The Washington times., 1912-08-04

mucn quoted and referred to as an en-
should be elected PreSident. the policy
would no. doubt find great favor with
business interests. But this report or
program, 1t must be acknowledged, is
quite different than Is to be
round In .he Democratic pla tform con-
cerning the tariff and protection, and
old timers who recalled the difficulties
President Cleveland experienced with
MS party In carrying out his tariff
feature as did the speculative element,
and no very. great disappointment was
manifested by them over the denial
that Governor Wilson had even giver
the assurance.
The Basis of Optimism.
As matter Of fact there was fac
better basis for Wall Street optimism
than any mere assertion that II we are
to take disagreeable tariff dose, wc
may get 1t In spoonfuls instead Of one
deep draught, and q far better basis
also than was found In the action of
the directors of the st. Paul road, in
declaring another unearned dividend
at the old rate. Both features were
cited by spectators as among the stim-
ulating occurrences of the week. Bank
ers and competent observers, however,
nrnn laid greater create stress s upon the gratifyLg
and Southwest and upon the cheerful
notes from banking and manufacturing
eenters everywhere. There were sever
al important contributions to Wall
Street literature during the week, deal
Ing with crop and industrial improve
ment from important banks, which had
canvasscd the situation and had found
scarcely a discordant note, 80 far as
cerned.
What the bankers, notably the Ma
tional City and the Fourth National
Bank, have disclosed as result of
their investigati0ns is amply confirmed
earnings which are coming to hand and
by other indicia OF trade, notably the
better quarterly statement of the Steel
Corporation. the continued heavy orders
for iron and steel which are received
from the railways and the further ad-
vance in prices for various forms of
finished steel products. What satisfac-
tory crops mean to the country in sus-
tanning this industrial Improvement is
emphasized by the August circular of
the National City Bank, which says
the best news I'm the papers these days
Is that about the crops. II commands
attention among business men to the
exclusion of Presidential prospects, the
doings Of Congress or the foreign dis
patches"
Crops, Industry, and Politics.
Street has been prone to overlook. when
considering stock market apathy. the
high cost of living and the like that
we have had two rather unsatisfactory
crop seasons. SO far as wheat, small
grain. hay and pastures are concerned.
The country needs bumper crop on
this occasion. and one would probably
60 far in reducing the prices OF bread
stuffs and meat products. lowering the
cost Of living and bringing a greater
degree Of contentment to labor than
responding to the anticipations OF a sat
isfactory harvest seems quite apparent
to those who note the tendencies In the
commercial paper market, while direct
confirmation was found by President
as the result Of a special canvass OF
the country's leading merchants. In
response to a general inquiry. the result
OF which was made public during the
week. the men whose views were OBJ
tanned reported harvest conditions as
ideal and business prospects as most re-
assuring.
with the exception of the attention
pisn % for dealing with the tariff, in case
he Is elected, 1t cannot be said that
, Wall Street paid much attention to poll
tics during the past week. President
Taft's remarks in accepting the Repub-
a comment, and the financial district
seemed to take no heed whatever OF the
doings OF Congress. This was apparent
| in connection with the report or rather
with the combination of Ave reports
made by the Stanley committee as a
| result OF It's investigation Of the United
| States Steel Corporation. whether this
will BE- the case after the nomination
Of Colonel Roosevelt, at the National
| Progressive convention. and after Gov
| ernor Wilson's letter of acceptance is
| issued, when the real campaign between
Mr.. Roosevelt and Governor Wilson
| gets under way, remains to be seen.
| There are some persons who still be-
lieve that the Steel Corporation and the
| tariff as II relates TO iron and steel,
| will prove the main issues of the con-
test