The Washington times., 1912-06-02
PRIMARY ELECTIONS HAVING LITTLE
EFFECT ON WALL STREET SITUATION
Stocks Decline Sharply During Week Spectators Fail See
Any Relation Between This and the New OucomeNews
and Comment
... ny JOHN GRANT DATER,
Munsey

nomic history is to repeat itself 10 an
interesting question. There can be no
doubt as to the legitimacy of the pres
ent demand for copper and the increase
higher prices are current. But II IL be-
lieved that the reduction Of the present
surplus and the price enhancement will
result In an increased production and
doubtless another setback In the remote
future.
A Budget of Good News.
From the iron and steel industry, ad-
vices were also Of an encouraging ma
ture, the two leading trade authorities,
the Iron Age and the Iron Trade Re-
view. uniting in reports and corrob-
Grating one another as to the improve
ment in business. The production and
shipment of iron and steel for May, II
would appear, are fully up to tn best
records Of the year to date, and though
the booking Of orders may have slack
ened a trife as the month drew to Its
close, heavy specifications are reported
on plates and structural shapes, and
prices show a frmer tendency. Buying
of equipment and finished steel products
by the railways Is still q prominent
feature of the industry and improving
conditions with the roads themselves
is indicated by reduction of 1887 10
number of idle freight cars, within the
last two weeks, making a decrease of
22,soo in idle equipment within the
month.
Taken with the expanding volume of
bank clearances, well sustained export
shipments, and declining cereal prices,
the features enumerated above assur-
ediy make up a budget Of excellent
news, which counteracts to a large ex-
tent the poor railway earnings, which,
of course. deal with the past. While
crop and weather advices were by no
ma no ttuffnrrn tho Weather Pnr0an'a q
report on growing conditions was fav-
orable, and this. together with a de-
cline in wheat. in the latter half Of the
week, gave denial to the unofficial ad-
a feature at the outset. Naturally, how
ever, In consequence of the poor start
with the crops, The forthcoming Gov
ernment report on harvest conditions
is awaited with great interest.
Col. Roosevslt's Growing Strength.
Concerning the political situation Il
may be said that the trend Of Wall
Street opinion continues as previously
announced in this column, increasing g
favorable to Colonel Roosevelt. Each
day brings new recruits to his ranks
from among men in the financial dis
trict. previously openly hostile or is
working a revision of opinion in his
favor. In other words. many persons.
on seeing the unm1StdkaDle QrlIt OF the
community in his direction are coming
to realize that 1t is the voice of the
party. In consequence you find count
less men. at one time very bitter against
Mr.. Roosevelt for his supposed disar-
rangement of Wall Street affairs. who
are reconctling themselves to the pros
pect OF his nomination and election.
and who are realizing the desirability
Of having a strong man with a fixed
policy at the head Of the nations az
fairs at this time.
Heaviness in bonds continues as q
distinctive feature of the investment
division Of the market and the apparent
slow liquidation OF securities of the best
character, goes very far in confirming
the theory that high grade issues are
in process of adjusting themselves to
about per cent income yield. II
this Is the situation, of course II i'm
plies an enormous depreciation in value
of their holdings to trust estates and
investing institutions. Money condi-
tions ruled easy and unchanged, and the
money market continues barren of in
terest. The necessities OF the June
1st disbursements. resulted in con-
fused bank statements. the report OF
averages differing widely from that
showing actual conditions. The changes
in the latter. however. were inconsid-
cradle. and passed with barely a COM
ment In the market.