Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-04-25

4
temporary appearance of strength,
otherwise the situation has been lack
ing in new features Just now there
is a disposition to await the develop
ment of new tendencies. The growing
season for the crops will soon be open,
and this will be a vital factor in tn =
country's business preparations and
also in stock market operations. There
were rumors of damage to the winter
wheat crop in certain sections of the
country, but these were not of suff1-
cient Importance to affect values.
Now that speculative activity has d.
minished, more attention is being paid
to the general condition of business.
1 Opinions in this respect seem much
divided. Quite a number of our in
dustrial leaders and financial magnates
have been talking business reaction,
and their statements have been NOR
or less supplemented by retrenchment
on the part of concerns which they
represent. A certain degree Of re-
trenchment in projected railroad de-
velopment is inevitable. owing first to
the difficulty of raising new capital
and next to the high cost of construc-
ton. Already a perceptable decrease
is to be noticed in building operations
The total projects announced in March
in our leading cities amounted to
$4,000, 900 this year. as compared with
$56,000,000 last year. This Is only
small decrease of about three per cent.
but it illustrates the tendency A mod
crate abatement in real estate activ-
iy would probably be beneficial. especi-
ally in the department devoted to the
sale of cheap lots on the instaIlment
plan to parties who never intend to
build upon or improve the property
which they have purcha sed
Caution in Financial Circles,
There has also been very decided
change in the attitude amongst bank
ers towards their customers Funds
are readily obtainable for the conduct
of regular business onerations upon
an accustomed scale, but new enter
prises and endorsements are turned
aside with a uniformity and empha-
ais that is in striking contrast with six
or even three months ago. Caution is
everywhere dominant in financial
circles. At the same time It IL prop
er to remember that New York is the
very center of the depression. Here
the future is regarded with much more
distrust than elsewhere This is but
natural for the reason that reactionary
tendencies are first discerned at the !
financial center and here exert their
first effect. New York. moreover. has
not vet fully recovered from the ef-
fects OF overspeculatiin which brought |
on the March crash Those losses |
fell chiefly upon this city. From the !
interior all reports continue very en- |
couraging. Trade outside of New I
York Is generally described as strong |
and active. A hopeful feeling seems
prevalent everywhere, and little SYM ,
pathy Is shown With the depression in
New York. The question is-wiu the /
the optimism of the interior overcom.
the detection which prevails. in New
York, or viii the latter grow ana
spread itself over the entire countrv9
II seems hardly possible that business
can continue on the high pressure
basis which has prevailed for the
last few years. There is no douot
that moderate recession in values
not merely in securities but in com
modities also-would place the conn
try on more stable basis. Fortuna
teiy speculative tendencies have been
restrained by our bankers, and this is
an element which should give conf
dence In the industrial world there
are few signs of overproduction, and
should nothing happen to check con-
sumption and the harvest prove satis-
factory. we may look for another good
business season. Another blow, how
ever, such az the March collapse In
stocks. would have a detrimental ef- !
feet on trade, and would, no doubt
compel further retrenchment than
now seems necessary. The mere fact
that the supply of new capital has
been practically exhausted and tina.
bankers are persistently discouraginI
new enterprises viii. of course, result
N a more or less diminished demand
FOR labor and raw materials. It Is too
early. however TO estimate the effect
IF this influence.
Foreign Commerce.
One satisfactory feature was the
March returns Of our foreign COM
nerce. Our exports in that month
were sfe2,ooo,oOo or about $4,000, 900
more than In the same period last
year. Our imports in the same period
we're s1s3.o0o,o0o, or SIC. 00o, 900 In ex-
sess of last year. The net result was
IN excess of exports of $4,000. 900.
against ss2,oOO,oOo in 1906. This is
IN exceedingly satisfactory showing.
since the exeess OF exports-although
smaller than last year-was much
above the average, and was realized
n spite of very large imuortations