The San Francisco call., 1907-03-28
MONEY. SHOCKS AND BUSINESS
The Reccst stock Decline and It's Possi-
bic Eject on General Business

The Recest stock Decline and It's Posst-
bic Eject on General Business
Fs7rv Clsvrs. the New York benkeT. ssys'
under cate of the 2Sc
- result of the recent decline sorns rcrT
sario,sS losses hsve teen incurred by large bold
IN ~ securities Fortunately tle public hsFe
sn45errd 20 very much Jess extent than usua,
asnce the rems-kable sbsence OF fRrrres nnou
a f4hocln capro. hovzever. be experienced Win
OFT eEertiEE "a more or lees ospressinG ~ ~euecs.
temporary rally. 81 course, followed, cys % @
purchases ~ those ~ho bought for Investment
Or - support the market. but the lstter STOCKS
--r-e son eeo ont IN order 20 take pronts. thi's
leaving the tone teverish sud unsettled. Aftsr
sGch oehauon the market e Likely % snow
o. iess inertia and possibly setre o0"h
10 eun lower level Confidence has been
rlcalY staEca sne or-g tine can m6ke hlnebos
gond many opcretora have been seriously
crIrp'fT A.aed u this is the nnsa usfectoig
cori'if-,s q fEa worlds money market. The
a.ssG--s % he rate = the Bank Of France from
90 50 per cent is highly significant Ibis
g. the nrst u-,c change hss been nasoe IN ue
london. Beriis ard Sew York that Paris win
IRE: tsse care Of ITSELF and that those in need
tnsy have 10 iook elsea here for assistance Our
cNn nnEnciers have placed more or less oe-
pcBdence upon help from that quarter in case
- Becessity: and no doubt sermsny. wnlch is
s!resd9 suffering from overriding IN nnanclAl
&c Industrial circles. has been knocking az The
doors of Partisan bankers.
STOCK AND TRADE OUTLOOK
V'e Rise close upon the first Of April, q
period when the money market usually suffers
more or less derangement This is adverse e
faBcs should begin TO return from the interior
aud Facilitate the building mp Of local reserve.
Recent liquidation and the establishment OF
stock market values upon a much lower ieFel
ought slso serve 70 relieve the monetary stu
st.on. After period OF rest and an Improve
pcIs in the monetary outlook. which cannot
4, much longer DELAYED there should be fsir
rHsuee cor d recovery IN the market during the
snrfuR: provided. however. DO further diEes-
fcfs are incurred during the interval.
~ IS TOO early 20 calculate the eject upon
(. neral business Of the stock market decline.
Our railroads already starting q policy OF
refreDchment which must react upon the iron
T-Hde sud upon labor. Many II our rich men
tlso VINO are accustomed 10 take the Initiative
seil either through necessity or caution follow
un the same lines. With q check 10 enterprise
generally and lesseuec demand for labor,
81 is iDcvitsble that business viii in time feel
these movements They may not show them
selves immediately. FOR much OF the work pro
5ected must be finished. but later on II need
surprise y there should be 3 moderate
Facsening 81 the headlong pace at which bust
ness ias been going for the last few years.
II such -eaction can be kept within moderate
bounds and the country brought back grad
ually from abnormal conditions 10 those which
are more normal, the result would really be
beneficial. inasmucl our situation viii BE-
etnOueer and sounder. This is going 10 be q
critical wear II we have another good harvest
serious reaction may be deferred. II the harvest
SHOULD not be satisfac ctOry- then must look
for further contraction in all departments OF
industry and finance The latest reports con
ceTning winter wheat are exceedingly favor
aoic.