The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-09-06
THINKS" AND COMMENT

That the present low prices of
mining stocks have been superln-
duced by the slump in industrials on
the New York market is the view en-
tertained by the shrewdest operators
in mining securities, and If correct
it does not portend long continu-
ance of present conditions. 1t Is
not probable that Wall street will
be willing to protract it's present tao
tics over any great period.
Incensed at the squeezing Presi-
dent Roosevelt has given the watered
stocks of great corporations, Wall
street has attempted to scare the
money-holding public and to make
the administration see the error of
it's way Recent developments have
indicated this, and the consistent
course of the inspired press con-
firms the assumption. Journals pub
lished in the interests of finance all
reflect the attitude of Wall street,
and they are hammering the presi-
dent with one accord. The same
thing is observed in the financial pa
pers of other great money centers.
There is tremendous battle on
between the president and the trusts
and Just now the latter are trying to
demonstrate to the country that Mr..
Roosevelt is wrong; that his policy
/ is forcing down values and that it
means danger that it is hurting
business and is ruinous. And in do
ing this Wall street is frightening
the people and money is so timid
that it is desperately scarce.
But there issno foundation for the
fright. President Roosevelt does not
mean war on business interests. and
Wall street knows that. He is not
'trust-busting," as Wall street says,
but only curbing the trusts, and the
street will not be able to brighten all
the people all the time.
The San Francisco Chronicle says:
Reports from eastern financial cen
tiers indicate mistaken confidence
and upon the whole feeling of re-
lief that the volume of the winters
business is not likely again to exceed
the capacity of the physical agencies
of the country. The railroads have
for the most part relieved the con
gestion on their tracks, although
there is some anxiety as to what may
happen when the movement of the
crops is in full swing. From now
until the return movement of mon
ey from the crops begins money vii
be tight in all markets, but it is be
lieved that the resources at the dis
posal of the treasury, and which vii
be used if necessary, are ample tt
finance all crop movements. While
there is general caution in buyin;
fall stacks in all parts of the country
/ it is thought to be due rather to thu
: possible scarcity of bank accommo
! dations when bills mature rattle
than to any doubt of an active fal
trade, which seems to be assured b.
the high prices of all farm product
in all parts of the country. Mos
bankers seem to doubt whether tn
bottom of the stock market has we
been reached, as the enormous OF
ferings of high-class commercial pa
} per at high rates keeps the bargai
= hunters supplied, without recourse t
the stock market.
II 1t seems to, be recognized as a
established policy of the government
that prosecutions will be instituted i
all cases where proof can be obtaine
of violations of the antitrust or in
II terstate commerce acts, and that tn
universal principle will be to gran
immunity to subordinates, or to tn
party which yielded to the pressure
: in return for evidence to convi(
those higher up or who were tn
principal beneficiaries, and the stoc
market is adjusting itself to the the
L ory that the laws must be Obeyet
Il Upon the whole it is not thought thf
II the result will be disastrous. 1t is
little amusing, however, to not
among financiers who do not fe'