Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-02-28
Isn seriously aggravated some of our
preceding paniCs.
Nnaratnn.s Pr. OF, Poo ntin,a

81 seriously aggravated some of our
preceding panics.
Operators Buy on Reaction.
On the stock exchange prices con-
tinue to huctuate within moderate
limits. In many cases values have
row receded to almost the late panic
level. Some stocks are much lower.
Since weap spots have been pretty
thoroughly eliminated and much of
the unfavorable news now coming
cut has been known to insiders for
weeks past, there seems little chance
of any important decline in the gen
eral market. Individual securities
may of course fall, owing to unfa-
vorable developments, but the tech
nical situation Of the general mar
ket, it should not be forgotten, Is
really much souuder than for q long
time Apparently the big operators
have quietly distributed stocks
bought to check the panic. and this
has left the market for the time be-
ing without their support These
individuals. however, are quite like
| ~ to become buyers on every reaC-
ton, for the reason that present
prices amply discount all known or
probable difficulties and the market
Is ready to respond to good news
Such operations on their part are
much facilitated by the lower prices
which now prevail and which permit
larger transactions upon smaller
capital. The successful placing of
! $5O,O0o.G00 New ork city bonds,
subscriptions having aggregated
nearly $30O,O00.000, shows that
there is still plenty of money for in
vestment when securities of unques-
toned safety are offered
Investments Closely Scrutinized.
Investments, however, are much
more closely scrutinized than for
rerly and there is a decided prefer
ence for bonds and preferred stocks;
the reason of course being that the
latter must take the chances of re-
duced dividends. 1t is an open
question, however, if the latter con-
tingency has not already been fairly
discounted on the better class of
stocks, some of which will y able
to continue paying the old rate of
dividends because of the ample mar
gin permitted to remain during the
times of prosperity. Better earnings
should soon be reported, since easier
money facilitates the crop move
ment, which was temporarily ham
pered by scarcity of funds during
the panic Railroad managers are
now passing through an ordeal o.
more or less severity The large
, falling off in revenue, accompanied
by high rates of expenses in com
, polling a pronounced change of pol
! icy. Rigid economy is now heint
rracticed on most of the lines, ant
, as traffic begins to recover from thu
, extreme effects of the crisis bette
net results should be experienced
) than were shown in January. Man.
: of the railroads can effect big econo
} mics when so disposed; many i'm
provements and repairs can be post
: poned; all of which will do mucl
r toward compensating for the los
I of gross earnings.
e No Room for Calamity Howling.
I What the outsome of the move
ment of the railroads to reduc
O wages will be remains to be seen, d
this may become factor of niue
: disturbance. There is, however, n
t room for calamity bowling; there
o no occasion for undue anxiety; cat
ton may be necessary, especially /
' commercial operations, though tn
+ financial depression has seen II
. worst and the long-distance view
imore encouraging than at any tim
within the last II months, Inves
ors have no reason to feel otherwis
a than confident, while speculative OF
S orators should be satisfied for til
a present with moderate profits an
: quick turns. On all pronounced r,
: cessions the better grade of stool
n should hereafter recover mol
! promptly than usual
Z HENRY CLEWS.