Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-07-04

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is beyond calculation at this time.
The gold export movement appears |
to have nearly eliminated. Aproxi-
mately $25,000,000 of gold have thus
far gone to Europe, chiefly to Paris. |!
Gold seems to have been required |
there for the purpose of strengthen
ing the reserve of the Bank of France, |
which has been lower than usual. Con-
sidering the disturbed state of politi-
cal affairs in Russia and France, as
we'll as the financial strain in Berlin,
it would seem prudent for that insti-
tuition to make it's reserves relatively
as strong as those of the other great
European banks. No concern was felt
at this loss of gold in this market for
the reason that the stock of the pre-
cious metal in the United States is
very large At the beginning of June
our net gold imports for the year
amounted to over $50, 900, and dur
ing the past three years we have added
over $100,00O,000 to our supply of gold
from foreign sources.
Confidence Is Returning.
AS we are at the same time large
producer of gold, it is quite evident
that we could have spared even a
much larger sum if necessary, particu-
larly as it went where it was most
needed and relieved strain the bene-
fit of which will be reflected in this
| market.
Outside of the money market there
is reason for increased confidence. Sc
curity values are often very low when
I the earning capacities of railroads are
| considered. If present rates of divi-
dends are maintained, many of our
| leading railroad shares would be con-
sidered prime investments at current
prices, were it not for the recent dis
turbance of confidence and the reia-
| lively high rates of interest offered
| by many good bonds and short-term
notes. Confidence, however, Is being
| gradually restored, and should interest
rates for time money decline. there
would unquestionably be a substantial
recovery in railroad securities. Rail-
road earnings, gross and net, are more
satisfactory than for several months
past In April 81 roads reported gross
of $143,0O0,O00, a gain of $27,000,OOO
over the same month last year. Net
l earnings were reported at $42.500,0 900
an increase of $8,800,O00 over the same
| month last year. The encouraging
| feature of tire April comparisons was
| the increase in net earnings, the first
| in several months. The same roads
in the first four months of the calen-
dar year, reported an increase of $685.
600, 900 in gross earnings and only &c.
100000 in net earnings; nearly $751;
100000 of the increase having been
absorbed in increased expenses.
Crop Situation Improves.
The best basis, however, for revival
of confidence at present lies in the
crop situation. We have now had more
than two weeks of almost ideal grow
ing weather. There has been no lacl
of moisture in most of the crop grow
ing sections and, owing to plenty OF
sunshine and high temperatures, great
improvement has followed in the con-
dition of wheat, cotton, corn and al
other cereal, vegetable and fruit crops
Fortunately there is a good demand
for all the products of the farm al
profitable prices. Our farmers are still
enjoying unusual prosperity, are GU
of debt and spending freely. Whil
this will be helpful to security mar
kets, it is of vastly more importance
to the general business interests o
the country which closely depend OF
the prosperity of the agriculture
classes With average weather unit
the middle of September there ough
to be plenty of corn, cotton and whea
for home consumption and an abun
dance for export at good prices
Here and there are signs of lessene'
activity in business and the feeling 0
caution is very prevalent owing to tn
high level on which all business is be
in gdone, but as yet there are n
signs of general reaction.
Praise for Gov. Hughes.
The outlook is for a quiet marke
] until after the Independence holidays
There are many prominent absentees
and this contributes to inactivity
Should we continue free of unfayora
= BILE developments, confidence ought t
gradually recover. AS said above, Their
is much less apprehension on the pal
= of corporation managers than former
' ly owing to the resistance agains
public clamor by Gov. Hughes and h
; determination that the corporatio
shall receive justice equally with tn
;. individual The Importance of the gov
- ernor's attitude in this respect shout
: not be underestimated, as many state
are sure to follow New York as a
ie example. There are also welcome ev
!, dences that the people and rallroa
managers are coming to better III
, Outstanding with each other. IN