The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-06-22
TAFT WILL Be THE
NEXT PRESIDENT
Practically Assured Says Hen
ry CIeWs, He Will Follow
Roosevelt.
INFLUENCE ON STOCKS.
TAFT WILL CONTINUE ROOSE-
VELTIAN POLICIES AND AS
THESE ARE UNDERSTOOD, MAR
KET WILL REMAIN STEADY.

New York, June 22.-Now that the
Chicago convention is over, and that
Mr.. Taft has secured the nomination,
the political outlook has been much
clarified. Unless unforeseen events in
terfere, Mr. Taft will be our next pres
ident His high character, ability and
long experience in public affairs afford
promise of satisfactory and success
full administration. The Roosevelt poll
cies will be continued, but in more
deliberate and less disturbing fashion.
AS these policies are already we'll I'M
derstood and have been fully discount
| ed, the stock market ought to be COM
paratively free of political influences
| for some time to come. The Denver
convention is, of course. still in pros
pect, and is likely to bring to the sur
| face discussion and movements of a
radical nature. This however should
| cause no serious concern. AS a voice
of protest and warning the Denver
platform may be of some value. but
| fortunately the American people are
not yet prepared to follow the extreme
and dangerous radicalism which is
likely to develop at Denver.
The stock market has shown dull
ness usually experienced previous to
important political continge ncies
With the removal of politics from con-
sideration, temporarily at least, the
market is likely to be governed more
| by natural Influences. The technical
position of the market is strong one:
and the floating supplies of stocks are
chiefly in strong hands. who have no
difficulty whatever in carrying large
holdings in the present easy condition
of the money market. 1t is true that
the market has had very remarkab BILE
recovery since the October panic, and
that prices appear high in view of the
many remaining unfavorable condi-
tons. But as tendencies are towards
improvement and confidence is rising,
| it is difficult if not impossible to in
duce holders to part with stocks; es-
pecially when they are so strongly
concentrated as at present. Wall
street will not long rest satisfied with
a stationary market; efforts will soon
be made to force prices either up
wards or downwards. much depending
on the future course of business.
There is no question but that the ten
| dency here is towards steady recuper-
alton; nor is there any doubt but that
the worst of the crisis was passed last
winter. The future therefore now
chiefly depends upon the crops. AS
is already known these are very prom
Using; the larger acreage and the gen.
orally high condition of grain, cotton,
hay, fruits and vegetables all assuring
the farmers of a profitable year. June,
however, is usually the period of high
est condition for many of the crops :;
July and August are frequently
months of deterioration. and Septem-
Der always brings the danger of frost
to corn and cotton. two of our princi.
pal crops. To this extent, then. the
future is uncertain; yet allowing for
the average loss in condition during
the past ten years, we should still
have crops much above the average
for which profitable prices will be had
and of which Europe will take all we
can spare.
Our business situation is still un-
satisfactory; the volume continuing
between 20 to so per cent below last
year, as indicated by current railroad
earnings and bank clearings. The
losses in railroad traffic are now max
ing themselves apparent in further re,
auctions of dividends. Louisville &
Nashville dividend was cut and the
poor statements of Baltimore & Ohio
suggest reduction in that quarter
Republic Steel passed its dividend, and
two of the Vanderbilt lines this week
also joined the list of non-dividend
payers. Railroad traffic is still very
light in volume, and little improve
ment is expected until the crops begin
to move. Our iron trade continues
very dull, the late reduction in prices
having failed to furnish the expected
stimulus. Evidently further conces
sions will have to be made before buy
ers come in with any freedom. Con
struction work of all kinds has beer
deferred as far as possible, and is not
likely to be resumed until induce
ments are made in the way of cheap
CT CoSlS' Inc Gun tdlIInSut III various
Industries put into force during the
winter months has resulted in keeping
supplies at such a low point that many
factories and mills are obliged to par
TALLY resume; full time, however, is
being only rarely resorted to; and il
seems unlikely that activity on the
old scale will be renewed during the
current year. No doubt 1909 will be 6
better year than 1908, but time anG
patience are still necessary for over
coming the late crisis. Confidence
however. is reviving, and there is ev
cry reason for regarding the future
with more hopeful spirit.
: HENRY CLEWS