New-York tribune., 1907-09-04
WALL ST. CHEERFUL.
CHICAGO SENDS HOPE.
@. ". Perkins Says Crisis Is Past
Mitchell Notes Change.

While most people in Wall Street yesterday
were feeling particularly cheerful over the in
creaslng signs that the wave of pessimism was
passing, their hopefulness was confirmed and
strengthened by interviews with George w.
Perkins, of j. P. Morgan & Co. and John j.
Mitchell, president of the Illinois Trust and
Savings Bank, which were telegraphed from
Chicago Mr.. Perkins said:
I think the financial situation in Chicago and
the East is good. There has been a marked
Improvement the condition that existed
few weeks ago. I think the crisis has passed
John ]. Mitchell. president of the ILLINOIS
Trust and Savings Bank. who about fortnight
ago was in this city and found the feeling in
the financial district depressed. on a visit last
week observed a decided change. He was
quoted yesterday as saying:
People We're beginning to be cheerful. was
told by financers who have every means Of
knowing that European liquidation OF A2eri-
can securities was compete, and, of course.
exhausted. We Europe nothing. and Europe
will owe us great deal presently. for the grain
and cotton it is buying from us.
A striking change in sentiment has taken
place in Wall Street within the last few days.
which has been reflected in the steady improve
IN prices the last week. and the general
advance yesterday. after the three-day holiday.
The decline had gone to such lengths that the
soundest Of securities were selling at figures
which than discounted the remote possi-
bility of materia. in their rates of dividend,
forced liquidation on an alarming scale was in
progress. and Europe. apprehensive Of catas-
trophe here, pouring American holdings
into this market The market was doubtless
oversOd. but 1t was the announcement of the
new Treasury policy of depositing government
money in the depositary banks of the country
weekly in the crop moving period which def
nitely rallied confidence. tending to quiet the
fears of Europe well of the American in
vestors.
Closely following that announcement came the
news that the city Of New York had decided TO
make a bond Offering of $4,000 900 and that
news, which caused momentary dismay. proved
soon element of strength. when it became
known that important banking interests. reas-
sured by the provision made for Iessening the
strain usually caused by the crop moving de-
mand. would bid for the new bond issue and
practically guaranteed its success. thus enabling
the city which is the financial centre of the
United States. to meet in cash the obligations
due it's creditors.
There will be no bumper crops this fall but
the yield OF wheat and corn and cotton bids
fair TO be we'll up the average. and the short
age In other grain producing countries assures
a large demand at excellent prices for the grain
which can be spared by the United States for
export. The business OF the country at large
Is showing little sign ct shrinlrage althauTh t1s
best authorities agree that curtaiIment must
come But it is also their prediction that the
curtallment is 10 be a slowing down and not
virtual stopping of the vast industrial machine,
and that its effect viii be beneficial and in no
sense disastrous