Arizona republican., 1912-04-21
HENRY CLEX'S WEEKLY FINANCIAL REVIEW

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 NEW YORK, April 13, 1912-The stock market ran against a number of unexpected obstacles this week. The most serious came from q sud- den fluctuation in the political barom eter at the west, which temporarily chilled bullish enthusiasm. Then came an unfaVorable report on win ter wheat. Then not entirely satis- factory report of the United States Steel Corporation because it's March statement showed a small decline in thrilled orders. and then followed the discussion over labor troubles with the coal miners and railroad engi- neers Along with these difficulties came an extraordinary OutpOuring of new securities. aggre gating fully $140,- 0O000O since April l. which severely tested the capacity for absorbing new investments. That the market should have withstood so many adverse con ditions so well must be accepted as good evidence of it's inherent strength as well as of real shift in senti- ment from timidity to confidence. Notwithstanding these obstacles tl.ere are offsets which must be taken into consideration. Surprises are all ways to be expected during a presi- dential campaign; and the main req son for taking more hopeful views no matter which party wins, is the de- cline of radical sentiment and the uprising of the sober second thought of the people which will doubtless save the country from some of the alarming possibilities which existed a few months ago In all probability there will be an early adjournment of congress since both conventions take place in June. and the national legis- lature will be undisposed to give any serious attention to public business. This means. that little if any new important legislation will be passed this session, the few weeks between now and the conventions being in sufficient time for the senate to con slider any of the serious measures which might be thrust upon it. No important action need be expected on tariff. trusts or any other of the big issues now in the public mind. This has been essentially d do-noth- ing congress.
 As to the crop report it is too early to take the damage to winter wheat seriously. The injury was un- important, and there is ample time for recovery or replanting As a whole crop conditions remain very encouraging The season is late. but in, -I, q . few days of warm weather will quick ly compensate for all the known drawbacks
 As to the steel trade. that is really in far better condition than for many months Production of pig iron and steel ingots is surpIssing all records. A large number of new orders are coming in, and the Steel Corporation is really working at the biggest pro- duction in it's history The independ- ents are also working up to nearly the limit of their capacity Prices have been very low. but this has stimulated orders and leaves the industry in a stronger position for securing some what better prices. There is nothing discouraging in the steel industry as
 
 the future is most encouraging.
 So far as trade in general is con cerned there is no change in the op- timistic opinions expressed in these advices for several weeks past. Vest ern bankers and merchants alike look forward to expansion in business for the reason that supplies of merchan- disc are upon an exceedingly low basis and the consuming powers of the interior continue unchecked; the inference being that among the masses prosperity is well sustained. There is no drawback to the business outlook except that of political un- certainty. something which always eX- ists during presidential election and which is always much exaggerated. Should the nation be favored with good harvests this year we are sure to see an active revival of business,