The Washington times., 1912-04-14

4
Street. Nor is THIS undesirable, for, as
was pointed out at the inception, of the
recovering movement, the stock market
seemed bent, on ignoring all possibility
Of political Developments and uncertain
~ OF every character concerning the
Presidential campaign. ~
Improving Sentiment.
As already mentioned, considering the
rapidityr and extent of the advance, the
setback during the week has been but
a trifiing affair, and 1t may not develop
| Into one of serious proportions, for an
! awakening. Of public interest In securi-
Ties has been clearly apparent, and the
public may, be disposed to buy on re-
actions and thus check declines. While
slg along the disposition among con-
sersative bankers had been to regard
the market as having discounted too
much and too rapidly. and while the
manipulative and artificial features Of
| the movement have not met with gem
| eral approval. there is a disposition to
| regard the results as beneficial rather
| than otherwise, Prices may relapse
again, but Wall Street has been drawn
put of the slough of despond and senti-
ment has undergone q marked change
for the better.
| Perhaps IN view OF increasing political
uncertainties and the uncertainties sur
| tue harvest WDlCn
forced upon the attention OF the Street
as a result Of the poor crop report on
winter wheat and the advance In cereal
prices, the security market will proceed
with greater caution In the future than
In the recent past. II so. It 10 believed
that 1t will receive encouragement from
influential interests, which up to the
present time have not been In sympathy
| with what they regard as poorly
timed movement, II seems likely that
the market will develop inte a two.
sided affair, and IL so that will be
taken as an indication that news devel-
opment and conditions are again gov
erning factors and that stock move
ments are again Influenced by some
thing moro than. sheer manipulation.
A Conservative Warning Note.
Practically all the criticism that one
has heard in Wall Street recently has
been fevefed- at the market itself and
thes1fianipulative tactics ard does not
In the slightest concern the business
situation, which all commentators feel
| Is showing an, Improvement; not SO
great7'a betterment, perhaps. as the
pool and clique brokers would have II
appear. for the margin OF profit is no
Ssf aeSn. Sss ss ts safSsntiS sSns oy
a definite lnr h-4tae aide Spfp business
Eaffairs. Commenting upon this feature,
the Commerciat and Financial Chroni-
Gle the recognized authority OF the con-
seryative banking element. says:
There Is much in the business situa-
ton that furnishes sound basis for n
feYel OF values higher than. that which
prevailed; at the beginning OF the year.
psehisc piaeesi alsea ds1 to aoI high level
still yfsfrklfer aelx yuard,,at D. time when
coarunining, iss suspended inT. both the
anthracite andf bitnminous region; when
1 l-.. ls,e
loss in the traffic and earnings of rail-
roads; when, moreover, the railways
! themselves have q labor problem of the
FIRST magnitude on their hands in the
SseSSS f & Ss {Sso%l81lSs nl,s shsineefs netit,
cal Atuatinh lakes on "a new and dis
tufbed asBectlSTs --ssI ~ -Fasraa 2.
Business Conditions.
The conclusions of the Chronicle are
identical with the views OF practically
every important banker with whom ]
have discussed the financial and indus.
triad, situation In recent days and weeks
whicit2ih bf4ef Is that security prices
hAyS fain Tar, and away, beyond any
business improvement that the country
has experienced up TO this time, and
to push them further in view OF the
likelihood of political disturbances is to
create an. exceedingly dangerous stock
course, strfkingly novel in these views
but they: are IN, marked contrast with
the. general euEsent Of opinion as one
hpds Il. expressed in brokers offices and
in brokers' circulars. or even in the
comments 'onS the business situation as
presented by the commercial agencies
and thstrads papers. The iatter in par.
uoular are flowing over with optimism
Stillg nearly all the tndices OF trade
are favorable, 5as witness expanding
bank clearanees, increasing gross earn
ings so for railrEads pads durins The month q q
cohs,in1ptiofl Of copper for the same In
tervai, and the somewhat higher price.
for finished steel products. To be sur,
the first Of the Government crop reports
on winter wheat was not good, indicat
ing a. condition Of sos per cent, con
trAsted with So at this time last year
, and ten-year average OF S6.1, but 1t I;
sesEesil neg csssAEY &, 70 say. that a eroI
Thstsis still time for a considerable i'm
pf0ver1ent, before the crop il ready fo
harvesting and aside from that a poo
thrst condition of winter wheat usual.
results In an increased seeding of tn,
kpring variety, so that II is always diff
J ncult 70 work up a crop scare as earl,
J as AprtL ".
ia. Bonds and Money Market.
ia marked feature Of the interval wa
: the scontlnued heaviness of railwa:
bonds Of the standard investmen
!. variety, and this, was supplemented b.
some rather extensive selling and cen
: sequepf heaviness Of short term notes
This latter of course was regarded as
natural reflection of money marke
? tonditiom and in Particular an increas
, Ing demand for funds on the part o
/ Interior borrowers. No douLtNa grea
deal OF light was east upon the reason
l lf9f the sluggish and. heavy bond mar
: ket by the action of the ST. Paul roa,
: In autherizing $4,000. 900 AZ per cen
! convertible debenture issue, of whic
t35. 0Oo.oO0tis TO be offered TO shareholder
i lat once Only "a year ago the compan
! Aosd per cent debenture bonds in Paris
and In its treasury ut present are $l29
D00,0 900 first mortgage 4 per cent bond
or it's Puget Sound subsidiary.
IItAis not a question of the St Paul
=, Icfedit that the road brings out a ~ pc
4 cent issue, but a recognition of the fac
THAT investment conditions have change
: land that individuals now demand NOR
!, lthan tper cent for their money. This
: Eaffectfng all standard bonds and bid
4 fair TO continue. Very little change wa
a Enoted in the money markets of the weel
: land, although call funds touched pc
cent on one or two occasions, 81 per cen
: I.Nyas the fprevailing rate, as during tn
h preceding week. Time money was vlT
Q tually unchanged, except for siXty-da
Eloans, (which were about Y per cer
= Ehigher1at 31k 10 3% per cent. The ban
+ Iato 1a,N NJ ka GhpNVaH tha I'M