The Washington herald., 1912-03-25
WALL STREET NEWS
Prominent Bankers Are Directing
Markets Advance and Its Col
lapse Would Defeat Taft.
BY THOMAS c. sHoTwELL.


New York. March eL-Because OF the
rise in the stock market Saturday a
higher range Of prices is expected in
Wall street this week. The advance Is
progressing under the direction OF the
| greatest bankers Of America, and its in
| tegrity is vouched for by the very men
who are foremost in the movement for
conservatism in politics. 1t must there
fore. continue or the legions OF radical
ism will sweep the country. Let this
stock market collapse and Taft or any
other conservative will be swept into OBJ
liviOn next November. II is a query
1t is queer that a stock market move
ment should be the test OF a nations
stability. but that Is exactly the situa-
tion.
The reason for this remarkable proceed
ure is that the action OF the stock mar
ket is the greatest influence in business
affairs that this country knows. The
stock market is the only place where all
classes OF business men meet on a COM
mon level. and where each can make
his personal opinion felt Even the hyp-
ocrttes who fold their hands and roll their
eyes in holy horror OF Wall street find
time TO slip to the telephone between
horrors and give orders to brokers' The
reformers in Congress md time be,
tween denunciations TO watch the ticker.
Only a few traders are honorable enough
TO stand before the world and admit
that they do trade In stocks. Thus the
stock market is the only true barometer
Of business.
Optimism Is Rising.
Just now this barometer says that op-
timism is rising at a rapid rate. The peo-
pie have finally discovered the false pre-
tences Of the men who have been preach
ing honesty in politics and business, and
have decided to get busy in the old
fashioned way. Not that the old-fash-
ioned way was dishonest. but that the
new-fashioned way. is. There is always
just about so much dishonesty in busi-
ness whatever the laws may be. and
coffee pool. the copper conspiracy, the oil
and tobacco dissolutions, and the Roose-
welt campaign prove that II is all nom
sense to believe in any law or any poll
tician. Honesty pays, sometimes. and the
country has decided TO get busy even IL II
does break q few laws and command
ments. II has lost faith in all but money.
The startling advances that have been
made recently are the normal result of
this revulsion of public sentiment Specu-
lation has been held in check so long that
II has at last broken loose. All the great
fortunes of the world have been made
that the United States Is a nation OF
SPECTATORS that makes II the greatest
nation of the earth Its speculstions
bring panics. but a country without pam |
les Is a dead one. China has no panics, |
nor has Spain. Having just cleaned up a |
good panic, this country Is in fine shape |
to boom along.
boom that is coming is the condition OF
the textile industry. The advance Of
wages granted to workmen In New Eng |
land is evidence that the operators recog- |
nize the strength Of the trade. With the
greatest cotton crop in the history OF |
America and with the shelves OF mer-
chants bare OF goods. II is impossible for |
there TO be anything but a boom In the |
textile trade.
Copper is in very much the same posi- |
ton. Thanks to the agreement TO limit |
production reached in Europe last sum- |
mer where laws Of the United States can |
be defied with impunity the copper metal |
market Is now in as sound a condition |
as it wac unsound i've years ago.
Outlook Good for Metals.
Now with a strict adherence to the
agreement OF last summer the stock Of |
copper producing companies must rise to |
record figures. Par for Amalgamated Cop |
per, Utah. and Smelters can be delayed |
only few months and perhaps only a
few weeks.
The United States Steel Corporation |
has proved Its supremacy through year |
Of hard times TO such an extent that |
dissolution or no dissolution its stock can |
be held under part but short time long |
gr. Actual. intrinsic. reform values are |
not being considered. The country Is
entering a boom period and period OF
wild speculation both In politics and ]