The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-06-28
Markets Will Sway Under Con-
tents of Bryan's Plat
form, Says CIeWs.
TAFT is EXPECTED TO WIN.
TRY OUT OF ITS PRESENT
STATE OF DOUBT AND BUSI-
NESS DEPRESSION WILL CEASE.

considerable and prolonged advance.
Upon announcement of tn event prices
as usual reacted; early buyers having
taken profits and left the market with
inadequate support. With the Denver
convention close at hand, and prob
abilities Of Mr. Bryan's nomination
daily strengthening there is more or
less shrinking in values, and the mar
ket is discounting his nomination by |
a show of weakness, much in the same
fashion that 1t anticipated Mr.. Taft's
nomination by a show of strength. |
Moreover all persons are not equally |
confident of Mr.. Taft's election in
November next. A goodly number con-
slider the outlook still doubtful and act
upon their convictions; and while they
may be in error they are sufficiently
strong numerically to give the polit-
ical situation a moderate degree of un-
certainty which may be expected to
last until the final outcome in Novem-
Der next. The platform soon to be an
nounced from Denver is expected to
be more or less radical and disturb
ing. There Is a large element Of dis
content throughout the country agra
waited by general business depression.
and 1t must be remembered that hard
times always work adversely to the
party in power. Nevertheless. Mr..
Taft's strong, good sense, his ability,
courage and integrity, not to speak of
his winning personality will stand
him in good stead during the cam
paign, and are likely to ultimately
win for him much greater popularity
among the voters than he possesses
oven today. %Sa~ ssa ytATfk
Approach Dull Season.
Under such circumstances a strong
and active market can hardly be ex
pected The technical situation has
been weakened by recent free realiza-
lions. and the large holders who sold
stocks are not likely to re-enter the
market until confident that another
turn for the better is at hand. We are
now approaching the period of usual
summer dullness; and many operators
are absent on vacations or disinclined
to activity until political and crop I'M
certainties are cleared away. The
crop outlook as a whole continues en-
couraging. Occasional damage has
been done by excessive rains, but as
a rule such injuries are more than off
set by high conditions in wheat corn,
oats and hay reported in other Sec
tions, Corn is the only exception, be-
ing somewhat backward, but this is
a crop which develops rapidly, and
would quickly respond to a few days
of hot weather. So far there is no rea-
son for concern In regard to crops. On
the contrary, there is still every rea-
son to look forward to abundance and
good prices for the fruits of the earth.
Conditions still are so high as to leave
ample margin for ordinary deteriora-
ton during the next two or three
months.
Recovery Requires Time.
In the business outlook there is little
change. and a very quiet summer for
all lines of industry is in prospect. 1t
is quite evident that a further period
of rest will be necessary for GONZALES
cence after the severe crisis of last
October. Recovery will require more
time than some impatient people will
admit. The situation is steadily inn
proving, and the outlook Is certainly
hopeful; but this is not a time to be
over-sanguine and moderate antici-
pations are much more likely to be
realized than those of over enthusiast
tic prosperity boomers, whose wishes
are too often father Of the thought.
Rate Advance unwise.
There has been serious talk of an
would be unwise policy since it
would check rather than stimulate
traffic, and revive public hostility to
railroads, which after having done
sufficient harm is now really abating.
The most favorable feature in the rail-
road situation is that the number of
idle cars is beginning to decrease.
There are no clounds in the none
tary outlook. and we seem more like
ly to be afflicted with redundancy
of currency than a scarcity. Interest
rates are low the world over: both do
nestle and foreign banks are steadily
increasing their reserves, and gold ex-
ports from this country have ceased
temporarily at least. On the first of
August nearly s64 100000 of Spanish
War 3 per cent bonds became due
Whether these will be refunded at a
lower rate of interest, or redeemed in
part or whole has not yet been dis
closed. In view of the reduction in
the treasury surplus. and the fact that
the fiscal year about to close is likely
to show a deficit of over 1000, 900
the entire payment of this debt seems
unlikely: the treasury, however, still
has surplus of over $685., 600 600. and
of this S165 100000 is on deposit in
national banks. 1t is therefore, to be
presumed that the treasury will before
long make a considerable call on the
banks: contingency for which some
institutions are already preparing.
Next week nearly SISO.O00.OOO inter-
est and dividend payments will become
due. As result of the panic this is
nearly $12O00.OO0 less in dividends
than a year ago Owing however. to
the increased output of bonds and
short term obligations, interest pay
ments are considerably larger than a
Ha2S ago: so that the nat decrease in