The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-07-30
THE FINANCIAL
SITUATION
Wall Street COnvaIescing From Its
Panicky Condition of a
Few Weeks Ago.
new YORK A MONEY CENTER
Confidence Being Gradually Restored
and n Better Feeling Prevails
The Nations Pulse.

The New York Commercial, one of
the leading financial journals in the
United States, sums up the financial
condition of the country in the fol-
lowing article:
For six weeks it has been felt that
the symptoms which would point
most convincingly to a change for
the better in the general situation
of the financial markets whenever
such change might occur-are the
two now recognized by the expert
analyst as the salient features of
the general situations: Greater con-
fidence on the part of the banking
interests in monetary conditions here
and abroad, and tendency on the
part of the public to rally from the
depression caused by alarmist talk
about commercial reaction, by the
revelations of ''reprehensible finan-
ciering' and by the drastic efforts
of federal and state authorities to
reform the methods and manage
ment of corporations. While making
all allowance for the artificiality of
the heightened color of trading SEN
timent last week, it will not be dis
puted by any fair-minded observer
that an improvement has been
wrought in the convictions of the
controlling capitalists and of the in
vesting community at large. Not
only is the atmosphere of Wall street
clearing gradually, but there is also
proof that the visual capacity of the
outsider is increased Today he sees
the field more distinctly and differ
entiates more reliably among the OBJ
jects within range than he could
three months ago or six months ago
This does not mean that there is
nothing to prevent sustained
bull" movement. 1t does not mean
that the party working for lower
quotations has no alternative to
throwing up the sponge. But it does
mean that the tide of confidence has
begun to flow toward the financial
markets, though the movement is
slow and may continue slow for
months. 1t does mean that the out
look is brighter than at any previous
time since the beginning of the year
1t does mean that investment is now
possible, subject always to care in
the selection or securities, on terms
as to high-grade railway and indus
IL
possible to improve upon in a long
future.
Public interest in speculation,
however, is as yet but trifiing, if
measured through commission
houses. At the most it is an acade-
mic interest. Such an average of
sales as was recorded for the ses-
sions of last week is the answer to
all suggestions to the contrary. The
public remains outside. Nor do
bankers as class regret the fact.
First of the requisites of the hour is
an enlargement of the reserves of
the clearing house institutions. A
rampant boom in stocks, leading to
large expansion in brokers' loans
for marginal operators, would be re-
garded with disfavor in quarters
where the general welfare of the
market, as distinct from special am
billions for few issues, is the con-
trolling consideration. If broad
and powerful speculation in all
classes of stocks were to set in at
this juncture, it is believed that, al
though there are some grounds up
on which it might be justified, the
ultimate results would be injurious
to the security position. On the
other hand, the same authorities are
inclined to think that the advance
which has been under way, with
brief recessionary movements, since
June "a, will not be halted until the
managers of the campaign for a lu-
crative market shall have accom-
plished their purpose. 1t is a cam
paign in which the public has had
little or no part--a campaign affect
ing in the main wealthy professionals
and limited number of financial
magnates. 1t has been conducted
with great energy and brilliancy.
A gain in cash of $2,76S,900 and
an increase in surplus reserves of
$2,211,0 25 put Wall street in a good
humor. Though the reserves stood
nearly $10,0O0,000 under the level
of last year at the corresponding
date and below the level attained for
many years, the probability that bor-
rowing from foreigners or from in
not reporting to the clear
ing house had been responsible for
the smallness of the loan item, did
not appear to detract from the salts