The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1907-03-15
SENTIMENT D
VAGUE FEARS
CAUSE
The Present Wall Street Panic
Has No Real Cause or
Foundation.
CH|cAGo BANKERS CALL It
4 NEW YORK AFFAIR"
West is Little Affected By Slump in
Stocks and a Resumption Of Normal
Conditions Is Looked For-Atchison
& Topeka Officer Gives Interview to
Associated Press.
Associated Press to The Evening Times.

Associated Press to The Evening Times.
Chicago, March 15.-Character. {:
izfng the slump in stocks as a {:
"New York affair."" and declaring {:
that the agitation relative to rail. {:
roads has had little to do with the {:
Wall street panic, the Chicago {:
bankers assert that they are not {:
troubled over the outlook, and /:
that the middle west will be in {:
n0wise be affected. {:
s........'. ............ .....s
New York, March 15.-victor Sora-
wetz, chairman of the Atchison, Tope-
ka & Santa Fe Railroad company, had
the following to say as to the causes
of the present depression in financial
circles:
Il am satisfied that the present de-
preston on the stock exchange is
caused almost entirely by sentiment
and vague fears, most of which are un-
founded. Spectators for decline
have taken advantage of this condition
of mind Of the people generally and
have used every trick and artifice in
order to depress values, with the re-
suit that many weak or timid holders
have been led to sell at a sacrifice.
Fears are entertained by many that
railway stocks and bonds have ceased
to be safe investment because of the
hostile attitude of the public to the
railway companies and the danger that
legislatures and commissions through
out the country will reduce railway
rates and diminish the net earnings of
the railway companies. There is also
fear that severe stringency in the
money market may be impending. 1
think these fears are greatly exagger-
ated.
"The people of the United States are
not going to do injustice to the rail-
way companies in the long run or pur-
sue course of action which would
surely prove ruinous to the people
themselves. Unjust and unreasonable
attacks by the sensational press and
by politicians against the railway COM
panies and against capital generally do
not represent the sober sense of the
people and will not prevail. The pub
lie investigation and criticism of rail-
way companies and trusts have been
going on now for several years and
fair-minded men must admit that there
were grounds for criticism and that a
halt has been called to some business
methods and tendencies which surely
would have brought disaster in the
end. 1t would be astonishing, indeed,
if no hasty or mistaken legislation had
been passed; but, repeat, no injus-
tice was intended and no material in
jury has been done.
Although money rates are high, I
do not anticipate any serious trouble.
Business throughout the country is up
on a very safe and sound basis.
Manufacturers and merchants are do
ing a large business, requiring large
capital, but they are not carrying large
stocks which they cannot sell. Rail-
road earnings throughout the west
continue very large-Atchison earn
ings for the first week of March show
an increase of over $S00,000-and
there is enough business in sight to
tax all our facilities for months to
come"