Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-09
DULL, BUT Strong
Stock Market Not Very Active,
Though Not So Weak.
POLITICS ABSORBS Time
Brokers and Customers Talk of Com
ing Conventions.
CROP PROSPECT IS BRIGHT
Production Expected to Be as Good
as Average, at Least-Metal
Trades Good.
BY n. ALLOWAY.

4
+. BY n. ALLOWAY.
! Copyright. 1912. by R. G. Hopper, New York;
! NEW YORK. July s.-Wall streets
market stays dull-but it isn't as weak
as it was. Brokers and customers con-
tinue to talk politics to the exclusion
/ of almost everything else. This sort
, of thing is not unique-Wall street pur-
veys it every time any kind Of issue
intrudes. 1t is merely the artful dodg-
ing game which is the keynote of the
first Of Wall streets commandments. 1t
is chronicle of the merest fact that
the New York stock Exchange will have
applause for whoever is the wtnner-it
being fashioned this year to assume
a cheerful attitude toward anything and
everything
With politics aside, business news
commands consideration for the reason
! that there is no doubt, uncertainty or
quibbling in the record of improvement
which in all departments industrial,
commercial and financial alike)-ls at
present showing.
i 1t is as to the crops that Wall street
most devotes it's conversation. Some OF
! the firms that carry stupendous accounts
/ in grain have been uttering floods OF
bad reports, showing diminished acreage,
shrunken yield--no prospect but wnat
1 is poor. This, Of course, is Seasonable
Wall street always has it this time
Of the year when wheat and corn are
/ to be manipulated and when crop news
| is the chief cereal market interest. But
! fair endeavor to canvass independent
reports to learn what the truth is
shows that there is vast exaggeration
/ in the crop injury tax so much pro-
claimed Growth has been hurt in some
districts in Kansas and adjacent states.
and floods have done grave things along
the Mississippi. but the record provabie
| is that normal production can be relied
upon-that in most instances there Will
| be a better result this year than last
year or has been the average for the
| past decade. AS soon as the current
| strenuous campaign in the grain market
| chance to appear in the reeord-and
then the country will find that 1912 as
crop year is bound to be satisfactory.
Progress in Metal Trades.
In the industrial world progress Shows
particularly in the metal trades. The
United States Steel Corporation is invest
ing. for example. S25,00OO0O for plant ex-
pansfon. This certainly does not denote
doubt Of the future. 1t is difficult to in
duce steel trade authority just now to
talk with anything like definiseness as to
either present or prospective conditions.
But it is significant that they who are
near top notch in trade cannot be in
duced to be doleful. They avoid bullish-
ness for the manifest reason that they
are impressed by what the government is
doing in the courts. They fear that any
G a
cross-examnation later. This Is hardly
what may be supposed to harmonic with
the strength and independence OF leaders
In the country's greatest business-yet
just so the situation is 1t Is undOubted
that the larger steel companies are press
ed now close to output capacity. They
doubtless are receiving less than hitherto
have been regarded as satisfactory prices
for product. Nobody, however, Is sug-
gesting that new extensive orders are
being accepted at other than a profit.
In the copper trade there Is more clear
ly shown the evidence of prosperity. Cop
per metal is at price now higher than
has been current In years Some Of the
copper stocks have been recently buoyant.
The trust and some of its subsidiaries
have substantial advances shown for their
shares AS whole however, the pres
ent market figures for copper stocks are
relatively much less than ruled when for
merly the metal was above II cents a
pound.
! In banking circles the formation Of a
comprehensive holding company for pro-
ducing copper properties Is discussed as
! a matter now well advanced. 1t is in
teresting to hear conservative bankers
speak approvingly of such an enterprise
with a suggested capitalization so stu
ures of the steel trust. In SO far as
Standard Oil interests are involved land
the project is largely credited to their
initiative). it is indicated that their fore
most market interest centers in the for
tunes of the Anaconda company, In
which new, big pool has been organized
To Take Long Vacations.
Reference was made In this review a
week ago to summer plans of important
financiers. 1t is not improbable that a
majority of capitalists who amount to
much upon the stock exchange will be
absent from Wall street this summer
twice as long as usual. Instead of Sep
TENDER being a return period, marked by
activity renewal. it is not unlikely that it
will i,c right up to election time before
some who are most influential will feel
disposed to get back into the harness
! again.
/ In SO far as election markets are con-
cerned. the almost universal rule has
been, when even most turmoil has pre-
vailed, that depression would be discount
ed some considerable time in advance of
| the voting day. 1t was so when Mr..
Bryan first turned things topsy turvy by
coming into the ''enemy's country" His
gospel Of cheap money upset speculative
equanimity at the very outstart OF the
campaign and brought panic into the
ranks of investors within fortnight fol-
lowing his nomination. The record
shows that considerable time before
election day (and when yet his defeat
| could not be considered certain) there
developed robust buoyancy which be-
fore the actual voting result was known
had lifted market values up even to bet
ter Levels than prevailed prior to his
nomination This is just an added Illus
tration of the fact that there is some
! substantial basis for what Wall street is
| forever Boosting of as to its ability to
| look gloom in the face and discount"
| prospects.
Buoyancy Expected Later.
Somewhat, therefore, along the lines of
analogy professional Wall streets senti-
ment Is now looking forward to some