Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-16
STREET IS CAUTIOUS
Professionals Await Outcome
of Political Conventions.
WEEK OF LITTLE TRADING
Speculative Talent Ready to Accept
Whatever Comes, However.
BUSINESS ON THE INCREASE
Metal Trade Shows Betterment in
Practically Every Branch.
Other Lines Active.
WEEK OF LITTLE TRADING
BUSINESS ON THE INCREASE

Other Lines Active.
BY H. ALLOWAY.
Copyright, 1912. by r. G. Hopper. New York;
NEW YORK, June 15.-Another week
OF shrunken trading-professional Wall
treet becomes exceedingly cautious as the
presidential conventions draw closer and
political noisiness gets louder Actually
there Is little feeling upon the stock ex-
| change as to what may or may not be
| convention results, the speculative talent
| OF Wall street being ready to accept
philosophically whatever comes. It is
| obvious. as hitherto pointed out in this
review. that leaders in the financial
world are generally disposed to belittle
politics as an important influence in mar
ket making for the present-it being clear
that in many consequential quarters there
are larger volumes Of securities now
| owned or being carried than for a con-
siderable time past has been the average.
| 1t is their market position that induces
| the affectation that there is nothing in
politics to be regarded as worrisome.
We're these same strong men out of their
STOCKS. were they not required by their
own commitments to display cheerful
| races, we would be hearing very different
views.
The congressional bank investigation sc
| far falls fiat. Strenuous efforts to spring
sensations come to nought. Even fam
boyant advertisements taking up Whole
newspaper pages failed of their purpose.
| 1t has been much prophesied for months
past that from the moment Mr. Pujo and
| has associates started upon their in
| quir1es there would be nervousness on
| every side. with stock market demoraliza~
| ton. Some operators are credited with
having sold stocks short on large
scale in the hope that quick profits would
be made through the much predicted de-
clines Yet so far the disclosures do not
get much beyond the fact that the big
banks of New York are doing business
stupendously beyond former maximums
that some bankers think the clearing
house should be incorporated, while 9th.
ers are OF different opinion.
There isn't very much in an exhibit II e
this to startle the public or worry any
| body except those stock market specula-
tors who have been counting upon sensa-
tons and stampede 1t is difrcL1t for a
| normal observer to comprehend any such
state of mind as in some quarters has
recently been hippodromed. They who
| will most be pleased now by adjourn.
ment of this investigation till after cleo
ton are the selfsame spectators whose
first guesses have proved extensively
wrong.
Await Political Settlement.
| 1t is become clear enough that in so far
as present plans propose there is going
to be scant show of interest in the
market upon the part of the stronger
operators-till election uncertainties are
| apparently settled, at least There is nc
evidence that Mr.. Morgan will return to
the country this summer; and at least
| three OF the most important representa-
| tiyes of Standard Oil interest and power
Will also summer abroad, while score
| of lesser market-makerS are getting
| ready to sail. This does not necessarily
mean that the market will be left un-
protected, that bear spectators will have
| any easy time in trying to upset quota
| tions; what is manifest is that for the
immediate present there Is not likely to
| be anything approaching aggressive
action upon the bull side. From the
| standpoint of banking houses interested
in current emissions of new securities
this program is not disagreeable-aS it
provides. in the absence of stock trad
ing activity, better opportunity to eX-
ecute plans for the placing of SubStan-
tial volumes of new bonds.
It isn't only here that big fresh batch
es of securities are being produced,
| making tremendous extra demand upon
the resources Of investors, for statistics
| from abroad show that in England and
Germany at least there is still greater
excess-while. continually. the very high
est type of foreign securities dncluding
British consuls) keep sagging and sag
ging. And. meantime. foreign labor trou-
bles make. by comparison, any complica-
tons we have had here seem relatively
trifiing. But this European unrest, and
the disturbance of European markets.
with natural consequent nervousness
among European investors, cannot at this
| juncture provide any such influence here
as formerly, and not very long ago,
must have been the case-for Europe
does not today hold American securities
| in large volume for speculation and can
| not throw back upon us, as used to be
| the custom, volumes of our stocks and
| bonds every time they were In trouble.
Truth is, the American investment mar
| ket was never to any such extent as at
present so Independent of the rest of the
| world And this fact is of large conse-
quence in our favor.