The Washington times., 1912-04-14
labor AND POLITfCAL SITUATION fRg{ 81.
- FACTORS TN THE MARKET SETBACK
Disappointment When Legitimate Influences Exercise
st Paurs Bond
shows Ifend of Investors Demands f0s . Y.
d. 8faEsoEfsg ny JOHN GRANT DATER. 10
Puhlcstions

siccFeifse of 1889 tons in the untitled
orders OF the United states Steel Cor
poration, which was mentioned In con-
nection with the heaviness in Steel
COMMON, was In no respect as serious
o matter as the sudden change in the
fiscal policy of the corporation, in sell
ling bonds for working capital. Yet
stocks were bid up on this sale OF
bonds.
Reaction Was Expected.
lin a similar manner one might GO
through the entire list of develop
ments. which waH street accounted un-
favorable and which were noted as
among the factors which contributed to
the reaction In, prices ard match them
up with happenings within few weeks
past. which were fully as unsettlins
or more so. but which were without
adverse influence at all. When one
recalls these things it, is difficult to
avoid the conclusion, that news In
all probability played very little part
In the matter az Hli It figured In the
gossip to be sure, II was assigned az
a reason for the decline no doubt, but
market which has thTivsn on ts bad |,
lowed the developments of the week
without winking, IL there had been no
other rea sons, and therein probably Is
found the explanation for the decline.
Time alone can demonstrate whether
this theory - true, hut II may be found
that the market reaction, was due
largely 10 the fact that either the
manipulatire party, has succeeded in
acquired In the beginning or were
forced to take before. tie movement
gathered real headway, or II may be
that certain important interests felt
hee ths IL to was e. hss bss s s osep e Apply go some
eats and dogs As, pointed, out IN
of bankrupt railroads and industrial
properties Of the lowest grade, had
been taken In hand and advanced
| sharply. Activity in such Issues is al.
| ways a danger sign and suggest dis
| tTibutive. selling elsewhere and wholly
| irrespective of news, there were many
persons. who believed that this for
hI Wall Street aud Politics.
| As was 10 have ,.bedn expeated, with
conventions assembling or primaries
voting in many important states-Nev
| York, Illinois. Michigan. Maine, ant
| Pennsylvania, to select delegates for tn,
Republican national convention, politics
cania to the, fore Hih the financial dis
| triot. OF, ycopIse.t that, element in th'
| market which sotightN to explain thu
advance I'm price ON the score that Col
i onel Roosevelt, in his Columbus, Ohio
| speech on February Il, had eliminated
himself from the Presidential campaign
seized upon his success in Illinois anC
Maine as special reason for the pric,
Fraction. IT Is an Interesting theor!
and wei ~ keeping with, The politica
1 acumen or Wan Street but after all th'
| financial district Is not WHOLLY to blame
for it's political notions, FOR 1t obtain'
them from biased and partisan sources
| An amusing phase OF the theory, how
ever, is that Wall Street in November
| 1910, turned itself into an adjunct o
| Tammany Hail and boasted that It hac
definitely eliminated Nr. Roosevelt iron
| the situation by voting against and de
1 feating.-a Republican. for governor o
| New York state. Now, after two elm
nations, It realizes that Colonel Roose
welt is still a vital. operating, working
| force. without subscribing to the pre-
vailing Wall street opinion that tn
candidacy OF Colonel Roosevelt woul,
be inimical to the security market, !
| is apparent that his increasing strength