The Washington times., 1908-09-06
LOSSES IN VALUES
ARE ALL RECOVERED
Shrinkage in Stocks During
Panic Show Remark
able Recovery.

NEW YORK. Sept. sit is safe TO
say that the bulk OF the losses suffered
| in stock market values during the panic
OF last October have been recovered.
As the shrinkage was about S3,50O.O00.-
90. II can be seen TO what an extent
the recovery has gone.
THAT, in the limited space Of ten
months, security values should so fully
recover from an acute panic is pleasing
evidence of our wonderful recuperative
power, bat 1t also suggests caution.
'InhatiOnary influences are actively at
work, and Jhey are being taken advan-
tage Of by the boldest. ablest, and
strongest set of = operators the Street
CWan street, has ever seen."-Henry
Clews.
Conditions Changed.
How different the conditions!
A year ago Wall Street was Just
entering an atmosphere OF deep gloom,
that a month later was so dark that
the financial foundations OF the entire
country, and Of other nations as well,
were severely shaken.
Stocks were being unloaded with lit
tie regard to intrinsic merit. Pros
pertty in her heyday was crushed by
an expansion Of ere lit and other in
ftuences regarding which authorities
differ. The shadow of coming events
made the future look serious
Then came the Heinze-T -Thomas-AIorse
developments, the closing Of great hnan-
clal institutions. TO the alarm Of all
depositors, foi8SNed by tie cessation
or currency payment ano in mid-Oc-
tooer conditions wen such that The
Government and the great financial
kings OF New York had to pour mill
lions into The breach in an effort TO
stem the torrent in fear of the deluge.
Now and Then.
Half OF the banks in New York were
below legal requirements in reserves,
some were without reserve Of any kind,
and others were holding tight, ana
quakiug even while they held on Today
the banks in the New York Clearing
house Association have SCI ,s55.675 sur
plus reserve, against $7.327.010 a year
ago, and S6.577. 600 deficit two years ago
The Knickerbocker Trust Company Is
doing business at the old stand. and a
number of other banks and trust com
P2nies that were compelled to suspend
last October are running along smooth
Is, easily. with satisfied deDositors.
y
uneasiness as to the future.
It is, indeed. a tribute to the recuDera-
tive power OF the American people.
There is just a little note OF warning
IN Mr.. Clews' comment, for he SAYS
this advance was made during a period
of acute depression in business" The
observer, however. admits that gradual
Improvement in business is under way,
that money is so easy that there can
De no serious setback, and that .inta-
tonary tendencies are at work and are
being taken advantage of by the boldest,
ablest set OF operators Wall Street has
ever seen.
Tribute to Hartman.
This is a tribute 10 Edward H Harrl-
man, the railroad magnate, who has so
managed his properties during the ne
TiOd OF depression that they have paid
old dividends and accumulated surplus
while other roads cut and passed their
usual distributions.
With the uncertainties of the political
situation removed and with good crops
and plenty of money, prosperity will
come on with hastened step.
Mr. Clews closes his letter as follows.
stocks may be too high, but as long
as we are free from political scares o.
serious damage TO the crops the situa-
ton viii be favorable 10 active trad
ing, especially II the market remains
under control Of the present leaders,
whose purpose is to create a sIrong
and active market. The return Of many
noted flnanciers from their vacations
VIII further promote activity.