Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-10-17

iii Od6A IAAS NAAAOSAAA6 OAPOSdLCS 1OSuAL-
ing from the Metropolitan Securities
investigation. 1t is now over two years
since public disclosures of breach of
trust in high financial circles began,
followed by the collapse of the copper
manipulation, and finally these later
scandals connected with the local trac-
ton situation. Hence no wonder con-
fidence is seriously disturbed! And
who is responsible? Messrs. Roosevelt
and Hughes, who have been the instru-
ments of exposure-or the individuals
who conceived and conducted these
operations and abused the trusts placed
in their charge? OF course, the guilty
protest against financial house clean
ing. OF course, they endeavor to ward
off official Investigations on the plea
that they disturb confidence. But re-
sponsibility for the latter should be
placed distinctly where it belongs; up
on the perpetrators of misdeeds and
not upon those who are the means of
turning on the light and preventing
future operations of this sort.
Find the Real CuIprits.
Those who have trified contemptu-
ously with public interest and display
ed a blind disregard of stockholders
rights are the real culprits. 1t becomes
daily more evident that when our cor
porations are honestly managed, the
public and stockholders will get their
dues, values will become more stable
and American credit which is now at
such low ebb in all the great financial
centers of the world will be restored to
it's rightful status. Throughout all
these disclosures there is one CLEAN Of
encouragement; and that is that public
opinion is aroused and will insist upon
clean, as well as capable management.
Eventually, these disclosures will re-
suit in the raising of the standard of
corporate management, but mean
while the public is dazed by these scan
dalous revelations and wonders what
next financial iniquity will be brought
| to light
Stock Value Unsettled.
Stock market values were also I'M
| oSNtiSo Wy OIhOE 1l1uSIlCeSs
conditions are still very unsatisfactory.
The demands for moving the crops and
for general business are very large;
/ the situation being materially aggra-
waited by the high prices prevailing for
nearly all commodities. The situation
is rendered more acute by the fact that
We cannot depend upon Europe for
| financial aid to anything like the de-
gree which we have done for the last
three or four years. Our credit abroad
has not only been impaired by well
known conditions. but we (are less
able to command that assistance than
usual. Usually at this season there is
an ample supply of grain and cotton
bills in the market which can either be
depended upon to bring gold this way
IL needed, or to extend our credit
abroad. Exports of both wheat and
strained by high prices
No Foreign Aid Available.
1t is probably true that eventually
Europe will be compelled to take oul
wheat and cotton on a high basis, but
the fact that foreign buyers at present
are holding off is more or less detri-
mental 70 the local financial situation
The Bank of England reserve declined
this week to 46H per cent, and the
Bank of France is also rumored to bt
figuring on drawing gold from this
side. Were our bank reserves in a pc.
s!tion to stand any increased strain
the situation would be more assuring
but surplus reserves are very low anC
their restoration will be difficult unit
crop funds begin to return from thu
interior, which at the earliest will no
be before November /. 1t is possibl,
that Secretary Cortelyou will be abb,
to give the market further assistance
in case of emergency, and his pruden
course, of relieving pressure at points
of necessity without unduly exhaustinl
his sources of relief, Is one that give
hope that further aid will be forthcom
ing if needed.
Capital Scarce in Europe.
The situation abroad is still unsatis
factory. On the continent especial,
there seems to have been a very sim
liar overriding to that which has beer
experienced in the United States
Capital is practically as scarce owe
there as here; the principal difference
being that the situation is not aggra
waited by the discreditable operation
which have unfortunately occurred oil
this side. Local bankers are exceeding
ly conservative. showing disposition
to curtail credit and to be much NOR
exacting as to collateral.
There Is just one other elemen
which tends to delay the restoration o
confidence, and that is the growing
conviction that the present year ha
witnessed a turning point in business
and that we are to face at least a mod
crate business and industrial reaction