The Washington times., 1912-05-26


market following the epoch-making po-
litical development In Ohio which ma
turally was the principal happening of
the interval, went very long way in
confirming the statement previously
made In this column, concerning Colonel
Roosevelts increasing popularity in the
financial district. Bearish operations,
counting upon the oldtime unreasonins
prejudice of Wall Street to Mr.. Roose-
welt. sought to depress prices by raid
ing the entire list, on Wednesday, but
they forced no general liquidation, and
though stocks in some instances yield
ed. very much. IL not all the loss, was
made up In an irregular recovery. which
marked the subsequent sessions.
Naturally, men will judge a matter,
such as the Ohio primary elections,
from their, own special point of view,
but II the outcome has general APP
plication, which found reflection In the
most sensitive of all markets-the finan-
cial-it must be apparent, to even the
most casual observer, that the prospect
of Colonel Roosevelt's nomination and
election inspired no terror in Wall
Street. Banks and brokers and the rank
and file in the Street are getting over
that antiquated notion rapidly, for they
see Mr.. Roosevelt passing on from one
victory to another, and at the same
time they note-for Wall Street is a
keen observer OF anything which may
put money into it's pockets-that this
progress is not disturbing to general
business, for that Is improving through
out the country.
Need of a Strong Man.
II is not to be inferred from the
foregoing that Mr.. Roosevelt Is Wall
Streets candidate for the Presidency
In the sense that President Mckinley
was so regarded in 1896 and 1900. when
the financial district was virtually
unanimous in its support; but II is
true. as pointed out in these articles
in the two preceding weeks, that an
increasingly large number of fnan-
ciers have seen the light, and realize
more and more the desirability of
having a strong man, with a fixed
policy and a bulldog tenacity, at the
head of affairs, at a. time when 1t is
self-evident that the country Is fac
ing problems concerning government,
corporations and labor, which can be
dealt with successfully only by a man
cf strength and determination.
That there is opposition to Mr.. Roose-
welt in Wall Street Is clear enough.
IL there was nothing else to show 1t,
1t would stand revealed in the agony
, and bloody sweat manifested daily
by that portion of the New York
daily press. which Is traditionally favor
able to, and which Is usually regarded
as subservient 20 the interests of cap
ital The rank and file in the fnan-
| cial district are shrewd enough to
know that these publications. either
woefully misjudged the political situa-
| tion themselves or deliberately misled
| their readers, as to the strength OF
the Roosevelt movement. or course,
| the writings and frothings of these
organs. over Colonel Roosevelts tri-
umphal progress lose much, II not
all, their force and effect with men
| who know that these authorities mis-
led them, concerning his great strength
and popularity throughout the country,
Delivering a Popular Verdict.
Naturally, there is some reflection
or an application of this feature in
the security market. 1t will be re-
| called, for instance, that when stocks
started OH the upswing. which dates
from the latter part Of February,
| that the approved explanation of the
advance. by the anti-Roosevelt papers,
was that Mr.. Roosevelt, by his ad-
vocacy of the recall of judges and tho
revision Of judicial decisions. had
eliminated" himself as a Presidential
possibility. Stocks then were going up
because Mr.. Roosevelt was out of the
race and the political situation was
clarifying; that was the tenor of the
| Inn In hn - he
class Indicated, but since general
business persists in improving ana
Etocks refuse to go down in a panicky
break. despite Mr.. Roosavelt's win
ming the delegations of one RepubIi-
can banner State after another. these
commentators now announce that II
| Is quite clear that general industry
and the security market, "are paying
no attention to politics"
but it is an ostrich-like action, for
both business men and financiers are
taking a very lively interest in poll
tics. The papers are filled with little
else and practically every converse
broker or merchant no matter upon
what subject 1t starts. touches upon
some phase of the political controversy
before 1t finishes. II the matter has
had no adverse effect on business or
upon securities, 1t is no evidence tina;
industry or finance rs pay.n no at
tention to politics." It seems a fairer
assumption that while opinions may
differ, men of affairs are In the main
satisfied with the verdict favorable
TO Mr.. Roosevelt, which the people
are giving at the primaries and the
conventions. ....
Probably a Traders Market.
1t would surprise no one, experienced
in market affairs, II the uncertainties
about the conditions OF the crops. the
outcome of unpleasant Developments
abroad. such as strikes, riots and up
risings, added to the near approach
OF the national conventions. would
furnish a combination OF cIrcum.
stances which makes for caution, and
tends to a hesitating market. In fact
despite the relative stability or strong
undertone of prices during the week
there was a decided contraction IN
business on the Exchange, and ac
cumulative evidence that the markeI
was drifting into the hands of the
traders. Active standard issues, Jitf
two or three notable exceptions, wer,
all but neglected, while the specialtiti
of the list made up a very large per
centage of the total volume of trad
ing In fact numerous observers ex
pressed the opinion that stocks wer,
likely to fall temporarily into a ru
like that from which the market ex
tricated itself a chort time ago.