This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1906 Excerpt: ... FOR over a year sober-minded financiers have been predicting a "recession" in business and urging conservatism in banking and in the promotion of new enterprises. All agreed that the "pace" in speculation and business had been too rapid, that too much capital was being converted into fixed forms, too many extensions and improvements were being made in the hope of increased demands for goods, and that too much money was being advanced on securities--stocks and bonds--of corporations of the loose sort. But few were prepared for the collapse and the currency famine which overwhelmed Wall Street, New York, and the country in general during the last days of October, and the effects of which continued to be felt for weeks. Sensational declines in stock values, suspensions of several banks and trust companies, suspension of specie payments in certain cities, the use of Clearing House certificates in all the leading cities for the purpose of settling bank balances without the use of gold, the issue of checks by the same institutions to facilitate business and the payment of wages, complaints that currency was being hoarded, a premium on paper money--these were among the phenomena that quickly followed. Many were seriously alarmed and thought a period of depression and hard times had been ushered in, and the discharge of workmen by railroads and construction companies seemed to confirm that pessimistic view. But the majority of bankers, business men and editors felt that no industrial reaction need be feared, and that the financial and industrial conditions in the country were fundamentally altogether sound. The crops were satisfactory, the export trade had shown an increase, the supply of currency was adequate for all actual needs, the banks were solvent--in short, ...