The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-06-29

New York, June Erin anticipation
of Mr.. Taft's nomination for the presi
dency. the stock market underwent a
considerable and prolonged advance
Upon announcement of the event
prices, as usual, reacted; early buyers
having taken profits and left the mar
ket with inadequate support. With
the Denver convention close at hand
and the probabilities of Mr.. Bryan S
nomination daily Strengthening there
lis more or less shrinking in values
and the market is discounting his
nomination by display of ewakness
much in the same fashion that it an
ticipated Mr.. Taft's nomination by a
show of strength Moreover all per
sons are not equally confident of Mr..
Tafts election in November next A
gOOdly number consider the outlook
still doubtful and act upon their con.
victions; and numerically to give the
political situation a moderate degree
of uncertainty, which may be expected
TO last until the final outcome in No
yember next The platform soon to be
announced from Denver is expected to
be more or less radical and disturbing
There is large element of discomfort
the country aggravated by
general business depression; and it
must be remembered hard times al.
ways work adversely to the party in
power Nevertheless, Mr.. Tafts
strong, good sense; his ability, courage
and integrity, not to speak of his win
ming personality, win stand him in
good stead during the campaign, and
are likely to ultimately win for him
much greater popularity among the
voters than he possesses even oday
Technical Situation Weakened.
Under such circumstances a strong
and active market can hardly be eX-
pected The technical situation has
been weakened by recent free realiza-
tons. 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: aud many
operators are absent on vacations or
to activity until political
are cleared away. The
crop outlook, as a whole, continues
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.
pats and hay reported in other sec
tons Corn is the only exception,
being somewhat backward; but his isl
a crop which develops rapidly and
would quickly respond to a few days
Of hot weather So far there is no
reason for concern in regard to the
crops: on the contrary, there is still
every reason to look forward to com
abundance and good prices
for the fruits of the earth; cOndi-
lions still being so high as to leave
ample margin for ordinary deteriora-
ton during the next two or three
Quiet Summer in Prospect.
In the business outlook there Is
little change. and "A very quiet sum
mer for all lines of industry is in pros
pect. 1t IS quite evident that a fur
Their period of rest will be necessary
'or conyalescence after the severe
,risis of last October. Recovery Will
'iquire more time than some inn
patient people will admit. The situa-
ion IS steadily improving, and the out
COX is certainly hopeful; but this is
lot q time to be versanguine, and
anticipations are much
more likely to be realized than those
If over enthusiastic prosperity boom
,rs. whose wishes are too often father
10 thought The unsatisfactory con
lition of railroad affairs is till an
element to be reckoned with. Latest
,eports of earnings continue unsatis-
factory; the gross returns of railroads
reported in May showing loss OF
,ver "a per cent compared with less
han 90 per cent loss in April, IA per
cent in March. 10 per cent in Feb
.uary and per cent in January. 1t
1as thus taken seven months for the
'ailroads to feel the full consequences
If the panic Those consequences
nave grown steadily worse. The frs
fleet was to render it impossible for
he railroads to raise money for car
wing ont projected improvements; the
next effect was a decrease in earning
power and compulsory cut-down in
expenses. Then dividends began to-
decline and now the companies ind
in somewhat serious
dilemma. out of which there are only
TWO WAYS of escape. either a recovery
n earnings through business improve
nent. or still further retrenchment
IN axpenses. Should the latter be
necessary, it means a Cut-down IN
wages. or a withdrawal of the adj
rances granted to labor in 1906 and
1907. It is To be hoped such a step
win not he necessary. and that salts
factory solution will be found in bust
ness revival. There has been serious
talk of an advance in freight rates,
,ut this would be unwise policy; since
Is would check rather than stimulate
traffic. and revive public hostility 20
which after having done
Ill nh