The Washington times., 1912-06-16
CHARGES INACTIVITY TO POLITICS
IGNORING MANY POTENT FACTORS
Invent On-Day
prem Decisions DsappomBrght Spot Industrial Prosper
ity Hampered by Labor Troubles.
BY JOHN GRANT DATER,
Special Financial Representative the Munsey Pu

mission in a manner calculated to give
the best results, and the protests Of
men like Mr.. Vanderlip, Mr.. Cortelyou.
and Mr.. Cannon against the construc-
ton placed on the work of the clearing
house, amply justified the bankers
original contention that the inquiry
should not have been inaugurated during
the excitement of a political campaign
or conducted In a partisan manner.
Money, banking, and credit is too deli
cate matter to be handled in an In
considerate manner, or course. there
was nothing new In the source Of the
SIS, 900 put out through Mr. Morgan
to break the panic on the critical day
In 1907. but the construction which the
country is likely to place on the use Of
public funds In the stock market. the
closing up Of the laggard banks after
the panic had passed, and the like, Is
calculated to have a harmful effect both
on the local institutions and upon the
exchange.
The Harvest Uncertainties.
The news developments were by no
means entirely unfavorable, but the
overshadowing feature, the Money trust
probe. was of that character. The crop
report which appeared on Monday was
mixed presentment of harvest
conditions. On the questions most de-
bated in the grain trade circles, the
manner In which winter wheat has
fared during the interval since the May
report came to hand. the showing was
unfavorable. There had been, of course,
much conflict in the advices bearing
upon this matter. but the trade had
been led to believe that an improve
ment had resulted. This, however, was
not the case. The May condition Of 79. 7
was lowered In the June report to 74.3, a
loss OF 54 per cent. equivalent on tho
so~n acreage to about 100000 bushels
for the month.
The present conditions give an indicat-
ed yield for winter wheat of 3s3, 900 oOO
bushels, contrasted with an estimate of
46s,slb,O0O bushels at this time last wear
and a final harvest of 43o, $4,000. II is
pleasant TO turn from the poor report
of winter wheat to an almost ideal
showing for the spring variety. The
condition Of the latter as shown bv the
official report, is 95.s. or the highest in
recent years, and indicates a yield of
2GS.oD.ooo bushels. The grain\ markets
took the crop report calmly enough, but
conflicting advices on weather conditions
continued throughout the week, better
|
were reported in the trans Missouri sec
ton. The importance of the country 6
harvests was emphasized somewhat by
the monthly report on agricultural ex-
ports. those for May totaling So. .O53, 1858.
decrease of IS, 765, 900, compared with
last year. For the eleven months of
the present fiscal year, however. total
shipments OF agricultural products
amount to ssl.. .oos, IA, which is unprece-
dented. and very much strengthens the
country's position in the international
exchanges.
Speculative Sentiment and Business.
While speculative sentiment seemed
on the whole to be less cheerfully in
clined than in the recent past, there
appeared to be no other basis for this
than the uncertainties which are nor
NAL to a period of political agitation
and underlined harvests. General trade
conditions certainly show no new set
back. and all the authorities note a
conservative expansion in industry.
with accommodating signs of a year of
more than average activity. Dun's Re-
view in particular, directs attention to
elements OF the situation which have
heretofore been prominent as deterring
influences, but which are now largely,
II not entirely. ignored by merchants
and manufacturers, who show a de-
termina ton to go ahead despite the
still unsettled question of industrial
trust prosecutions. and the prospect of
tariff agitation. when the issues Of the
campaign are definitely Joined.
Nearly all the tndicia of trade such
as bank clearances. gross railway earn
ings, building operations and the like,
continue favorable, while the evidence
of business expansion are revealed in
a manner which Is unmistakable in the
metal markets. The May statement of
the unified orders OF the United States
Steel Corporation, made public during
the week, disclosed a tonnage on the
books OF 5.750. .9s3, an increase during the
month of S6,o9S, establishing the largest
volume of prospective business for the
corporation since December, 1909. Es-
Inmates which may be regarded as Of
flcial. are to the effect that the chief
producer Of iron and steel is now oper-
ating at practically full capacity, and as
quotations are firmly held, a further
advance in plates. shapes and bars in
the near future would surprise no one
familiar with trade conditions.
Labor Unrest and High Prices.
The discordant notes in the situation
are still such as concern the unrest OF
labor and the high cost of both labor
and materials, which hold manufac-
turing profits to a minimum In most
lines. To this, perhaps, should be added