Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-12-05
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PASSING OF THE FINANCIAL DE
PRESTON
The time Is approaching -if it has
not actually arrived when it will be
possible to refer to the panic in the
past tense, says the Globe of New
YORK Even those who see darkly are
compelled to admit that the money
sieaation has practically Strengthened
itself out. No considerable number Of
pers6ns now entertain doubt as to the
general Integrity of the banks. The
silly furry has passed and confidence
4 in them has been restored. This is not
only true in New York, but through
out the country. IN New York the ma
1o5iFtiltts Of ths savings bank depositors
who gave The legal sixty days notice
ia the closing days Of their intention.
% Withdraw have already revoked the
notices and the remainder are likely to-
be revoked before the maturity. On
reflection depositors have concluded It
would be foolish not to participate in
the January dividend declarations.
Throughout the country the banks
seem to await common authoritative
signal to resume the unrestricted cash
ing of checks and the usual flow Of cur
rency among the various subcentres.
Even more cheering is the news that
comes from the railroads and the mills.
The gross earnings OF the former are
fairly up to the high record of last
year and railway managers are making
haste to put back to work employees
8 who were laid of. The closed iron and
steel furnaces almost swallowed up
by flood Of cancellations are well
coming again the new order In mans
places the effects Of the recent dis
turbance will btless remain and th y
total volume Of business Will probably
be less for a period. But the time
has come when, apparently with safe
ty we can put away the paralyzing app
prehensien that the country is up
against two, three or four years of
grinding business depression
In certain aspects all panics are
senseless and unreasonable, but as we
contemplate in retrospect the one from.
which we are now emerging it seems
unprecedentediy senseless and unrea-
sonabie. The Knickerbocker Trust
suspension Institution that prom.
I ises to pay its depositors in full, and
which In the popular ense was thus
not insolFent hardly cause
enough to produce so gigantic an eff
feet the rsal cause was the sdou'ht
that had been created. by the over
preaching of the enorrnities OF finn
liam finance, and that the people, want
ed to know, wanted to get at the
books, wanted d test of trial then it
lis clear the net result Of peremptor-
lily forcing an examination has been
to show that the internal management
Of not only our banks, but of our cor
BoTations has been surprisingly sound,
honest and conservative. Barring the
Brooklyn spot, and one or two minor
blsmishes, 1T has been revealed that
things behind the door were whole
some. No rotten system OF business
could have endured the strain of the
last few weeks. One reason for the
return of confidence Is that the mer
on the inside knew that the attacks
On corporate management on thu
whole were unjust.
With respect to the security marke
the outlook is particularly encouraging
and as securities go up the basis fol
credit snlarges Whatever theory b
entertained as to the cause Of the de
cline Of prices, It seems as If the de
& cline has already discounted any con
ceiVable future If politics and gov
ernmentaI interfs ference be the trouble
this has been discounted. IL 1t be al
excessive gold supply that has rais'
the rate d interest and Thus GALES
FOL. D establishment Of nominal values
then the read justment has been made
If tt be that oVerinve stment has use
slp the supply of liquid capital. the
We have placed securities at leve
that takes account Of a long slack pei
iod as capital slowly reaeeurnulates
Speaking broadly, standard america
securities now net larger income n
turn that at any eime in our nationa
iaistorJ not even excepting the eiyi
war days. when Ahe life Of the natio
aas u danger + II hardly possibl