Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-02-22
Special to Evening Teller.

the stock exchange which began last
week made further moderate progress.
On the previous drop considerable
line of stocks had been accumulated
by the strongest interests in the street
who took advantage of the first oppor-
tunity to market considerable amounts
of long stocks at a profit. The present
recovery has been accompanied by
more or less speculative buying Of
securities. giving the market a more
active and stronger appearance In
f1uences which have been chiefly re-
sponsible for the recent trend of af-
fairs have been easier money rates,
gold imports, a better understanding
Of the presidents policy, and the natu-
raj reaction following a long and
rather severe decline.
The. Monetary Situation.
AS to the monetary situation that
is distinctly improved, owing, how
ever, more to the January liquidations
than to any abatement of demands or
increase in bank reserves The latter
are extremely low; lower in fact than
for many years at this season. Two
sources of relief are open for this
difficulty; either a further contraction
in credit, which is possible, or fur
Their addition to our stock of gold
through gold imports. While the
course of exchange favors, our bank
ers are certain to be bidders for gold
which comes into the open market in
London. The Bank of England re-
serve Is in splendid shape-the reserve
being over so per cent--and that in
stitution is, therefore, not obliged to
come into serious competition with
American buyers. At the same time,
there is a disposition on the other side
to discriminate against American Dor
rowers on the ground that home inter-
ests should receive first attention, and
that American demands, though in
sistent and hitherto profitable
should be set aside. The fact, how
ever, that Americans have been wit
ling to pay high rates for credit has
generally been an inducement which
English bankers were not disposed to
ignore. American bankers are in a
position to pay good rates for gold.
ND 70 Hlya1xy 10 int oh
competition with the Bank of Engl-
and; which, although it has shown its
control over tho International money
markets, has still to reckon with New
York as a powerful competitor. So
far as gold imports are concerned.
much dependes upon the immediate
course Of our foreign trade. Mer-
chandise imports have recently been
running very heavy. owing to the great
demand for all kinds of products and
luxuries, and figures have mounted
higher than usual partly because of
high prices. January figures for mer-
chandise imports are not yet available,
but details of exports are suggestive.
The total exports from the United
States for the month were valued at
over $110,0O0,O0O, compared with $685.
100000 the same month last year. This
was a handsome gain of over $4,000
| 000.. 1t should be noted, howaver
| that there was heavy decline in the
exports of bread stuefs and meat pro-
was entirely due to the unusual in
crease of $9l,0000er in cotton. The
quantity of cotton exported in Janu
airy was fortunately almost double
the exports of last year, the total val
ue of that staple Clipped during the
month amounting to nearly $70,O0O,-
900. Had it not been for the lower
prices of cotton stimulating these ex-
ports, we should probably have been
| forced into shipping gold in order to
settle our foreign Indebtedness.
President Roorevelt's Policy.
Financial circles have at last awak
ened to the fact thst the president has
no destructive purposes whatever in
his reform movement In fact, he is
appearing much more conservative
than his, enemies would have 1t ap-
pear. He is not anxious for any fur
Their legislation during this sessi N;
ana none could be accomplished for the
time is too short for Intelligent and
thorough discussion. Such IDEAS as
he has for reform are In the line Of
public interest. They are not adverse
to the proper conduct of corporate, in
'rrests, nor are they r troective. as al
one ;rne was fearAl This under
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