New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-15

8
some cash losses in addition. but the cash losses
in the panic have been small in comparison with
| the paper losses. The chief losers in the panic
have been men who could afford TO lose. and
this may explain why there are no failures"
Victor Morawetz, chairman OF the Atchison
board, said;
am satisfied that the present depression on the
menf and vague fears most of which are IN
founded Spectators for a decline have taken ad-
eher 81 ana have used every Trick and rce in
order TO qfPe d boders have BEEN led 10 sell at
sscrihce. Fears entertained by many that rail-
vestent because Of the hostile attitude Of the pub
lie to the railway companies and the danger 1nat
try viii reduce railway rates and diminish the net
fear that severe stringency IN the money market
may be impending. think these fears are greatly
The people OF the United States are not going TO
do injustice 10 the railway companies in the long
~ prove rulnous to the people themselves Unjust
and attacks by the sensational press
and against capital generally do not represent the
public investigation and criticism OF railway COM
panes and trusts has been going now for several
wero grounds for criticism and that halt has been
eaed to some business methods and tendencies ,
end It would be astonishing indeed II no hasty or
no Injustice was Intended, and no material injury
has been done.
has just adjourned for two years Illustrates the
attitude OF the people throughput the cogntry
just and unwise bills directed against the railway
Legislature. The officers Of my own company.
well as Of other companies, appeared before COM
f aed 1 69ne6 Our Rd our OF
such legislation,
KANSAS TURNED DOWN BILLS
The result was that the majority Of the Legs
latIre turned down these unwise ana unjust pro
acting any laws which viii do Serious injury to the
i@tures should pass laws laws giving the most Far
Ss 10 mis- S s GOES 6
serious injustice or detriment of the railway COM
PH0 GDSH ond ease IF nee tine
panies against any serious Injustice
". c. Brown. senior vice-p president OF the New
York Central said
The diminishing net earnings OF railroads while
sllity evinced by recently enacted or introduced
federal and state legislation; The growth and de"
velopment of the country will soon be at stand
still unless transportation facilities be trenen-
should be expended in this direction as rapidly as
material can be assembled and men employed On
Teaarded as siS hazarg a 0i
make 1t impossible 10 sell any kind OF railroad
curity except at such discount and rate OF inter-
ments. so vital to the prosperity OF the country.
are being greatly curtsiled or entirely stopped
The railroads should cooperate heartily with the
President and press IN stopping evils and abuse
the President and the press should co-opeTaie with
the railroads and with all good citizens in working
the widest publicity 6f coTpoTation affairs and ab
soute fairness. equality and stability OF rates.
man who is in close touch with Wall Street.
who handles millions of dollars OF securities, and
is In position to know whereof ne speaks gave
an interview to a Tribune reporter yesterday.
in which he stated his belief that the railroad
officials impending conference with President
AZ,
Roosevelt already knew more than the railroad
officials could tell him the subject. He pre-
dicted government supervision OF railroads, say
ing that such supervision would be a safeguard |
rather than drawback for tho railroads. and |
that with governmental supervision this weeks
decline in the stock market never would have |
occurred
The Tribune's informant continued:
think the country is safe and there is nothing
cause any such depreciation in values. People |
Of INVESTMENTS HG% ~ seeot from gon
believe that market conditions get very much |
values will improve. Such a decline without fail
ures is wonderful Endorsement OF the people who |
been caused less for the purpose OF buying |
10 peopts puying PUN sh9res who had only the |
country and railroads are both all right
Henry Clews told the reporter that the stock |
the recent severe liquidation. He continued:
The losses OF their paper profits have been large
~ borne by the big operators. who are abundanIlv
able 10 meet them. Fortuna tely, tho speculating /
public suffered little ami the depressing infucnoas
have now been amply discounted
Mr.. Clews added that he had no knowledge
OF any failure caused by the decline
we'll known banker said the situation re- !
minded him OF the stock market position in |
1880 at the time Of the Barring failure Then
men felt the electricity lowering in tho air and |
the thundercap and sudden storm followed
BANKERS SELLING VOLUNTARILY.
Bankers generally. he said, were selling out |
voluntarily one part of their collateral to pro-
tect the other. and were not waiting to be asked |
70 strengthen their margins.
He added that bankers felt no especial alarm
the situation
Richard H. swartwout OF swartwou, & APP |
penzellar. said:
A general absorption OF railroad notes is taking
place but not In sufficient volume fully 10 absorb |
offerings ana as consequence these securities are
standing az prices which should attract bargain
hunter.
The Southwest is the only section of tho country
with surplus funds in any volume WbiIe fbe saIs |
of commercial paper throughout the country is ON a
very moderate scale. 1t is noticed that there have
been coming into the market institutions |
tracted at this time because of the rates at which
high grade notes offered.
The offerings OF commercial paper are not in ex-
ceptionaIly large volume, due to the fact that in
dustrial interests have preferred to wait unless
their requirements were Immediate,
LAWSON SAYS HE DID IT.
The Tribune received two telegraph messages