New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15

been the resources SHOWN by the holders OF
stocks IN promptly providing margins. The
banking position tonight Is remarkable in the
fact that the call for margins has been met
with promptness by practically every borrower
The decline. therefore, would not seem 10 be
the result either of stringency in money or an
impossibility TO obtain credit because in spite
of the greet depreciation in prices. borrowers
are able 10 keep margins good. Decentralization
has been confined TO the stock market. We see
signs Of its extending elsewhere.
The action Of the Secretary Of the Treasury
is admire BILE and conservative. Certainly no one
criticise it, and the measure of relief which
it offers will be considerable, both IN a senti-
mental and actual way. SO long as the redemp-
ton Of banknotes remains so small, as has re-
Gently been the rule. there could certainly have
been point in insisting upon the retirement
of the S1s000O0O of stimulated circulation at
the present time.
Since holders OF maturing As have an oppor-
tunty to get much to-day they can obtain
by holding tho bonds to maturity it would seem
fair to suppose that large amount of them will
be offered for redemption. Because OF this and
other considerations. the money situation ought,
at once, TO show improvement"
"RIcH MANS PANIC" SAYS HEPBURN.
uonal Bank. in discussing the panic and its
causes, said:
financial situation in New York is found in the the
lact that II has met and withstood without failure
that has been in evidence every day this week.
IS a tremendous strain, and quite unprecedented.
4 money stringency exists throughout the CONNER
II, Deuische Bank, in IFS annual report. dis
closed the fact that Industrial development had
hnE FouA YOFFak
foreshadowed the reaction which has taken place
The condition in London is also acute.
Tho rate OF exchange and our actual trade ball
titles at The present time but we are assured by
the banking interests there that any attempt to
import gold will be actively resisted. and gold
would accentuate the stain there and make the
reflex influence upon New York more than Offset
the advantage OF gold imports Hence New York
is deprived OF that natural source OF relief The
borrowing demands and rea! money strlngenoy
have induced the quasi-panicky conditions which
1t is a rich mans panic and the results. however
serious, VIII not be disastrous The commercial
ana nr11dent men will save themselves by adopting
must finance its own affairs this year without
foreign aid
The situation is serious and perplexing. be-
cause the public has lost confidence in the rail-
roads" said a banker Of International prom
inence. There will be a renewal OF confidence
in the railroads just as there was renewal OF
confidence in the life insurance companies. The
public lost confidence in the insurance com
panies in the insurance investigation, and the
recent inquiry by the Interstate Commerce Com
mission had much to do with the public loss OF
confidence in the railroads.
The best way 70 restore public confidence In
the railroads is TO assist the President in plans
for governmental supervision. The great obJec-
ton to legislative action against the railroads
fnfo az
in various state administrations. broad, COM
prehensiYe plan of national supervision WouIu
do away with a great deal Of restrictive legls-
lative action Of individual states. The results
would be that the public would regain confidence
in the railroads, and the exploitation of the
railroads for private advantage would cease.
NATIONAL POLICY COMMENDED.
r. B. Van Cortlandt, banker. Of No. 30 Pine
street said after the close Of the market yester-
day:
1t IS hardly necessary to discuss the causes OF
sion Of credit that has characterized financial
transactions here and elsewhere. Conditions such
and the longer the reaction is delayed the more
two years sound banking conditions have not been
maintained and II was inevitable that we should
height in the fever Of the last few days Those
underlying conditions are not changed by Tecog-
have started particular cyclones or increased their
on the favorable side Of the case, We have the
factor OF continued prosperity IN this and other
countries, which has not been affected vet by
any OF the market conditions. II is encouraging,
also. compared with the state Of things IN the
depression Of 1903. to think of the worlds Increased
gold production The South African gold develop
ment had hardly begun in 1903. and our own pro-
ducton was materially below its present volume
These are underlying facts upon which a recovery
may be based from any real injury TO legitimate
encouraging when there has been an unhealthy
condition 10 have the crisis reached and have 1t
over
SO far as the legislative side Of the situation IS
concerned. believe that the policies OF the ma
uonal administration viii commend themselves TO
the country What may be done by Individual
states Is different question, but think that good
results Will Oe obtained from the conferences be-
tween the President and the Governors OF several
OF the leading states OF which we nave heard in
the public press. At ali events, It ia a time for
people TO keep their heads.
Our advices from London" said a member
Of large banking house show that the sit
uation there is serious. and that much anxiety
is felt there about the future Of the New York
market London fears that the situation here
is serious.
MOST LARGE LOSSES PAPER"
There never ere such large paper losses.
relatively. in a Panic. as in the present panic.
Men of large means who had been buying stocks
and had received enormous paper profits on