Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-09-26
Resume of Wall Street
By Henry Clews

market requirements, is a move in the |
right direction: ii may be regarded as
a forerunner of similar movements in |
other quarters. The smelling trust is |
recommending to Independent pro-
ducers general reduction of so per
cent in the lead output, under threat
of flooding the market with supplies II
the recommendation is ignored. The !
chairman of the United States Steel
corporation board, in a published
statement shows that the decreased
demand is fully recognized in iron and
steel circles, and states frankly that
the new orders for the latter half of
1907 are 25 per cent below those of the
corresponding figures Of last year. The
demand of the railroads for strong
and more perfect rail is, of course a
factor in this situation in that there
is every encouragement for railroads
to refrain from purchasing roadbed
supplies until the joint committee of
railroad men and manufacturers who
are giving the question scientific
study shall have made their report 1t
is possible that orders for steel rails
that naturally have been accommodating
i during the period of suspense will then
make much more favorable COMPARE
sons than at present.
Markets Tend Upward.
The news developments of the week,
aside from the efforts to reduce the
/ metal prnH,totia,, A0
whole quite favorable. The New York
city Az per cent bonds, which were
! offered last week, have sold at about
4 per cent premium over the average
price of issue and the older bonds of
the municipality have similarly appre-
! Northern Pacific is construed as an
/ indication that favorable develop
ments of some character are pending
in connection with that stock, despite
specific denial that he has been ac-
cumulating Union Pacific or that any
basis exists for report, widely cir
culated. that he had purchased $4,000
shares representing an enforced sale
by a prominent member of the STAN
dard Oil party. The governments in
4 vestigation, which has been in prog
ress in this city this week into the
Standard Oil company, although
showing sensational financing and
profits, did not become an influential
feature in the market situation in that
it merely placed in definite form in
formation that had previously been
the subject of general and confident
belief. It's main connection with the
market is contained in it's practical
. demonstration that the administration
has not given up its campaign against
wrongdoers, be they individuals or
large corporations.
President Not to Blame.
The president is in the fight to stay,
and the successful completion of his
plans means added protection and VAL
ue to the holders of securities. He has
been misrepresented, but thinking
people are every day beginning to- see
the wisdom of his policy and the bene-
fetal results to ensue. 1t is not the
presidents policy that is the source
of weakness in the Wall street situa-
ton. The real trouble is the fact that
Wall street and the country at large
have gone ahead too fast and are now
suffering the inevitable reaction. The
presidents avowed policy of punish
ment for corporation officials RESPONSE
BILE for evil deeds is one that viii prove
eff1cacious and has the additional
merit of avoiding punishment of inno-
cent. stockholders for what they are in
no wise responsible.
The situation is not suggestive of 9
, pronounced and sustained rise; eau
. ton should be exercised in purchas-
ing, and profits should be promptly
taken when they accrue The market
promises to continue a favorable one
for quick trading.
HENRY CLEWS.