The sun., 1912-07-01
FINANCIAL REVIEW
Of THE WEEK
Wall street Less Interested in
Democratic Convention
Result.
CROPS ARE THE THING
They and Not Any Political
Issue Will Govern the
Market. 1t Is Clear.

at Baltimore than there was in the Repub
lican gathering at Chicago. This is partly
because Il great deal Of the proceeding
a, both meetings has been tedious ant
the quick succession Of the conventio
found people not 40 receptive regard
! ing news from the one that came last
But a more sufficing reason ia that most
people understand that the greatest
possible political development Of the
year has already been accomplished
With the defeat Of Roosevelt at Chicago
the one really dangerous demagogue
in the country became eliminated from
the situation. or course MIR. Roosevelt,
like Mr.. Bryan. will be a disturber Of the
peace az long IA his tongue is able to wag
But 10y no manner Of means can Mr.. Roose-
welt become in jected into the Presidential
Office next November. and it is altogether
improbable that his countrymen will ever
cnirust him with high Office again. A TO
Mr. Roosevelt's third party movement
in the present campaign it bids fair TO add
another to the long record OF third party
failures in the country's political history.
At any rate most Of the seven Cover
nors who signed the famous manifesto o
asking Mr.. Roosevelt to become candi-
date have refused TO join him in seeding z
from the Republican ranks. His little
kitchen cabinet will keep around him.
but pract cally all effective support will
drop away. as it must from a candidate
who has nothing to offer but his own ego
tistic self. The third party idea has al
ready fallen fiat.
| There was. however. another and greater
\
apathy toward convention results. and
tha. was that it has now become as clear
as day that il is crops this year and eco
noinic and industrial conditions that
will govern the markets and business,
and this would undoubtedly be the case
even il some great political issue was
up for discussion now. as 1t is not. Look
ing over the platforms OF the two great
political parties-that OF the Democrats
having already been semi-ofIicialy pro-
mulgated-it must be said that there
is really nothing there Of unsettling
character. Both demand a reduction
in the tariff and the Democratic proposals
in this respect are far more moderate
than it was supposed they would be.
Both thresh over old progressive" straw
to certain extent. Endorsement OF the
initiative, the referendum and the recall.
of Federal inheritance tax and OF other
distinctly socialistic ideas has been with
held at Baltimore and the Democratic dec
laration o. principles contain one pro-
noincement that will strike a chord OF
approval in the conservative heart OF the
country in it's advocacy OF single Presi-
dental term.
| With reference to speculative Wall
Street the pos ion there is one Of strongly
held stocks and a small borrowing OF
money. No great upward movement has
vet made it's appearance. but stocks do
not come out" on declines A. far a.
fundamental economic condit ions are
concerned the orderly procession Of
betterment was cont inued last week the,
has been in progress throughout the last
| two months, even If tho stock marke
has been asleep in the period There is
still showing Of increasing bank clear
| ing-. Of we'll employed labor and of en-
larging savings bank sccourts. The
sustained and soundly based prosperity
Of the iron and steel bus mess has been
such as not only 10 cause another general
advance in iron and steel prices hut to
| '''aN" iepo''s VI Pfeni'u'iis ioT pToihPt
deliveries on orders more frequent; and
an even larger business IN iron ana steel
couid ne done II there was not scarcity
OF iaoor IN the large producing centres.
bui ,he "orid noa'hg supply OF labor
which six months ago tended to drift
away from our country IL pointing toward
Us again III response 10 'he Ia" OF supply
ana demand ana 'he same underlying
| iorce may De expected 70 display itself
IN renewed price advances IN IRON and
s'eei Ploduc's'
ANY iear that might nave been felt
rs 10 troupie az the nan yearly financial
settlements IN Europe has been dispelled
ana the ieeiinS IN European financial
circles has become much more cheerful.
Here aithough money remains exceed
| ihGiy pehtiui, 'here are indications OF a
hardening IN time money rates owing TO
the increasing desire OF business firms
to supply themselves with funds in expcc-
ta'ioh OF hieher movement OF business
and industry later IN the year. The
oond niarNet Is sun quiet but is better
IMAM 1t was ana the success OF certain
recent operatio IONS notably that OF the