Bisbee daily review., 1908-01-17
ROWLAND VAS IN NEW YORK
 DURING PANIC
Prominent Mining Man Talks Interestingly of Manner In Which Stringency Affected Different Sections.

After an absence of several months from the district which he spent trav- cling around all portions of the United States on various matters connected with his extensive interests. H. B. Hovland, of the firm of Hoyland & Smith the prominent mining men re- turned to the city yesterday morning, and will probably give matters in this district his attention for the next couple of weeks.
 MT. Hovland left Bisbee about the beginning of October and was in New York City, when the crisis of the panic was reached, and it loked as if noth- ing could stem the tide. Since then he has visited many of the principal cities of the country When seen by a Review representative and asked con cerning conditions generally, he said:
 Tt happened that l was in New York City when the crisis was reach led, and when several large financial institutions were embarrassed or l forced to the wall The financiers saw that unless some strenuous measures were taken a disastrous panic would | result. and the clearing house system, which was after adopted throughout the country was hit upon.
 
 invest their money in some security, knowing little of what the market value is based on. and depending only on manipulation to make a profit, l do not know, but when the depression came on the people of New York seem | ed to be absolutely at sea. losing con l fidence in railroads, mines and every thing else and rushing in to sacrifice ! their holdings for ready cash. This | brought on the crisis. The impress sion seemed. to prevail that the bottom would never be reached. Everyone was pessimistic. Money was with drawn from the banks in enormous sums, and with their correspondents calling on them for currency the finan- i cial institutions of the metropolis were forced to shoulder the brunt of l the whole slump.
 Gradually confidence returned after the days of excitement, and two weeks ago the banks resumed business on a normal basis. Hoarded money was brought out and deposited. and now i the impression seems to be that the crisis has been safely passed, and the future holds nothing but improvement
 q had an opportunity to note the contrast between the manner in which | the people of Boston, New York Philadelphia and other large eastern cities controlled themselves under the stress of the stringency, and how the people of the west met the same situa tion. Everything in the east was ] calamity and destruction, while the farther west one travelled the calmeI l becEme the atmosphere, and the peo. pie more philosophical. The western 1 banks had drawn in their reserves until they had an enormus amount of cash, and the general sentiment seem cd to be one Of calm until the clouds 1 passed away.
 At the present time there can moi be the slightest doubt that the situa tion is greatly improyedS and that il is growing better every day. Con fidence has returned on all sections oi the country, and business is going on | the same as ever. Where a man could not borrow a dollar at any rate of interest a couple Of months ago, he can now get plenty of it at 6 per cent All of the banks are doing busi ness the same as ever, and in my opinion nothing but improvement is fin store"