The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-06-27

! NEW YORK, June 26,-Now that
the Chicago convention is over, and
that Mr., Taft has secured the nomna.
ton. the political outlook has been
much clarified Unless unforeseen
events interfere, Mr.. Taft will be our
next President, His high character,
ability and long experience in public
affairs afford promise OF a satisfactory
and successful administration, The
Roosevelt policies will be continued.
but in a more deliberate and less dis
turbing fashion. As these policies are
already we'll understood and have
been fully discounted, the stock mar
ket ought 10 be comparatively free Of
political influence for some time to
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-
cern, As 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.
The stock market has shown dull
ness usually experienced previous to
important political contingencies.
With the removal OF politics from
consideration temporarily at least,
the market is likely to be governed
more by natural influence. The tech
nical position OF the market is a
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 a
very remarkable recovery since the
| October panic, and that prices appear
high in view Of the many remaining
unfavorable conditions. But as tend
encies the towards improvement and
confidence is rising, it is difficult il
not impossible to induce holders to
part with stocks; especially when they
are so strongly concentrated as te
present. Wall Street will not long
rest satisfied with a stationary mar
ket; efforts will soon be made to
force prices either upwards or down
wards, much depending on the future
course of business. There is no qucs-
ton but that the tendency here is to-
wards steady recuperation; nor is
there any doubt but that the worst OF
the crisis was passed las winter The
future therefore now chiefly depends
upon the crops As is already known
these are very promising; the larger
acreage and the generally high CON
dition Of grain, cotton, hay, fruits and
vegetables all assuring the farmers OF
a profitable year June, however is
usually the period OF highest condi-
tion for many Of the crops; July ond
August are frequently months of de-
terioration, and September always
brings the danger OF frost to corn
and cotton, two OF Our principal crops.
To this extent, then, the future is un-
certain, yet, allowing for the average
loss in condition during the past ten
years, we could still have crops much
above the average, for which profit
able prices will be had, and Of which
! Europe will take all we can spare.
On the Stock Exchange we may
look for a comparatively quiet sum
mer. The storm is over and the dan
ger signals are down Absentceism
will also soon be factor in the mar
ket Meanwhile no pronounced set
backs are profitable; and prices will
no doubt respond readily to favorable
developments, Easy money is a GER
tainty for months. Banks reserves are
piing up both at home and abroad as
. the result Of slackening trade. In
view of the large stocks of gold held
; in the European banks, in some cases
the largest on record, the recent cx-
ports of gold to Germany are some
what mysterious unless intended to
strengthen the Bank Of Germany
; which has made smaller gains in its
gold holdings than the Bank of France
or Bank Of England.
Our business situation is still un-
satisfactory; the volume continuing
| between 20 to 80 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 futher re-
ductions 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 nondivi-
dend payers. Railroad traffic is still
very light in volume, and little i'm
provement is expected until the crops