The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-03-16
BANKERS SAY FURRY IN
STOCKS is CONFINED TO
RICH MEN.
CONSERVATIVE POLICY
Win Preserve Country From Any
Grave Danger Declare New
York Financers.--"Go Slow"
They Caution.

prominent bankers and fnanc.els
hesitated after the cl Sc Of the mar.
ket today to make any definite pre-
dictiOns as TO the effect upon the
business situation Of the slump IN
securities, The npinion seemed 70
prevail that, though the situation
was serious, conservative policy
would prevent Spreading Of the de-
moraIization outside of the money
market and would Leave the CONNER
cial and industrial interests but
slightly affected.
President Hepburn Of the Chase
National bank said.
"a money stringency exists
throughout the commercial world.
The situation in Germany is acute.
The Deutche bank in its annual re
port disclosed the fact that indus
trial developments had been carried
beyond the point of prudence and
foreshadowed the reaction which has
taken place The condition in Lon
don is also acute.
Rich Mans Panic
Enormous borrowing demands
and real money stringency have in
dused the quasi nanicky conditions
which have prevailed. II II r.ch
mans panic. and the results how
ever serious will not be disastrous.
The commercial interests throughout
The country should take notice, how
ever. Money will be difficult to Oh
tain, and prudent men viii save them
selves by adopting the most CON
servative policy at once. America
must finance its affaas this year
without foreign aid"
r, A. vanderlip of the National
City bank said;
The banking position tonight Isl
remarkable in the fact that the call
Tor margins has been met with
by practically every bor-
rowers The. decline therefore, would
not seem to be The result either OF a
in money Gu an impos-
sihility to obtain credit. because, In
spite OF the great depreciation in
prices. borrowers are able to Keep
good. Decentralization hasI
been confined to the stock market. |
We see no signs Of it extending el;e-
where
"The action of the secretary of the |
treasury is admirable and conserya
i've"
Fears State Legislatures.
Victor Morawetz. chairman of the
Atchison. Topeka and Santa Fe,
looked at the matter from the stand
point OF the railroads, The danger
Of the present conditions he cons'd-
cred to lie in the attitude of The state
as opposed 70 the na-
tional legislature toward the rail-
roads He said:
Il am satisfied that the present de
Dress.on on the stock exchange is
caused almost entirely by sen iment
and vague fears, most of which are
SpeculatcIs for a decline
nave take1 advantage of this condi
ion of mind of the people generally
ice in order to depress values, with
he result that many weak or timd
lolders have been led 10 sell at sac
flee Fears are entertained by many
hat railway stocks and bonds have
,eased to be a safe Investment b.
,ause of the hostile attitude of the
public 10 the railway companies and
he danger that legislatures and com
Missions throughout the country will
'educe railway rates and diminish
he net earnings of the railway com
,anies. There is also a fear that a
evere stringency in the money mar
let NAV be impending.
Il think these fears are greatly
The people of the
rnited States are not going to do in.
ustice 10 the railway companies in
he long run or pursue a course Of
ct.on which world surely prove ru m
ms 10 the people themselves. I'm
ust and unreasonable attacks by tn
press and by politicians
gainst the railway companies and
gainst capital generally do not reD-i
esent the sober sense Of the people
nd will not prevail.
Public Confidence Gone.
An international banker of proni,-
ence said;
The situation is serious and per
lex.ng because the public he's lost
in the RAILROADS. There
vii be a renewal Of confidence in the
ailroads. just as there was u
ewal Of confidence in the life insur-
nee companies. The public lost con
dence in the insurance companies in
he Insurance investigation. and the !
eseat inquiry by the lnters ate com !
aerce commission hal much 10 do
18th the public less Of confidence fl !
he railroads. I