The Washington times., 1912-06-30
WALL STREET STOOD UP BRAVELY .N
UNDER STRENUOUS CIRCUMSTANCES
Ignored Political Happenings Depressing Create Uncer
FuueCrops Railroad Earnings and in
for Steel Products Factors
BY JOHN GRANT DATER,
Special Financial the Munsey Publication,

NEW YORK, Sunday, June 30, 1s12-
Stocks were irregular during Wall
Streets business week, but at no time
could 1t be said that the market was
really weak, although one or two ses-
sions were marked by sinking spells
Recoveries came speedily, however, and
the list as a whole left off not far
from where 1t started, with the excep-
ton of the specialties. some of which
showed very decided improvement.
Dealings, to be sure, we're highly pro-
fessional and the volume of business
was Of meager proportions, but In view
of the distractions Of the interval, caus-
ed by the Democratic convention at
Baltimore and elsewhere, professional
ism and apathy were to have been ex-
pected.
1t is the general consensus of the
financial district that stocks have rem
dered very good account of them
selves during the two weeks given over
to political turmoil at Chicago and
Baltimore. AS DR.. Samuel Johnson
said of the performing dog, 1T is not
SO much matter of wonder that II
walks well on its hind legs, as that II
walks on its hind legs at ALL" and SO
of the business on the stock exchange.
When you consider the unusual char
acter Of the political developments, the
surprise Is that there should have
been any market at all, rather than
that the market should actually have
ruled strong. AS It is, prices are gen.
orally higher now than a couple of
weeks ago, or at the time they were
depressed by the Money trust investi-
cation.
Politics and the Market.
1t may be doubted, of course. and
1t Is certainly open to argument, IL the
security market or the country in gen.
eral has as yet taken the full measure
of all the recent sensational political
happenings, but assuredly the first re-
ception of them has not been alarm
ing. Wall Street, to be sure, Is In a
haze about the future, but II anyone
had asked the average broker or specu-
lator six months ago what the effect
on the market would be II the Repub-
ncan party should be rent asunder and
II the Democratic party, with a fair
possibility of winning at the polls,
should in the national convention in
dulge in an open attack upon financial
men and measures, he would, in all
probability, have been informed by nine
persons out of ten that prices under
such conditions would collapse.
In the equanimity with which
the financial district has received
the developments, which some extrem-
lists compare to revolution" there rea;
not to be inferred that in the course of
q heated campaign, between Mr.. Roose
welt, President Taft, and the Baltimore
nominee, where the OLD esta 6iished Or, or,
there may not be some unsettling in
f1uences. Such things have occurred
even in campaigns like that of Mr..
Roosevelt against Judge Parker and Of
President Taft against Mr.. Bryan.
where the Issues were never in doubt
and 1t would appear should anything
of the kind happen on this occasion.
that 1t is far more likely to be as d
a continuing feature of the contest.
This is only conjecture. tc be sure. bat
the entire attitude of the market goes
a long way in justifying those persons
who assert that Wall Street and gen.
eral industry as we'll. have shown a
clear disposition to progress, irrespec-
tive Of political unsettlement.
Improvement In Steel.
Naturally, with the renomination OF
President Taft, and the plans for the
of the Progressive party un-
der the leadership Of Mr.. Roosevelt
taking up the fore part Of the week and
the proceedings at Baltimore taking up
the balance of the interval, the finan.
cial district did not give over much
to other developments.
Still II paused long enough to take note |
Of the improvement of the basic indus |
try OF iron and steel, which was evil |
denced In a most positive manner in |
the advance. Of dollar q ton in very |
States Steel Corporaitno, the Jones and
Laughltn Company, the Republic Iron |
and Steel Company, the LaCkawanna |
Steel Company and the Cambria Steel |
Company. The principal articles affect |
ed are bars, plates. structural forms, |
rlvets. sEafting and bands.
Both IN the number OF manufactur- |
ers uniting in the advance and In the |
variety of articles marked up. Wall |
Street sew the evidences of a further |
in the industry. According |
% the trade authorities. the justifica-
ion of the advance rests, in part, on
he increase In buying, but more par
icularly in the enormous volume Of
ng into the mills this month. The spe-
'ifications received have practically
'leaEed UP all the orders accepted at !
ow prices, standing upon the manufac-
ieved that the new basis OF price can
,e established on all new business
This Is of course, important, for up TO
he present time, the margin of proft
las been so small. that as one manu-
acturer put 1t, there has been barely
more than a new dollar for an old one
n the iron and steel industry for
months past.
Copper Metal Market.
Oddly enough, of another basic indus
ry, copper, the financial district heard
ute a different story, which originat-
d in London, and was to the effect that
he visible supply of the red metal was
cry much larger than recently report
d.. owing to some secret stocks, carried
broad. Although entirely lacking OF
erification. the report Influenced a
harp break of 92 rs per ton 70 rcoppcr
n London and about u cent a pound In
mis- market, to IN cents, while the
tocks Of the leading copper producing
declined both at home and
broad, partly because 1t is the first
setback the metal has re-
eived on its upward course and also
ecause 1t was in copper that the first
Igns of industrial improvement were
oted.
Copper came in for considerable dis
ussion after the initial break on Mon
ay, and naturally so. for In a period
f eight months, the price has advanced
rom l2A to 17& cents per pound and
ONE of the trade authorities fear a