Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-06-20
RESUME OF WALL, STREET
By Henry CIews.

NEW YORK. June 20.-The stock
market has been unsettled by con-
hicting conditions. Downward reac-
tions are followed by fair recoveries,
owing to the fact that security values
are upon a relatively low level and
often show attractive returns at cur
rent quotations. There is an absence
OF buying power, however; also, lack
of general confidence, which prevents
any sustained rise. The reasons for
this state Of uncertainty are several,
chief of them being the unsatisfactory
monetary and crop prospects.
Money rates are steadily harden
Ing, partly owing to preparations for
the July disbursements and partly be-
cause of unusual pressure upon the
money market. Local bank reserves
are exceedingly low and should be ris-
ing at this season in anticipation Of
the autumn demands. Unfortunately.
there is no tendency, thus far, to con-
tract loans which still continue abb
normally high. The last statement of
the country's national banks, May 20,
gave loans and discounts of $4,631,-
100000, an increase of $425, 200, 900 over
the corresponding statement made a
year ago. Individual deposits and cash
holdings show satisfactory gain;
nevertheless, the expansion in loans
must be considered excessive.
Foreign Market Uncertain.
Abroad the money situation is also
somewhat unsatisfactory owing to the
great demand for new capital and an
ticipation Of commercial reaction. The
Situation there was somewhat compile
Gated by the Partisan demand for
gold. which, was probably the result
of preparations for financing Russian
requirements. Thus far $12,5OO. 900 of
gold have been exported from this
side, Secretary Cortelyou's decision
TO withdraw about ssO.o0O,ooO from de-
positary banks also had a temporarily
stiffening effect upon money rates. al
though the bulk of this sum will soon
be paid out again by the treasury for
bond redemptions and other purposes.
Concerning the crop outlook. the
news Is not particularly satisfactory.
Our weather continues cold and wet
Tor the season over very large sec
tion of country. All the crops are
backward. Cotton Mas been considera-
bly, damaged and good weather viii be
imperative during the balance of the
season to secure fair crop. Reports
as to damage have been exaggerated
for speculative effect: nevertheless
considerable of the advance in cotton
has been justified by weather condi-
ltions.
Some improvements can be noted in.
the wheat crop, although there has
been serious injury in Kansas. wheat,
however, readily makes good growth
In cool weather, and there is vet no
reason for apprehension regarding this
important cereal In both cotton and
wheat recent high prices promise to
more than make good to the farmers
any shortage in the yield.
Corn Crop Is Late.
The outlook for corn is uncertain.
Planting ought to be finished by this
time. but in the northern sections con-
siderable replanting is yet to be done
Corn is essentially a high temperature
crop and a cool summer and early
frost might easily cause disaster in
this our crep Of greatest value. At
the same time is is utter folly to show
undue apprehension at this stage. The
season is late and backward. but there
are abundant chances during the next
three months for Improvement. TAX
ing the agricultural situation as q
whole. the outlook is not especially
unfayorable.
Our farmers are generally out Of
debt and practically sure of profitable
prices for all their products during the
ensuing year It will take a much
more .serio2s crop damage than now