The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1904-07-14

likely 10 disappear ana one Of the
most lnsldlous and dangerous moves
ments In our political history has be-
come a thing OF the past. II Ii no
slight gain to have no serious n dis
turber OF confidence finally removed
and In consequence American inati-
tutions and American Investments. as
well as American politics, are likely
to inspire greater confidence, not only
at home. but In due season abroad.
Another stimulating factor was the
government cotton crop report, prom
Using an unusually large yield. While
periods OF deterioration In this staple
and the effects OF the boil weevil
which last year destroyed siboooooo
of cotton. are atm unknown. still the
unusually high condition of tho crop
and the great increase of acreage leave
a very big margp for injury from
these quarters. the chances strongly
favoring big crop In any event. Other
crops are progressing quite satisfac-
torsly. and. prices being relatively high.
farmers seem confident Of another
profitable season. with prosperity in
the cotton. corn and wheat belts such
as In now promised, II 10 perfectly rea-
sonable TO anticipate good fall trade.
and this In precisely what interior dis
tributors are generally looking for
ward 10. There are spots. particularly
In the iron and textile districts. where
more or less depression exists as o
result OF conditions In those particular
industries: but outside of these spots
hopeful feeling prevails. and as
business during the last six months
has been conducted upon conservative
lines, the mercantile interests may be
considered In sound and satisfactory
condition. Railroad prospects are also
improving. inasmuch as decreased
earnings are less frequent ana less
severe. while traffic managers are dis
tlnctly more hopeful In their Views
for the same reasons as the mercan-
tile classes. The iron trade. however,
is still unsatisfactory. Six bad months
have already been passed, and there
ls not much encouragement for the
next six months. save that conditions
are more likely TO grow better than
worse. The chief trouble is lack Of
orders, enterprise having been checked,
while buyers win not take hold until
absolutely convinced that prices have
touched bottom. something which
strenuous efforts for holding together
the various pools does not seem call
culated TO accomplish.
Since the holidays the market has
developed healthy activity. July dis
bursements and the good investment
demand for bonds afforded some ad-
ditional stimulus to the facts noted
above; but the increased dealings were
largely due TO the operations Of a
class OF big and active traders who
have long been absent and whose re-
turn Is significant. On the rallies
was considerable realizing. but good
buying was In evidence on the de-
cline. London buying was also a
feature. and there were indications OF
selling by the big holders. The latter
appear to be favoring an advance, and
are not likely to discourage any bull
movement in lis early stages 10 long
as they carry such n large supply OF
stocks as they now do. This fact alone
promises a more active market an long
as conditions favor The money mar
ket continues easy and loanable funds
are abundant, but the monetary sit
uation is not entirely free OF pitfalls.
The crop demands Will soon begin,
and will certainly pull down balances
at eastern centers. notwithstanding
the comparatively strong condition Of
interior banks A rather unsatisfac-
tory feature. also, is the recent addl-
tional expansion OF loans. which are
again at record breaking level. The