The Washington times., 1907-11-03
NEW YORK FEELS
MONETARY PANIC
VERY SERIOUSLY
Very Little Opportunity
for improvement in
Near Future.


factory, and the cause. in whichever
direction you look for reasan o. eE-
cuse, has been entirely due 10 lack OF
currency. The movement of crops
valued at nearly 5000. 100000 Is a great
strain on the resources of the nation.
In every line OF commercial and manu-
featuring endeayor there had been eX-
pansion TO a point where maximum
/ capacity had been reached, and from
all sources the cry was cash-and the
! cash gave out.
! It is true that there We're some evil
/ dences of questionable banking, or
( rather banking regarding the unsavory
/ character OF which there could be no
question.
New York, the head center and pace
maker for the country. found itself un-
able TO make deliveries Of currency 10
I other cities. and the lesser cities forced
to depend on themselves adopted various
measures 10 help themselves. resulting
! I'm holidays, clearing house certificates
and IN nat money, as represented by
checks TO bearer, that pass current
A Rapid Healing.
There has been a rapid healing Of the
wounds during the past week. but the
scars are deep and will not disappear
Tor many. many months.
/ The Secretary OF the Treasury has IN
/ creased the public moneys on deposit
/ 10 S207, 00C, 900. Probably SlV0.OJC,O0 new
/ circulation will be taken out in the near
! future. over SIS. 10000 gold has been
taken for {mport abrod and viii arrive
here in a stream from Tuesday on.
More must come as our exports are
large and the premium Of ! ana per
cent. on currency in this city is an IN
/ ducement "a export IL
From England comes a rumor OF labor
trclbIes thai NAV tie up the roads and
may cause further selling or American
Secretarv Cortelyou Is reported TO be
! considering a plan 10 furnish money 70
move the cotton crop, and money 10
] very badly needed in that section OF the
/ country.
Stocks Euatic.
stocks. under the circumstances, have
done well 10 stand up with any show OF
opposition 10 the raiders, who. fattened
in wealth by the long period Of Aquida-
| tIon-practically yeaT-haye large
profts and are especially favored by
existing conditions The bears may sell
on mighty slim margins and the bulls
/
exhibiting their faith BY the enormous
/ margins demanded oy brokers ana, IN
many instances, by refusal to MI mar
/ gin orders at all.
/ That stock values are low Is 50 pal-
pa5ie that 10 seems useless 10 feltcratc
| T. That they will be lover Is only
| within reason, Just the same as mat
! they viii ne eventually higher
The Best That Could Happen.
The present trend, however. is all
| toward lower prices. The very best
/ thiuZ that could happen would be
dull. steady market Bankers them
( selves would soon see to II that any
/ sbaro tendency toward recovery would
he quickly checked On every rise the
market must feel pressure Of stock that
will meet the advance. stock pur-
chased when the bottom was falling out
OF things stock held as collateral for
loans that must be liquidated before
loans can be taken up
That there is investment buying every
dav is uuduestiOnable. That IL viii be
OF great advantage in clearing up inc
situation is also undenlaDle' Mahy o.
the leading railroad stocks. persistent,
/ almost perpetual dividend payers are on
/ the ''I0-Cent counters.
Investment Buying.
That they arc bargains is q certainty,
/ but not for a quick turn. They are a
purchase FOR a long pull. for the man
/ who can ouy them. pay for them, and
/ lock them Up. Such a man can make
no mistake buying New York Central
! Great Northern, NippeT, Reading, and
I a number Of high-graCe rails that are
/ being slaughtered daily by bear raids
and inability Of New York capitalists
/ 20 support the list.
Iron and Steel.
Conditions III the iron and steel in
dustry are not as depressing as some
would have IT, Mills are busy and there
have been few shut downs. The or
/ ganization Of a billet pool viii help this
branch Of business. The new orders are
/ not as numerous as the companies
! would like, bet the railroads can not
/ avoid heavy expenditures just as soon
| as they can get the money TO meet cost
l as they have not been constructing ana
/ replacing up to their usual maintenance
/ schedule for year or over.
! The remaining two months of this
! year is well provided for and there will
/ be small reductions In forces or closure
, of mills until well into 190S-and no one
can tell just what enlargement 1908 viii
! bring.
In many industries the trimming of
| ships is IN order, shortening of sails to
! meet the lack OF currency, and this is
/ likely to be followed by some adjust
/ ment In the matter Of prices that VIII
/ help the general situation.
Losses.
Canadian Pacific has been the great
| est sufferer during the week, due to
/ foreign liquidation, as the short sellers
| OF Wall Street are not likely to re-
peat their folly of selling this stock
| down. when 1t is next to impossible TO
| borrow il to make deliveries. The de-
! cline in Canadian Pacific was fully s.
/ a share. Delaware and Hudson lost So,
1 Great Northern. 50; Baltimore and Ohio.
! $780, Reading, 81; and numerous other
/ stocks from ! TO points United States
/ Realty was higher by g. The Steels
| were off a point Copper was one IF the
/ few stocks that was higher, a 2-point
/ advance being gained.
The Closing.
! The closing of the market was just
/ fair AS usual, on Saturday there was
/ some short covering, but 1t was appar-
ent only in a few of the high-grade
/ stocks, in which the bears are inclined
! to dabble for quick turns only, stocks
/ that have merit and dividend certainty.
| Other stocks were near the bottom for
/ the week.