOR F|NANC|ERS,
Some Bankers, However, Express
Further Apprehension as to the
Market, and There Are In
tlmations Ct Money
StTingency in Fall.

New York. July 2S-While not averse
TO placing their opinions on record the
conservative $banlsing interests of this
city practically agree that events of the
past fortnight have done much to clear
the atmosphere. A few express further
apprehension as to the stock market S
action. and there are limitations in other
quarters OF a money stringency when
crop moving time comes. Jacob H.
SchlH. OF Kuehn, Loeb & Co.. said:
Tho time Is hardly ripe for full and
Tree discussion OF the financial situation.
think, however, that matters are grad
ually readjusttng themselves. In fact,
SO confident am | that all serious danger
is at an end that l have arranged to
leave town tonight for a stay of thirty
days at Bar Harbor. That l think, but
proves my faith in the situation"
Views of Hepburn.
A Barton Hepburn, former comptroller
or the currency at Washington. and now
vice president of the Chase national bank
which has several 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 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 level that Will
determine their proper value Is bound
to ensue, and Is now In progress through
out 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-
lions. people sold their best securities,
the crash came because their others were
unmarketable. They did this to meet
commitments on what has been charac-
terlzed Indigesttble securities
Under this pressure railroad shares
some of them have deprecated to a point
where as an investment they arc at
tracuve. Doubtless other securities on
the list will be subt to PRESSURE
receding In value until they reach the
investors point
Later the commercial and Industrial
interests of the country will doubtless
undergo n similar experience"
Feeling of Safety.
Isaac TT. Seligman. of J. and w. selig-
man e. Co. said;
The recent severe liquidation has i'm
ported feeling Of safety and security
not only among the careful banking in
terests, but with the prudent and SEN
sible public Conditions which brought
about the liquidation did not result from
any fear Of tight money, but simply
from overSpeculation. The feeling of
hopelessness that prevailed until Few
days ago has been dspelled and invest
ment orders for high class securities
have come from strong parties. Fully
Sl0000000 to s20,0o0000 OF European capt.
tai has been sent here for investment
within the past week. The ruling rates
for long time money indicate, IN my
Judgment. that q money stringency in the
fall IS most improbable. 1t is hardly
likely that we will increase our indebted
ness to Europe this year l say
definitely by way of assure nee that In
case there should be any squeeze during
the next two months the treasury de-
partment will offer prompt relief to
legitimate financial institutions.