Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-07-18

NEW YORK, July 1S.-Protit- taking
and adverse developments produced
more or less reaction in the stock mar
ket. Confidence has been somewhat
unsettled by the aggressive attitude of
Federal state and city governments
towards corporations; by sensational
reports concerning our relations with
Japan, and by uncertainties regarding
the monetary outlook, which remains
perpleXing. Bank reserves are excess
sivey low for the season and are be-
treasury absorptions. We are now
within six weeks of the crop-moving
season, when requirements on that &C
count will begin to assert themselves,
and when bank reserves should be ris-
ing. In view of the present insistent
demands upon capital and the practi-
cal exhaustion of supply, the outlook
for the money market is anything but
satisfactory. Firm rates are almost
sure to predominant, and there is no
possibility of any continued bull
movement in securities under existing
conditions. Whether more gold will be
shipped to Europe or not does not ap-
pear. Under ordinary conditions such
shipments would create no uneasiness,
considering our ample supply. With
the situation as il is, gold shipments,
however, are watched with more or
less jealousy. Time money rate is 6
per cent, running into next January,
and there Go M x>roSpao+ ~ onx, rnofo-
rial Improvement in sight The prac-
tical failure of the Atchison, Union
Pacific and New York city loans is
particularly significant, especially in
view of the present congested condi-
ton Of the security markets.
Government Action Too Drastic.
Another source of unsettlement has
been the rather suddenly aggressive
attitude of the government towards
trusts and monopolies, to say nothing
of state and municipal activities in the
same direction. There is no doubt
that public opinion demands that some
restraint be put upon the monopolis-
tic abuses Of great corporations. The
use of corrective measures, however,
requires great elaboration and eau
ton, and the recent action against
the tobacco trust, being altogether too
rapid and too drastic, is likely to I'M
settle general confidence and to in
jure many entirely innocent parties.
AS there are some doubts about the
constitutionality of the latest step of
the government, it is perhaps prema-
ture to engage in any excessive appre-
hension regarding the consequences. 1t
may be necessary for the government
to modify or moderate it's present atti-
tude. Whatever the legal possibilities
may be, 1T is hardly good policy to re-
sort to such radical treatment. Such
drastic measures are scarcely needed;
and ii the surgeons knife is to be ap-
piled, it should at least be used in the
most skillfui and least injurious man
ner. Contracts in restraint of trade
are probably inevitable to some extent
in modern business. 1t is mainly
question as to whether such contracts
are just and reasonable in their opera
tions. If monopoly is to be prevented,
- Soilloh NC OOIlS ny attempting the
impossible task of breaking up and re-
distributing a huge corporation into
its original parts. Such a procedure is
wholly impracticable. There is no
doubt that fragrant abuses have crept
into the management of our great cor
porations and railroads and that public
interests demand their correction and
regulation; but the latest cure would
be worse than the disease; and the
government must adopt more rational
methods unless 1t wishes to bring on
crisis which would destroy its own
supports and delay, if not wreck, the
cause of genuine reform.
Foolish Japanese War Talk.
Another cause of apprehension has
been the foolish talk of war with ia
pan. There Is no possibility in sight
of any serious trouble between us.
Japan is neither able nor willing for a
trial of strength with the United
States. Her statesmen are too wise to
consider any such contingency posi-
BILE. Japanese finances have already
been strained by the war with Russia,
and Japan possesses neither the mon
ey nor the credit necessary to carry