The Washington times., 1912-06-23
POLITICAL SITUATION IN RELATION
4 TO THE FUTURE OF STOCK MARKET
Various Possibilities OBSERVATION-DISCLOSURES Offer Few Opportunities for Com
paron-Poenh Presidential
orbeMrchans Garry Small Stocks Policy May
BY JOHN GRANT DATER,
Special Financial the Munsey Publications

NEW YORK, June 23.-wap Street
discussed politics last week to the ex-
clusion Of everything else. Interest
| centered upon the sensational happen
ings at the Republican convention at
Chicago, and the stock market was ne
elected. AS an evidence OF how little
other things concerned the financial dis
| trict, II may be said that the four i'm
portant hearings going on in the city
with the trusts, namely, with the OIL
trust, the Steel trust, the Sugar trust,
| and the International Shipping trust,
were conducted with scarcely a COM
ment from Wall Street and with rarely
more than paragraph or SO in the pat
pers and on the news tickers to indf-
| cate that such things we're in progress.
Pnces ruled strong; in fact, the mar
ket cast off the effects Of the Money
trust Investigation, which was held to
be restraining influence during the
preceding interval, and stocks regained
| considerable proportion of the losses
!! they had experienced. Trading was SO
restricted, however, and the entire
movement was so highly professional
that price changes were regarded as
without much significance. On Thurs
day the attempt was made to associate
an Improvement with the political news.
Coincident with a report that a compro-
mise candidate had been agreed upon by
the Roosevelt and Taft factions, the
the trading showed some animation, and
stocks worked up, but the influence, II
any. was confined wholly to the trad
ing element
Not Bullish Argument.
Wall Street may, of course, place a
| different appraisal upon the political
| developments at Chicago when all that
has been done is digested, but up to this
| writing assuredly there are very many
persons who see nothing particularly
bullish in the final analysis. To what
| extent the trend of politics up to the
| opening of the convention at Chicago
| has influenced the market has all along
been disputed point There have been
many persons, to be sure, who have in
sisted that. irrespective of the CAM
paign, prices would improve, but all this
took place while Colonel Roosevelt was
winning delegation after delegation in
the strong and influential Republican
States.
AS a result Of tfiE, as has frequently
been stated in this column the numbe r
of influential men who have come out
In favor Of Colonel Roosevelt has been
| increasing steadily. .'he reasons have
been stated repeatedly and need not
| be rehearsed Iii detail. Ove- rpd above
all, has been the feeling that Mr.
Roosevelt could be sle,ted. while oil
along very iarg, number have felt
doubt on tnat point concerning Pre- si-
dent Taft. and that doubt, with many,
has crystall'.ed into a feeling ot GER.
tainty. When Il became evident that
Mr.. Roosevelt could 10t win to feyu-
| lar republican nomination from the
| convention as constituted. this ele-
ment naturally hoped for a compromise
| candidate, for to them, with a divide d
party, with Colonel Roosevelt running
on an Independent ticket, the prospect
| OF President Tafts reelection seems
even more dubious than before.
Some Political Considerations.
The Kaleidoscope changes at Chica-
go will force very many men to revise
their opinions. It Is safe to say that
| that revision has not az get taken
place. nor Is 1t likely to be complete
until after tn" D"roe"at!c contention
ut Baltimore has made it's nominations
and the full program Of the Irogrcs-
| blNe fepuDHCdIS is dTllOuUCcI. II may
all turn out as many bankers and
business men have asserted that the
security market and general business
as well. have grown sick ard disgust.
| ed OF over much politics, agitation and
! trust busting, and arc r':aay to take a
| forward movement II crops are favor.
! tble, irI..D.> / ~ e tn" '<tlpass and
yet. when one recalls the unscttlemcnt
| and uncertainty that the fear of a
| change OF administration has always
heretofore engcnlrrcd, one may be eX-
cused II he expresses a doubt on that
point.
II, as M campaign progresses. for
instance. It should appear that the
Democratic candidate Is likely to sue
| coed, the uncertainty OF the outcome
| OF a tariff revision undert AIKEN by the
| Traditional and %:kioric "E"1u,s .,f the
protective system. :rigM exert a dis
turbing influence on general business
Much Of the country's "hig business
Is represented b. corrcI atoms which