The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-10-28
END OF THE FINANCIAL STORM.

What might easily have bee he a
grave financial crisis has been avert
cd hy the wise cooperation. not to
say generosity, of J. Pierpont Nor
pan and the syndicate of capital SITS
associated with him, who POI red
millions into Wall street at the right
time to restore confidence.
How disinterested this action was
may be inferred from the fact that
the usurers of the street, who always
profit by wreckage, were demanding
and receiving as high as 80 per cent
for call money when the Morgan syn
dictate appeared, and after Morgan
made his offer of money at per
cent. the usurers were driven from
the field. prices righted themselves
and the whole situation cleared.
Yesterdays operations indicated
the end of the storm. though doubt
less a good many big concerns will
sail under reefed sails until they can
get their bearings anew. The main
thing is that the general public all
over the east has recovered its equi
librium and can no longer be STAN
peded by bear rumors or the effort
of the beachcombers of finance to tie
stroy values for the sake of their own
profits.
The net result of the weeks OPP
erations. the chief good accomplished,
is the retirement of men like Heinze
and Morse and the Thomases from
banking connection of all kinds. Aid
ed by the prestige of success in ques
tionable operations, they had in
stalled themselves as custodians and
trustees of millions of deposits which
they were calmly using to promote
their own enterprises. The New York
banking. world knew in a vague way
that such things were being done,
but until the collapse of the United
Copper corner, no one had any idea
that the sums so used were so enor-
nous.
When the Heinze revelations came
and the bank appealed to the clearing
house for aid, the showing SO startled
the conservative bankers of the asso-
citation that they refused to extend
any aid until the Heinze-Morse inter-
ests were eliminated from all the
banks. Successfully a number OF
other bankers who had been guilty
of the same practices were compelled
to resign, SO that today the Napo-
Icons of finance who have been spec
ulating with trust funds are retired
in disgrace and deprived of power
to repeat their operations at the ex-
pense of the public.
Unreasonable good will follow the
exposure and retirement of these
men. Not only will their example
deter other men from pursuing their
system, but the depositors and sup
porters of the banks will have the as
surance that their funds are being
used for legitimate banking only In
vestors will have the satisfaction of
knowing that their securities repre-
sent real values, not the inflated APP
praisement of promoters, but actual
earning capacity. In the end it is
probable the banks and trust COM
panies of New York which have been
violating solid banking principles by
speculative operations, will be limited
by public opinion if not by law, to
honest banking methods.
Here in the west, where the effect
of the scare has been at a minimum,
satisfaction will be felt over the res
toration of something like normal
conditions. The resumption of legi-
innate business, which has almost
been suspended for a week, will be
relief to everybody; and with the
resumption will come gradual ex-
tension of mining and commercial un-
dertakings which have been in abey-
ance pending a conclusion of Wall
streets disturbance.
Eastern advices show that money