Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-05-02

.oWards betterment. Recent liquid
ltion of excessive speculative accounts
mas affored material relief in money
also abroad. The expected reduction
in the Bank of England rate from 12
to 4 per cent was emphatic testimony
Of improvement. Over there the SIT
uation has been distinctly Settered |
by the removal of fears that Ameri-
can demands might impose threaten
ing strain upon European reserves.
in March removed this !
fear and the situation abroad is grad
ually assuming the normal. While the
situation abroad is easie-
owing to these causes. there are still
points which call for more OF less
concern It is highly desirable that
our bank reserves should be strength
ened. The last report Of the national
banks issued March 90 shows that re-
serves in the interior are much be-
low the average There has been
tremendous expansion Of $500, 100000
in loans without a corresponding gain
in the reserve items. and the banking
situation in the interior is one thai
demands conservatism. Western bank
ers apper to be quite confident OF an
other years large business, yet at tn"
same time they recognize the neces-
sity for prudence. Locally the situa-
ton is much stronger than three
months ago: and the tremendous ex-
pansion in loans shown during the
last three weeks is largely due to the
transfer of accounts from the inter-
Tor and elsewhere to New York This
should serve to strengthen interior
institutions; though it imposes a heav-
Ter load unon New York. Neverthe-
less there is a better feeling In local
banking circles than for some weeks;
and the hope is expressed that re-
serves will shortly begin to rise In
order to meet the trade and crop re-
ouirements of spring and lhid-sum-
mer. Fortunately there are lndlca-
lions of abatement in new demands
for capital. The railroads are post
poning some of their new enterprises
and combining OUTLAWS to strictly nee
| essarv improvements. Bankers are
| also turning a deaf ear to new
: schemes and speculative PROPOSE
tions. This policy of caution, which
is everywhere prevalent, should avert
any serious difficulties.
Reaction in Business.
nv, .,;a;o,, SC Growing that a
moderate recession in business mus'
he expected. The mere fact that ne"
enterprises are being undertaken
with more care will result in les
sened demand for both commodities
and labor. Reaction usually begins
at the top and there is already nou
ceable lessening in the demand To-
Injuries The shrinkages in wal
street were felt more severely by lh'
rich and we'll to-do; hence the masse
have ESCAPED Its infiuence-for Tn
nresent at least; and only in cours
Of time can it extend itself Throughout
the line Labor is still actively EN-
4 Moved at good wages and Is consuh
ing freely of all products. This mean
q continued active consumption IL
J all the great staples OF commerc'
Much will depend upon the next haf
vest. Nearly all Of the crops are un
usually late this season; but there !
~ course, ample time for recovery
Railroad Earnings.
Railroad gross earnings in Feorl
rv ~ "a railroads amounted to $l24
600. 600. an increase over last year
4 a. 300. 900. During the same periC
y operating expenses increased near
s10 200. 600, leaving net earnings -
ann ooo less than in February OF Ia
\ YEAR This is striking example
az atyact of recent tendencies IN gel
n aral business-that of increased Q
nanses IT shows that in spite OF mu
larger gross earnings, the increase
oxnanses wiped out all this gain a.
left instead q decrease. Announcer
a,cation wEtca cannot be overlook
IL that fun : ID by the Cieaii
rrousa return. For the last UNI
,vea,.s these have shown a steady Q
cline compared with last year. 1
heaviest shrinlage was, OF course
New York. where speculation Is
a minimum. but 1t is to be noted u
number of leading cities IN
cast and also in the west are snow
smaller returns than year ago.
HI Future of Stock MARKET
III The future of the market does
promise any pronounced movement
either direction. Many of the VIC
II features In the outlook have been
" discounted. and 1t seems quite pr
able that the stock market mas
anticipated any moderate recession
business activities. II left TO III
the market should gradually reco
and assume a frmer tendency
neriod of hysteria is over and g
Adence is slowly but surely being
stored. In many respectes the n
II s-LAg~, ttsa1f RafOrmal