The Cairo bulletin., 1908-06-22
Special.

Mr.. Taft has secured the nomination
the political outlook has been much
clarified. Unless unforeseen events
interfere Mr.. Taft viii be our next
president His high character, ability
and long experience in public affairs
afford promise of satisfactory anc
successful administration. The Roose
welt policies will be continued, but II
more deliberate and less disturbing
fashion. As these policies are al
ready will understood and have beer
fully discounted. the stock market
ought to be comparatively free OF
political influences for some time tC
come The Denver convention is, OF
course still in prospect and is likely
to bring to the surface discussion and
movements of a radical nature. This
however should cause no serious con
Germ. AS a voice of protest and warn,
ing 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.
Technical Position Strong.
The stock market has shown dull
neas usually experienced previous to
important political contingencies.
WITH the removal of politics from con
sidcration, temporarily at least, the
market is likely to be governed more
by natural influences. The technical
position of the market is a strong one,
and the floating supplies of stock 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 remarkable
recovery since the October panic, and
that prices apepar high in view OF
the many remaining unfavorable con
ditions. But as tendencies are to-
wards Improvement and confidence IL
rising. it is difficult ii not Impossible
to induce holders to part with stocks
when they are so strongly
as at present. wall
street will not long reese satisfied with
n stationary market; efforts Will soon
be made to force prices either up
wards or downwards, much depend
ing upon the future course of business
There is no question but that the ten
dency here is towards steady re-
nor is there any dOupt
Int that the worst of the crisis was
nossed last winter The future there
fore now chiefly depends upon the
crops. AS is already known these
are very promising; the larger acre
age and the generally high condition
of grain. cotton, hay, fruits and vege-
tables all assuring the farmers of a
profitable year. June, however is
usually the period of highest condi-
ton for any of the crops; July ana
August are frequently months OF de-
and September always
always brings the danger of frost toI
corn and cotton, two of our principal
crops. To this extent. then, the M
ture is uncertain; yet, allowing tor
the average loss in condition during
the mast ten years, we should still
hovn crops much above the average,
for which profitable prices will bel
had. and of which Europe will take
all we can spare,
Quiet Summer Expected.
On the Stock Exchange we may
look for a comparatively quiet sum
mer. The storm is over and the dan
ger signals are down. Absentism VIII
also soon be a factor in the market
Meanwhile no pronounced setbacks
are probable; and prices will no doubt
respond to favorable developments.
Easy money is q certainty for months
Bank reserves are piling up both at
home and abroad as the result OF
trade. In view OF the lars
stocks of gold held in the European
hanks. In some cases the largest on
record. the recent exports OF gold TO
Germany are somewhat mysterious
unless intended to strengthen the
Rank of Germany which has made
smaller gains in its gold holdings than
the Bank of France or Bank OF Eng
land.
Our business situation is still I'M
satisfactory: the volume continuing
between 20 and 80 per cent below last
wear. as indicated by current railroad
earnings and bank clearings. the
losses in railroad traffic are now max
ing themselves apparent in further re-
luctions of dividends. Louisville
dividend was cut and the
moor 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-diyidend
navers. Railroad traffic is still very
light i'm volume. and little improve
meut is expected until the crops De
gin to move. our iron trade con
tiuues very duh. the late reduction IN
prjces having failed TO furnish the
expected stimulus. Evidently further
will have to be made be
fore buyers come in with any freedom
Construction work of all kinds has
been deferred as far as possible. and
is not likely to be resumed until In
dncements are made in the way of
obaauar cocfc Tho curtaiImpnt in