New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-18

and harmful at the time of their passage-af-
fecting the transportation business in that
state, but despite these measures the Texas
railroads are more prosperous than ever before
In their history. gross and net earnings showing
large gains over past records. Railroad cor
porations for many years have been powerful
in controlling politicians who, as a consequence.
have worked for the railroads rather than for
the best interests of the shippers but this con-
dtion IS being changed TO the advantage both
of the railroads and the public
Wall Street IS taking more sensible view OF
the attitude Of President Roosevelt in his de-
termination to give the country a square deal in
the matter Of the relations between the pro-
ducers and the consumers. between the rail-
roads and the shipper. and the pancky IDEAS
(which prevailed IN the financial community
few months ago because of so-Caled Roosevelt
ism practically have disappeared. with the re-
suit that both IN the banking and speculative
quarters market discussion is now based i'm
great part on the future OF money, currency leg
islatOn. foreign interest in our securities and
other factors which have 4 direct bearing the
securities situation The liquidation In the stock
market IN January an effective factor i'm
easing the loan market, and further selling Of
this character would serve to place the banks in
Il stronger position than noted at present. The
prospects of heavy selling, however, just now
are not favorable. inasmuch the Street has
the idea that the future Of the money market IS
much clearer than it was a few weeks ago. this
theory serving to restrict bear demonstrations
against values. while encouraging bear traders
to beat a hasty retreat on the slightest appear
auce of support from the larger market inter
ests The Street is more confident than recently
reported and this change has been helped ma
teriaIIy by the better monetary conditions
abroad, by the realization that this country has
a strong grip on the international exchange
market and by the Willingness Of foreign IN
yestors to- take American securities, as evil
denccd in the sale abroad of short term railroad
notes and the purchase last week of the debent
Ure securities issued by the New York. New
Haven & Hartford Railroad. The latter are the
first long term obligations put out from local
sources in number of months. and the fact
that they have been taken entirely by foreign
financial interests strengthens the position of
the sterling exchange market and encourages
class American securities. a large amount of
gold VIII arrive in the London market from
South Africa to-day. and the chances are that
the United States will secure some Of II. New
York bankers were bidders last week for South
African Eoio. nun retired from the market in
order To give the Bank of England at that in
Slluuon's request. The opportunity to take the
"hp4e consignment without being compelled to
enter INTO active competition with our import
ers. Secretary Shaw.s offer TO buy short term
government is of 1907 IS not likely 20 figure
a money market factor as there is no disposition
on the part of holders TO sell their bonds. while
no great relief is expected I'm money market
circles from the probable passage of the Aldrich
currency bill at this session Of Congress. The
raet. however, that the government is willing TO
try 10 help the market, and the fact that Con-
Rress IS awakening TO the need Of currency re-
form, viii strengthen confidence in the future of
monetary conditions in this country
OFor financial tables see page tenn