The Washington times., 1912-05-19
DESPITE THURSDAYS BEAR RAID
MARKET SHOWS A FAIR UNDERTONE
Liquidation While
MovemenMal and Steel Trade Shows Impovment-Read
ing, Steel and Union Leaders
.F..e a,, By JOHN DATER.
Representatve tn. Munsey

Roosevelt can be, and wall Street seems
10 be preparing itself for that event.
instead OF a vacilaung policy pur-
sued by President Taft in the matter OF
the trusts and the tariff, the rank and
hle OF the financial district are confident
MIR. Roosevelt would substitute a firm,
nxed constructive policy. His great
popularity with labor is well known, and,
as the labor question IL recognized by
thoughtful men everywhere as probably
the most serious problem now before
the country, many bankers, at one time
not favcrably disposed towards Colonel
Roosevelt, believe that he and he only
can cope successfully with this grave
matter. 1t Is not to be inferred that
there Is entire unanimity of Wall Street
opinion In favor OF Mr.. Roosevelt for
such Is not the case. He IL no friend
of one powerful clique of wealthy capt.
tallsts and they are not friendly to him.
but, nevertheless. there is a growing
sentiment In ravor Of his candidacy in
the financial district and Il is spreading
very rapidly and Is accompanied by
the expressed belief that his nomina ton
and election would have a stimulating
erect on general industry and upon Sc
curities.
Better Crop Advices. IS ..
While the outcome OF the harvests re-
main undetermined and while the definite
and final issues OF the Presidential cam
paign continue uncertain, we are not
likely to have a runaway speculativ
market, but there Is, assuredly. grow
Ing feeling among conservative and OBJ
servant men that securities are likely
to hold their own or further improve
and that the industry of the country
has. at last turned the corner. You
now hear the opinion very freely ex-
pressed that the long predicted, often
deferred business revival, is at last
close at hand or course, practically
| everything depends upon the crops and
the conditions with winter wheat are
not all they might be, but our croI
area Is OF vast extent and Of great dl.
versity and the crops are subject &c
varied climatic conditions. which with
improved methods. render a failure OF
the harvests with US. virtually impos.
sible. Already the most trustworthy ad,
! vices are to the effect that CROWNS
J conditions have greatly improved since
| the Government crop report was pub
lished and this bet'erment was reflect
ed during the week in sharp decline
in wheat and other grains.
| This crop sc are. like all other scarei
/ which have laid hold OF Wall Street re
Gently, appears to have been very. muct
overdone. and the violent reaction II
| commodity prices was not without in
fuence on Wall Street sentiment. bu
very many other things contributed 4
the growing spirit OF optimism: N NJ
dustrial movement dates back to the i'm
| provement in the basic metals. First
, copper felt the quickening impulse, ant
1t is Interesting to note that the metal
which sold at 1914 cents pound on Fri
day. was selling at 1895 cents as re
| Gently as February 5, while 1t ruled a
low as 11:57h cents a pound just abou
| a year ago.
J The Barometer "Sets Fair"
Possibly in its later stages some o
this advance in copper metal. has beei
speculative. but that the movement ha
rested upon a firm foundation. Is eyi
dsnced By reduction Of 100, 929, %
pounds Of the surplus metal within on
year. coincident with an advance Il
| price equal to more than 43 per cent
with iron and steel the improvement Il
price has been very much slower tina
in copper, and the margin of pront o.
the finished product has been at mini
mum. But there Is accommodating eVl
dence that the turn has come In thi
quarter also. Pig iron, which touche
the low point-sl4.I5 per ton-on Janu
airy 2. is now selling at $3.50 and stet
bIilets have moved up from SlsoD o
March l3 to s2l a ton. The MEETINGS g
iron are now reported as the largest
more than two years, while untitled oi
ders on the books of the Steel Corpora
tion, s. 664 sS5 tons, are the greatest sine
December, 1909. and the orders for piate