Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-07-12
Special to Evening Teller.

| liquidation, which eliminated IN the
March panic, the market is now dis
playing considerable recuperative
ability. The thoroughness of liquida-
/, ton was admitted, and all unfavora-
bic influences having been thoroughly
discounted, there was no reason for
further depreciation. Confidence has
been gradually recovering for various
reasons; largely perhaps because of
the better understanding which Is de-
veloping between corporations and the
people, although that has always been
an element of depression small in
comparison with the exhaustion of
capital which was the main factor.
The tendency toward improvement
was observable two or three weeks
ago; the principal obstacle to the rise
in stocks being the unsatisfactory
condition of the money market. Now
that the July disbursements have been
safely passed the outlook is somewhat
better. These funds have been releas-
ed and large amount of money pre-
viously locked up is now available for
investment or other purposes. During
the next two months, or until about
September 1, there will be no unusual
local demands upon the money mar
ket and currency should begin to flow
cially II high interest rates continue
BY this It Is not meant that the mon
ey market Ia in a satisfactory condi-
ton. On the contrary. there are many
elements in the money situation which
invite both caution and criticism.
Period 81 Strain passed.
Nevertheless, the period of greatest
strain has been safely passed. and for
ought to be towards improvements. Re-
newed gold shipments cause some UNI
easiness in certain quarters, especial
ly as the precious metal IL an impor-
tant basis Of credit. 1t should not be
forgotten, however, that we can read
lily spare considerable sums of gold
without injurious effect here. We
have q large stock of gold which has
been heavily augmented by importa-
tions for the last year or two, besides
which we are a large producer of
gold. There Is really nothing threat
ening In the foreign demand upon US
for gold at this time. On the contrary,
we will indirectly receive the benefit
of allowing a portion of our surplus to
go where 1t is most needed for
strengthening purposes.
One of the best features in the stu
alton is the steady Improvement in the
crop outlook. We have now had three
weeks of almost ideal crop weather.
which has done much to repair the
injury caused by a late and cold
spring. Harvesting of winter wheat
has begun in several states and the
condition of this crop is reported
much improved, and the outlook is at
least for a full average crop.
Crop Outlook improves.
The chief complaint comes from
Kansas, where the damage. although
exaggerated. IL uuquestionably seri-
Gus. Corn has recovered considerable
of Its backwardness, but is still from
one to three weeks late. While the
stand is small, condition is generally
good and with late frost chances are
in favor of good yield. Even cotton
is rapidly making up for lost time, and
the prospects are much better than
month ago. 1t would seem quite like
~ that condition is better than the
government report of 70. This was q
rise of only u points in the month,
which seems exceedingly small in view
of the splendid growing weather dur
| ing the past three weeks. Suffice 1t to
say, that the crop situation as a whole
Is much more encouraging than q
month ago. With favorable weather
/ during the remainder of the growing
season, it is fair to expect good crops
as q rule. On the other hand, the sit
uation is critical both as to cotton and
corn. and early frosts might cause
serious injury.
transactions on the stock exchange
this week have been somewhat re-
stricted by observation of the indie
pendence holiday. The outlook. how
ever, is for a more active market II
July than experienced in June. The
low prices at which many stocks have
been selling considering their divi'
dend-earning power, have induced
some of the market leaders to TAXI
more optimistic and aggressive atti
tudes. The rise which took place il
some of the leading stocks during thu
! last two weeks received the sanction
and support of some of the strong in
terests in the market.
Market Entitled to Rally.
Some of the larger operators wer
evidently of the opinion that unfa
vorable conditions had been we'll dis
: counted and that the market was en-
: titled to fair rally. This, combine
with the conditions referred to above
explains the recent strength of tn
market in face of stringent none