Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-12-26

CURED in the general industrial
plant of the country, although APP
parcntly not yet in excess of the de-
mands Of a rapidly growing pOpula-
ton The greatest degree of over
doisg outside of Wall Street has un-
questionably been is copper missing.
The esormous expenditures of the
railroads for improvements and the
rebuldisg in many of our cities un-
doubtedly caused an extraordinary
expansion in certain industries; and
partial or complete-will necessarily
be severity felt in those branches Of
industry and within the ranks of
labor thus employed.
House Cleaning About Over
More or less inertia still prevails
in the financial district; because the
housekeeping process is evidently
not yet complete. confidence recov-
ers slowly after so violent a disturb
ance, and the purchasing power OF
investing classes has been greatly
diminished. The discouraging in
fluences in Wall Street have, how
ever, been so thoroughly discounted
that it is prudent to begin to look
upon the more hopeful side. There
is no doubt but that prices are still
abnOrmally low and must in due
season reach a higher level. Cor
receive influences have been at
work so long that improving con-
ditions must soon result; and, saw
ing the temporary stringency usuI
ally experienced in January, the
money market ought to gradually
become easier and more plethortc
with the approach of spring.
Interior Banks Are Strong
The last bank call proved that the
brunt of the panic fell upon the
New York banks which depleted
their reserves and expanded their
loans to the limit in order to give
help, while the interior banks often
drew their funds from New York
and piled up unnecessarily big re-
serves The interior banks are gem
orally strong, and upon them should
chiefly fall the withdrawal of Gov
eminent deposits, which Secretary
Cortelyou is expected to shortly an
DAFo -
money threatens to become a drug
In New York and interest rates con-
siderably lower; though not as low
as in the flourishing era before the
panic. The condition of the bond
market is steadily improving and
desirable securities of this class
promise to be maintained. AS to
stocks, many dividends may be re-
duced either as necessity owing to
the diminished profits, or as a mat
ter of policy in times of adversely.
Railroads Are Criticised
! The action on Pennsylvania and
New York Central dividends this
week has been severely citicised and
is hardly likely to be repeated by
other railroads: all of which arc
feeling the effects Of a shrinkage in
traffic and heavy increase in expens-
es. These contingencies have in
some instances been so largely dis
counted as to Justify still better
prices for best class railroad shares:
though the nossihilitv must be con-
sidered that liquidation in some
cn9rters rostnoned during the panic
NAV have to be carried out to its
completion
uoo1th- Growinp Evnort Trade
Another feature affording encour-
agement is the course of our for
eign trade. Our exports in Novem-
Der were $204, 600, 000-probably
the heaviest total on record-and an
increase of $22,000,O00 over last
year. Our imports during the month
were less than $111,000, 900 and So
100000 less than year ago With
lessened purchasing power on the
part of very large number of here
tofore rich people, the tendency will
be toward diminution of imports