Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-10-26
Resume OF Wall Street
Ey Henry Clsws

NEW YORK. oct 25.-The week has
been a period of feverishness and un-
settlement i'm the stock market. At
times the street was full of disturbing
rumors, and tn embarra ssment of one
important operator in copper added to
M prevailing decentralization. This
continued liquidation was. of course, a
part of the general reaction which be-
gan with contraction in the money
market, was accelerated by various ex-
oosures and legislative attacks and is
now causing a wholesale and some
what radical financial house cleaning,
How far the decline will go, ii is be
yOnd human knowledge Is predict; but
it is SAT" to say that many Of the
rumors in circulation We're gross eX
aggerattons, and that there is no need
for any repetition of the financial hys-
terra which marked the August break
in the stock market. Since January
first we have had a shrinkage in Sc
curities of fully if not over, $3,50O,-
100000 Many good railroad shares
have had their values cut in half dur
;u~ that period. The industrials have
suffered even more drastic decline, be
ing cut not only into halves, but into
third and quarters.
Great Shrinkage But No Panic.
| After such a tremendous shinkage. it
! Is almost folly to talk of panic. VIC
| lent breaks may be possible, but the
chances of genuine panic with all the
disaster and arrangement which that
means are exceedingly remote. Had
the developments which have recently
taken place occurred on the high level
of year ago, we might indeed, have
had to face a cataclysm. AS it is, the
stock market has entered one of the
greatest declines in history; a decline
equivalent to that OF a great panic
but in an orderly and we'll distributed
| fashion. Losses have been enormous,
but they have been admirably met, and
considering their extent, the disasters
following have been remarkably few
It is yet too soon to take a very
reassuring view of the future: for it is
by no means certain that the house
cleaning process is complete. There
are still points of weakness in the mar
ket and no permanent recovery can
be anticipated until these have been
thoroughly eliminated. Many good Sc
curities are today selling at exceed
! ingly attractive prices; but buyers will
mo- take them until doubt has been re-
| moved, and this continued withhold
ing of genuine buying has much to do
with General weakness.
R,,yc~- Are Discriminating.
Moreover, buyers are becoming ex-
ceedinaIy discriminating investors
showing a married preference for Sc
! curities with management of high
| reputation. About the only buying ele-
ment, however, at present is the short
| interest. This has been greatly ex-
| tended. and purchases to cover on pro-
nounced reactions appear to be the
main support of the market for the
| tire being. The number of bears has
materially increased, but that element
| is conspicuously lacking in leadership.
| In Or avious years the big life insurance
companies have often been large pur-
| chasers of stocks in times of panic or
great weakness: likewise the indivi
duals more or les connected with the
management of these great institu-
tions. The law. however. now prevents
such operations, and the market is de-
prived of that element of support in
cases Of emergency.
The monetary situation shows little
change. High rates are still in force
| and bankers are discriminating sharp
" as to collateral and names. While
firm rates are Anticipated during the
remainder of the year, there is little
fear now of extreme stringency. The
demands of the interior for crop NOV
ing purposes have about reached their
height Very soon funds should begin
to return from the interior. Secretary
Cortelyou has not entirely exhausted
CorteIyou's Reserve Force.
his resources, and in case of emergency
1t is confidently believed he would ar
ford further assistance. The prospects
of gold exports have also been modi-
fed by an increased supply of COM
mercial bills afforded by the outward
movement of wheat and cotton. Eu-
rope is taking our wheat much more
freely, and at present high prices this
adds materially to the supply of ex-
change. Our foreign trade also makes
more favorable returns, since exports
are increasing and imports decreasing:
thus permitting a better balance of
trade than was experienced during the
summer months. In September our
merchandise exports were valued at
$135.300,000, our imports at 100000
| 900, leaving the excess of exports for
the month at $29 900. 900. A year ago
L. n ana n