Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-12-11
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= RESUME OF THE WEEK.
= (By Henry Clews.)

; 80 = = = = = = = = = = . :
time past ii has been evident that
the rise in stock has been excessive
ly pushed. The big trading element
which now carries much larger
share of floating stock than is gen
orally supposed, showed no DISPOSE
ton to enlarge its commitments on
the long side; while the investing
and specializing public, profiting by
past experience, could not bee induc-
ed to absorb any important portion
OF the stocks offered by the big
holders. who have been energetical-
~ lifting the market ever since the
panic. Along with this session of
home bu.i came free foreign sell
lizing on American stocks, and con-
sentative foreign bankers have been
very explicit in their disposals OF
our stock market manipulations. To
their clients they freely expressed
the opinion that the rise in this
market had been altogether too rap
Id and out of all proportion to the
improvement in bushes conditions
on this side Of the Atlantic. In con-
sequence there has been return
of American .ocks and bonds at 4
considerable profit to the foreign
holders, and on scale not witness
ed in many months. 1t so happened
that some of our own leading bank
crs held similar opinions, though pos
sibly from different motives. They
had no desire to see another specu-
lative debauch such as preceded the
collapse of 1907: be cause they rec
oenized that a second panic would
not only retard and indefinitely
postpone recovery, but might invite
a wider, deeper and more lasting de-
preston than the first. Moreover
last years violent arrangement of
credit had brought to an abrupt
standstill many of the extensive
railroad improvements rendered i'm
perative by inadequate transporta-
ton facilities. For these increased
facilities there was most urgent
demand, which could not be satisfied
until the money market and the Sc
curity market admitted Of fresh
capital issues which had been tenn
no~arily suspended 1t is well known
that our railroads must now come
into the market with many new i'm
rortant isues. which could not be
successfully flOated in an excited and
dangerously high market. All con-
scrvative forces. therefore are united
in discouraging a speculative furore.
and 1t is to be hoped they will sue
coed. Even many of the speculative
leaders have wisely moderated their
efforts to force prices to higher
level at this time, recognizing that
it is more prudent to wait until the
present level has been we'll establish
ed or until a further Improvement in
conditions warrant still better
prices. One thing Is certain, there
ale IeW, "A any, ua1 GAINS IA tne New
iOrA s.ucA maIhet, ana snreWu III
,esLurS wno usually pesln 20 IuuA
oluunu at Lnls scaoun a4e not IlAeiy
~ piCA ny AliaAy stocns iOr LueiA
sLlOnS DOAcS AZ present prices; DOnuo
ana sOme OF the new ISSUES beng
as affOrulng sater ana more prOnL-
able returns ON lhelr money. Ine
dimculty Oh engineering January
rise which often starts in December,
| Will thus he greater than usual, and
II may be that some time Will elapse
before another prolonged bun move
vent can be successfully inaugurated.
Meanwhile We should advise The TAX
ing OF profits on all good rallies, for
the market leaders in spite OF lessen
and will no doubt keep up an APP
pearance of strength, notwithstand-
inv weakened technical conditions
This was shown in the effort to ad-
vance second elias stocks as cover
for selling the high priced issues.
The money market, while firmer,
is still too easy to please large lend
ers who desire more profitable EN-
pioyment for their surplus funds
The prolonged ease in money was not
entirely satisfactory. IT is one of tho
sequences of panic and indicates con,
tinued inactivity in some lines Of
business. 1t Is also Objectionable
for the reason that an excessive sup
lply Of cheap money is always an in
centlve to unwholesome speculation
The present imitation in stocks anl
Increased speculation in real estat,
; has been largely fostered by :edun
dancy and low interest rates. Grad
ually, however, this condition will
disappear Business is becoming
mora activp and both mprca ntila M