Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-11-27

tendencies observed in various direc-
tons; but prudent recognition of the
Facts Just noted suggests the propri-
ETY. In buying stocks at this high
level. and recognition OF the most
prudent course to take good profit
when offered. Europe does not
show much confidence in our advance
and seems disposed to return to our
high priced stocks, feature that
will be come more and more pro-
nounced II the rise continues.
Monetary conditions are generally
satisfactory. Credit IL much sound
er than for several years, and funds
are readily obtained BY all good
borrowers. Interest rates may be-
come somewhat firmer towards the
close OF the year. especially AZ the
mercantile demand enlarges, but
money IL likely to temain ABUNDANT
and cheap for months to como.
These considerations are reflected in
the bond market. which shows stea.
dy improvement. More than $780,
100000 In new issues have been an
nounced this week. Large sums OF
money are awaiting investment, a.
demonstrated by the promptness
with which all desirable issues are
taken up, several noticeable exam
pies having occurred within the past
few weeks. During the remainder
of the year. and probably during the
first six months of 1909 there will
be considerable issues Of new re-
curities. The records show that
over $1,500.O00.OO In new issues
have been made thus far this year,
which Is considerably ahead OF last
years record, although allowance
must be made for issues intended for
merely refunding purposes. Never
theless our railroads have been an
nually absorbing about $1,OOO.00O,-
900 Of new capital, and this rate
will undoubtedly be excellerated in
the next few months in order to
finance improvements and extensions
that cannot longer be delayed. APP
parently the money market ID
quite able to peet such demands. as
suming they will be judiciously dis
tributed: and the effect upon certain
lines of industry will certainly be
favorable. A better demand for
iron. building materials and labor
is already in prospect; all Of which
IL evidence Of the various ways In
which recuperative influences are
actively at work.
The improvement In business A.
fairs referred to In our previous ad.
vices continues. Comparisons made
with year ago just now. would be
misleading: but in numerous instane
es the volume OF business transacted
is as large 40 in 1908 at this time.
There II still much room for i'm
provement and all lines of ipdustry
have not shared equally in the re-
covery. yeet the progress which has
taken place since a year ago Il
simply marvellous and beyond all ex.
pectations. Fortunately, our bank
ers and our great Industrial leaders
continue in a conservative mood
and are firmly opposed to the crea.
ton Of anything like speculative
boom, which our unrestrained and
mercurial spirit would no doubt
welcome and perhaps enjoy for 9
brief spell
Our export trade continue to lag
I.As~a a. ~ c~,,,o,,,hot Iioo pnO}u I n q
fashion. This is largely due to the
lessened shipments Of cotton and the
other agricultural products. In Oc'
tober our exports were valued Al
$172,1O0,O or $8,2O0.000 les'
than a year ago. Meanwhile imports
October since 1904. and $4,000, 0OC
were only $1O2,1O0,0 900. the smallest
below last years total. Exports ex
coeded imports by $69,S50.00O. Al
against $63,34O.0 900 In 1907, so thai
the trade balance was regarded al
satisfactory; but our foreign trade
is evidently still feeling the ehec
of business depression.
International affairs which hav
! been disturbing, are now more SCI
tied than for several months. Thu
deaths of the emperor and dowage
empress of China fortunately pro
duced no crisis and none is expected
The reproof which has been minis
tered to the emperor OF Germany
unpalatable as It may have been
will work for the peace OF the worl'
which more than once has been ser
iously threatened by his indlscree
utterances. Balkan anairs are al
So quiet for the time being. though
disturbances there are nearly al
ways possible. Fortunately thes
problems will come before an inter
national conference. the chief pur
nos of which will be to maintain
peace. The financial markets o
Europe are in a better condition
than a year ago. though there ha
been no such recuperation on tn
other side as here. The Unite'
States leads not only in booms bu