Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-03-21

i
market situation has been consider
ably improved by recent liquidation.
estimated at between $1,700,000,oo0
and $4,000, 100000 in vaules. That
such an enormous shrinkage could
take place within the comparatively
short period of six months without
causing single failure Of consequence
is emphatic proof Of the general sound |
ness of the situation. These losses /
were often chiefly On paper and tell
with greatest heaviness upon rich
holders or large operators. who were
abundantly able to meet them. For
tunately the speculative public suf-
fered but comparatively little. It is
perhaps premature to say that liQui-
dalton has entirely exhausted itself.
Yet many of the Influences depre-
sing the market have been amply dis
counted, and some of them soon should
begin to moderate IL not disappear al
together.
4 In all probability the strain upon
the money market will soon be over.
1t is true that bank reserves are un-
comfortably low: many banks being
still below the legal limit Quite like
lily very stringent rates may be wit
messed between now and the first of
April; for western banks have been
carrying large balances here to take
advantage of high interest rates, and
these sums must now be withdrawn
to meet the exceptional interior de-
mands which always assert themselves
at this season. Then againg, some
unusual negotiations have to be A.
nanced at this time, and interest and
dividend disbursements often cause
temporary stringency. Much depend
ence has been placed upon gold i'm
ports for relief in case of necessity,
, since we are in position to. command
gold If we must; but our information
al bankers are not over anxious to
take gold from abroad against the will
of foreign holders, for the reason that
they must look to London Berlin,
! Paris, etc, for the placing of forth
coming security issues; and 1t would
be poor policy to intensity the preju
dice which already exists over there
against some of the American finan-
cial methods. I say methods, because
| it is against these more than our Sc
curities that foreign criticisms are d.
rected. Whatever our foreign friends
may say against American high f.
nance" they have no cause for COM
plant regarding American invest
ments, which have proved more prof.
liable and substantial than those made
in any other portion of the world.
There is no doubt but that as soon as
we demonstrate our earnestness of
. purpose in corporation and railroad
reform that American stocks ana
bonds will sell ond a permanently
higher level in all the European mar
kets; simply as a mark of increased
confidence.
Prospective Railroad Legislation
A great deal of uneasiness now ex-
lists regarding prospective railroad
legislation. The bulk of the decline
In securities since last summer has
been due to natural and economic
causes, which have been repeatedly
explained in these advices. Mr.. RoosH-
welt, however is receiving a great
deal more blame for these present con-
ditions in the market than he is real
ly entitled to. OF course the mere pro
posal from such source OF legisla-
0 ton vitality affecting railroad manage
ment is unsettling. Yet these pro-
posed reforms would have been neither
possible or probable had it not been
for past misdeeds. The responsibility
should. Therefore, be placed upon the
authors of the latter and not upon
those who are taking the initiative in
placing American railroads and cor
porations upon higher plane and be-
yond criticism. Very likely Mr. Roose-
= welt is not so radical as he seems;
and by discussions with our repre-
sentative railroad managers it SCENE
certain that he will suggest legisla-
ton that will be fair to the railroads
land satisfactory to public opinion.
Something must be done to conciliate
control of these powerful corporations
Is Inevitable: and II seems far wiser
to assist the president in devising
sane general measures than to face
the radicalism and confusion that
would be inevitable II the question
were left to the hostile attacks Of all
our state legislatures. no two of which
would agree. 1t is a welcome sign
|, therefore, to see that some of our
ablest practical railroad men are go
ing to confer with the president The
result. 1t is to be hoped, will mark q
new and better era in American rail-
2 road affairs; failure in this wished
! for result win certainly give a ire
mendous impetus to government own
ership, and that would involve us ir
train OF evils vastly worse than those