Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-11-13

year are SO radically different from
previous post election periods tina
little analogy can be drawn between
them, and this year must be judged
largely by itself In the first place
ii must be remembered that securit,
prices are now quite high especially
of business and the lessened profits
which both railroads and industrials
have endured. The only thing that
makes securit .es look cheap just now
is cheap money which combined with
| hOpefulness are the main factors In
support of the stock market. What
stocks may do when interest rate ad.
vance. as they must with the in.
creasing demand for mercantile
credits. cannot be predicted at this
! ing power Of cheap money cannot
be relied upon indefinitely, and 1t
must he realized that this support
Will gradually disappear as business
improves. Just now money is plen-
| tiful and cheap. 1t must also be
recognized that the floating supply
of stocks has been concentrated in
few hands ever since the panic.
and that the holders of these accu
mutations are anX Gus to take their
profits and tighten their load. This
they will do on every favorable op
portunity. On the other hand the
general situation is very satisfac-
tory. All the known forces are to-
recen, housecleanlng the financial
situation is exceptionally sound. and
there is nothing in sigh, to pre-
vent an unusually prompt return OF
business to the normal, at least in
volume If not in profit; Our rail
roads are exceptionally we'll situa-
ted; some croaking managers to the
contrary. Recent depression has
brought about many economics that
were never dreamed Of; traffic is
rapidly recovering, and at the pres
ent rate will soon reach last years
volume; rates are being advanced
an If yumOred intentions are true
railroad revenue will be consider
ably increased next year from this
source alone; so that with increases
In gross earnings and decreases in
expenses. net results in 1909 should
be exceedingly favorabie. The out
look for industrials Is more salts
factiry. Here, too, expenses have
been curtailed as far as possible,
and with the resumption Of business
profits will rapidly recover from re-
cent losses. The irin industry 10
still good trade barometer: and,
IL the orders received by the United
States Steel corporation are any in
the outlook is certainly i'm
proving. Orders for 100000 tons
of iron valued at $25,0O0,0O0 to $40,
OOO, 900 were placed in October; the
sales of copper were unusually large;
a decided improvement has taken
place in the cotton goods trade; the
grocery trade Is more active, and the
general revival Of enterprise is
shown in the large increase Of new
All of this activity
was stimulated because of the ex-
pectation of Mr.. Taft's election; 80
that a burst of activity aow would
40 unreasonable. Another boom Is
the last think to be desired,
There is every reason, however, to
take a cheerful view vi the Iulure.
While the election has been largely
discounted, an important stimulus
mas been given u recovery Whlcn
will laler on assert itself. II Is quite
possible that the STOCK market WAL
onow some lrresuiarlty, owing 10 me
temptation to take pronts. Ane uh-
SelIieu condition VI lnterna .lohai
puilLlcS IN Europe also anec,S Oui
seuurlty luarkets, because American
s,ouns are lne best on Wnlcn 10 re-
alize wnen Oilers need prUtectlon.
Lonuon has already retuined some
cunsluerapie blocks of our securities,
Trough grained at oui election re-
SUITS, ana undoubtedly would le-
purchase them We're 1t not Ior the
Dalhan situation, AS we'll as the I'M
| certainty regarding the attltuue Oh
Germany. Forthcoming security Is
sues Will also tend 10 restrain any
further excessive advance. Az home
an OBSERVING eye must be kept up
ON congress and the state legisla-
lures. Tariff legislation Is sure 10
come up at Wasnington; anu the
fever may again
show itself in some of the state legs
latures. AS to the tarin, which
could readily be modified without
harm to any interes. and with great
benefit to others, there Is little pros
pect OF anything important being