Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-10-29


uon day draws near the impression
Slows that Mr.. Taft will De the sue
Ct ssful candidate, and this appears
Il stiffen The confidence of those
who mold investment securities. In
TACT. belief in this result has be-
come so widespread that its effect
upon security va ues has been large
~ discounted, although a further
advance will probably follow Mr..
Iaf, S election. What would happen
ltretold There is no question but
that the election exercises power
fully sentimental effect upon bust
hess. But this is only temporary
and in the long run ii can have but
Little effect upon the entire volume
OF business While uncertainty lasts
Il certain amount OF business may be
reid up; sometimes for political eff
lect and sometimes Tor the purpose
OF opera ling under the most advan-
lageous circumstances, but over a
lengthy period OF time the e ection
OF an ordinary president is really OF
less Importance thaa ;ae selection
cf the legislative branch of the gov
executes laws which the latter en-
acts. For another week or so, how
ever, the election will be an inf IL
entail factor in sock market fluc-
tuations.
1t is now year since the panic
was at its height. To those who
fully appreciated the wide ramitica
tons of that disaster and understood
Il ne tremendous amour, Of liquida-
Iltion that must follow, the recovery
since then has been simply astCnish-
ing. In no previous p=nic. of any
thing like such severity, has recu
riete. Already security values are
back upon practically the same level
as before the panic; some Of course
being lower, but not a Few actually
higher: and this after large losses in
earnings and frequent reductions in
dividends. Much of this recovery
in securities from post panic prices
was Of course due to the glut of idle
money at exceptional low rates OF
interest, which made good stocks and
bonds look exceedingly cheap. In
Consequence shrewd investors bought
, freely; and the big spectators with
their easy control of the money mar
ket We're enabled to manipulate
en- the securities they bought to stay
the panic. For the courage display
ed in the time of distress the rich
men who took the brunt of the shock
ir October last have reaped hand
some rewards, which no one who
thoroughly appreciated the crisis be-
grudges. Yet the fact remains that
one of the most important dement's
in the rapid recovery OF 1908 was
the extraordinary abundance Of
cheap money. which not only stimu-
lated speculative recovery but
saved many good concerns from go
ing under that otherwise would have
been obliged to liquidate. At the
same time cheap money was only
one factor. There has come anothe.'
of still greater consequence and
that is the unbounded prosperity OF
the American farmer Without re-
pcating familiar facts 1t is sufficient
, to remark that here is the real foun-
dation of the remarkable recovery in
the United States. which has had no
para1 eel in o,her countries, even
where the depression was less acute.
Last year our agricultural products
were valued at less than $7,50O,OOO,-
600. This year they will reach fully
$4,000, 100000. or more than $780,
900, 900 in excess of last year. This
explains the optimism which one be-
gins to encounter as soon as he
passes the Aleghenies, and which
seems to know no bonds when the
rich prairie states OF the West arc
re ached Our western bankers and
merchants are all enthusiastic con-
corning their business future, espe-
cially after the election; and The
only notes OF pessimism to be heard
come from the great cities whore
the financial crisis is most seen and
felt. This Is particularly true
among the eastern clt:es. Neverthe-
less conditions are improving and the
volume of business is steadily giow-
ing up to that Of year ago. This
is emphatically proved - the latest
railroad earnings. 81 roads reporting
loss Of less than pei cent during
the first week OF October. In he
frs, week of September roaI5 lc-
ported a loss of 10 per cent, and III
the first week Of August Al roads
reported a loss of II per cent. In
previous weeks the losses hal run
I'D as high as 20 per cent, all 81
which shows a stea " resumption 81
business, exceedingly gratifying con-
sidering the severity of the panic.
AS TO the future, IL Is so.reWh1t