The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1907-03-07

N>A'' OAsAA, Aie'i III A1pCSeti
Values on the stock exchange have
undergone still further decline, which
was materially stimulated by the rev.
Citations of the recent intestate COM
merce investigation. While no new
facts of Importance were developed
the testimony was of a nature to ex-
cite public opinion and strengthen
public hospitality to the speculative
methods of large corporations and
| great capitalists. For nearly two
years-or ever since the Equitable dis
closure began-this sentiment against
high finance has been growing both
at home and abroad While these dis
closure in the long run may prove bene-
fetal, by preventing a repetition of
such operations and allowing stock
holders to get their just dues-still
| their immediate effect is exceedingly
unsetting
1t comes just when some of our large
corporations are SOrely in need of new
capital, and places them temporarily at
! least in an unfortunate light before
the public here and abroad at a time
when they must appeal for financial
support. The political effect of such
disclosures is also harmful, furnishing
as it does an abundance of inflamma-
BILE material which political dema-
gogues are sure to use injuriously at
the first opportunity.
Moreover, nothing does more to sti-
mulate the socialistic propaganda than
evidences of INSCRIPTIONS use of great
wealth. AntOher detrimental effect was
the evidence of strong personal ami
mosities in high financial circles, which
have already succeeded the era of peace
and good will that existed when the
community of interest idea was in full
swing. We have now had shrinkage
of Is to 20 points or more in most of
the active stocks during the last three
months.
Liquidation has been severe in some
quarters, and the market has been
placed in a healthier technical posi-
ton by this shrinkage. and by the fact
that market opinion is now more
evenly divided than for many months.
Extravagant bullish opinions have
been greatly modified, and the devel-
opment of considerable short interest
in the market has created a buying
in case of further shrinkage. Con-
gress adjourns next week and that is
cause for gratitude.
The monetary situation has been
temporarily improved by this liquida-
ton although preparations for March
disbursements caused a slight furry
in rates. The passage of the Aldrich
bill will afford some slight assistance,
inaSmuch as the government will per-
mitted to deposit it's customs receipts
up in the treasury. AT the same time
We are still exposed to squalls of
stringency in the money market.
Preparations for the April settle
ments will very shortly be in order,
and until that period is safely passed
it would be hazardous to look for any
great Improvement in the stock mar
ket. Our bank reserves are abnOr-
mally low for this period of the year.
while the activity of trade and high
level of prices suggest that April re-
quirements will be fully as large-if
not larger-than year ago.
Very little help can now be had from
the United States whose treasury is low
and with the incoming of new secre
tary whose policy is known, assistance
from that quarter will be all the more
problematical. If the emergency comes
we will be compelled to go to Europe
for assistance. Unfortunately, London,
our chief support, is not DESTROYS at
present to increase American credits.
For the past two or three years assis- /
tance has been willingly forthcoming
from that quarter, but our transactions
in high finance and the present strained
condition of American credit have in
duced a reactionary spirit amongst |
bankers, who begin to feel that |
they must take care of their own CHI |
entele in preference to Americans; al!