The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-05-22
Business Does Not Depend on
Politics This Year.
Harvest May Result in Quick
ening of Trade.
NO EFFECT ON CHANCE
Hot Campaign Not Felt at
Money Capital.
Last Years Crops Disappoint-
ment, Bankers Declare.

New York, May 22.-In an address
recently delivered to the members OF
the school of finance of the University
of Pennsylvania, William Gugenhelm
stated that one of-the chief reasons
why the quickening of business did not
take place in the fall of last year was
to be found in the record made by the
American harvests OF 1911. Leaving
the cotton harvest out of the consider
alton, Mr.. Gugenheim characterized
the harvest of last year as very dis
appointing. Furthermore, he intimated
that our business activity along large
and healthful lines for this year and
for the early part of next will not be
dependent upon politics or be seriously
affected even by presidential politics
but will depend upon the magnitude
and quality of the crops.
In a Observation-Disclosures ntentious
manner, Henry Clay Frick, upon his
return from Europe a few days ago
stated that the condition of business
this year would be chiefly based upon
the harvestS of summer and early fall.
Mr.. Prick apparently dismissed with
indifference the bearing which presi-
Dental politics might possibly have
upon business.
The views of these two men, one of
whom has recently devoted himself to
{. scholarly study of economic questions,
is in perfect sympathy with the opin-
ion of many of the leading men and
bankers of this city. They are not
asking whether or not Taft or Roose
welt is to be nominated for president
or whom the Democratic convention of
Baltimore will name. They do talk
as interested observers of the strug
gle for the control of the Chicago ma
tional convention. They wonder wheth-
er Taft or Roosevelt will receive the
nomination. They speak as citizens dc,
and not as business men, when they
ask the question, Can Roosevelt be
elected if he be nominated?'' or Can
the party be united if Taft is nomina-
ted?''
But it has been observed since the
meeting of the national committees of
both parties at washington in Decem-
Der of last year, that the leading bust
ness men are not disposed to attach
much importance to the effect of the
presidential nominations or the presi-
Dental election upon business activity
of the United States
That feeling is curiously reflected in
the attitude of the securities marke
since Colonel Roosevelt began to make
his aggressive campaign for the presI-
Dental nomination. It might have
been surmised earlier in the winter that
such a demonstration of popular fol-
lowing as Colonel Roosevelt has re-
Gently secured would have caused seri-
Gus depression in the stock exchange
Instead of that, however, security
prices have not been affected except
apparently in beneficial way.
A Superficial View.
Those who have argued that the
of good prices and occs.-
sionally the considerable activity in the
direction of appreciation of prices in
tn. securities market demonstrate thai
large business interests are not appre-
hensive that the nomination and cleo
ton of Colonel Roosevelt will be harm
full base their arguments upon super
fetal reasoning. The course of prices
in the securities market has been af-
fected either not at all or else only ill
a slight degree by the sensational
presidential politics which now prevails
The prices in the securities market
have been affected by influences with
which politics has nothing to do. This,
at all events, is the opinion of men
who are qualified to judge
The two great factors which are to