Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-04-03


market during the week was feverish
ana unsettled. An immense amount,
in small lots, of securities has been
absorbed by small investment buyers,
but the market at large was con-
spicuuusly lacking in big pool buying
power. This was explained by the
fact that very heavy losses have been
sustained by such previous holders;
confidence in pool operations has been
badly shaken, besides the floating
supply of capital has been practically
exhausted by the immense offerings
of new securities, and large sums of
the latter are still hanging over the
market During January and Febru-
'rv nearly 5000 900 900 Of short-term
railroad notes were offered. Then
over 5000 100000 of new stock Of var
ious railroads issued to stockholders
of record at par have also had to be
financed. These include about $780,
100000 by st. Paul, over 100000, 900
by the Northern Pacific, $4,000, 900
by Northwest. $50, 1000, 900 by the Great
Northern, $4,000, 900 New York Cent
raj and nearly 10000 900 by the New
York and New Haven. Besides these
heavy amounts 1t is we'll known that
many blocks of new bonds held by
various syndicates have been held at
first hands for months seeking a
resting place in investors strong box
es. With such a load as this, roughly
estimated at $1,OOO,OOO,OOO, and the
buying powers so badly crippled, it is
hardly reasonable to expect any ex-
travagant upturn in the market, al
though there is justification for a
reasonable advance in prices after
such an immense recession which has
taken place.
The Financial World.
The situation has been certainly
improved by the recent upheaval, for
the financial atmosphere has been par
TALLY clarified and we are now in no
danger of a severe panic, as was
threatened a few weeks ago. We can
henceforward safely look for at least
partial relief in the money market.
Secretary Cortelyou's policy is now
definitely known to be that of coun-
teracting to the full limits of his pow
er the absorption of funds by the
treasury. This is encouraging, and
his action in regard to the govern
ment deposits and his intention in
regard to the purchase of As have
done much towards a restoration of
confidence in financial circles. The
unnatural relations between the gov
eminent and the money market are a
matter OF common knowledge, and so
long as these exist there is no course
left but that of couteracting bad ten
denotes as far as possible, even by
artificial methods, which are not en-
| tirely free from objection. Another
source OF relief to the money market
should be the recent drastic liquida-
| ton Borrowings on an enormous
doubt, temporarily cease; while cur
rency should soon begin to return from
/ the interior. After the middle of April
If not sooner-we may expect rising
bank averages and a cessation of the
extreme rates for money which have
been experienced during the last six
months. This does not mean that very
low rates are in prospect,-on the con-
trary, very firm rates must be antici-
pated for some time to come because
demands will still be large There is
a disposition in banking circles to be
| ~ lot
\ and especially in the matter of lend
ing aid to new schemes. For some
time to come the latter will have to
be postponed, unless of the most de-
sirable and substantial character. W.
are evidently in for a period of mor'
moderation, and the country may con
slider itself fortunate indeed that tn,
crash which has occurred has no
been worse. In all probability there
will be some slacl5ening in trade. There
will be lessened demand for luxuries
for jewelry, for automobiles and fo
high priced commodities. And ther'
will also be a postponment of new
projects which ultimately will dimin
ish the demand for labor and raw mo
terials until these come down to low
err level. or until the country has &C
cumulated a fresh supply of capita
tai and has had time to recover from
the staggering effect of the March col
lapse. which will prove memorabl
one in the history of American finen
ces.
The Railroad Situation.
A good deal of exaggeration exist
as to the effect of Mr.. Roosevelt's a
titude towards the railroads. If al
the truth We're know It is likely the
he Is not half SO radical as some
his enemies would have us believe
The danger of injurious Federal leg
isIation has Enthusiastically been muc
exaggerated. That something wi
eventually be done to prevent repe
tition Of old abuses must be accept
ed as inevitable; but any radical
! al 1nuSGIa