Show THE SITUATION IMPROVING L J Eastern Bankers Say the Monetary Mone-tary Condition Is Easier Ift THE FLURRY IN STOCKS f i Nothing ill Ibo Outlook to Produce I i Such an Unsettling ti r Views ot a Leading mercantile House In < Denver Regarding the Silver Question f in ColoradoThe While Metal in Panama f NEW YORK July Notwithstanding Notwithstand-ing the flurry in the stock market today t bank presidents and others occupying i positions familiarizing them with current l cur-rent conditions unanimously agreed that t the general situation has improved and continues to do so There was nothinc fc in the financial situation of the country t produce such an unsettling Two or three cases were reported today of country coun-try banks mostly in Pennsylvania coming com-ing into this market as buyers of com znercial paper in a small way tempted thereto by the high rates and the fact that they had money to their credit with their New York agents The amount of purchases in tho aggregate is not large but it is believed to indicate an easier ytnonetary condition in certain sections of lhe country The condition of the banks in Philadel pita was reported practically uncnangeo and New York exchange only obtainable obtaina-ble at aver in that city a high ttfenuum aging about 5250 per 1000 Some Philadelphia adelphia banks have reduced the indebtedness indebt-edness to correspondents in this city but the balances are still large the New York banks however are treating them leniently len-iently Regarding the silvor question in the west the president of a prominent downtown down-town bank received the following letter today from the head of a leading mercantile mercan-tile house in Denver which has dealings throughout the silver state IIn regard to silver mining in the state we candidly believe the present sit nation is very much exaggerated and that as soon as there is any prospect of obtaining a definite price for silver a J great many of our mines will be operated on as large a scale as formerly This we Bay on the supposition that the present price oi silver say 75 cents per ounce is a reasonable price as silver costs very nearly this figure to produce I the price of silver should decline materially below 75 cents per ounce there undoubtedly undoubt-edly will be a curt ent of production in this state but ve as a rule the merchant will f 1 oe t pay their accounts ac-counts in lull ar the loss o the jobber at any point i this state ought to average a very low percentage The talk and threats indulged in by a few rabid silveritei i our opinion r taken too seriously in the east as the parties who do most of the talking have no credit or standing at home Mail advices from Panama under date of July 5 says The tumblo in silver has created general consternation among business men who trade in countries which are exclusively silver using communities com-munities The extent to which the credit system prevails throughout Spanish America unknown in the north and the debtor who sees his resources diminished by half through the sudden depreciation of the money ha uses is inevitably forced to the wall |