The Washington times., 1912-05-05
mo SURPRISE IN WALL STREET
AT DEVELOPMENT IN SECURITIES
Reaction Was Clearly Forehadowed Manipu
ton Movement Which Is Always Sign of Waeing
of the
BY JOHN DATER.



I ever increasing attention in banking
circles; where the labor problem Is con-
sidered by many thoughtful men to be
Tar Indeed from solution. All agree,
however. that II Is unorganized labor
that Is the greatest sufferer: that is, the
vast army OF clerks. statesmen, book
Keepers. department store employees, and
the like. These are the persons who are
feeling the added cost OF living most
keenly, and have the least protection,
ior they cannot formulate demands for
higher wages or organize strikes and
they realize IL they are not content with
thelr usually mesger salaries there are
hundred men waiting for their places
and the cost of everything Is advanced
no man will be the better off. In fact,
the entire scheme apparently works
around In a hopeless circle.
Politics and Crop Conditions.
While 1t cannot be said that the spec
ulative market paid much. II any, at
tention to the political developments, or
such features as concerned the outcome
OF the Massachusetts primary elections
the Federal suit for the dissolution of
the International Harvester Company,
the Money trust investigation, which
assumed an inquisitorial character,
these features were not without certain
influence upon the conservative banking
element, WnlCh cannot WhOlly O1SaSSO-
ciate such matters with disagreeable
possibilities or potentialities. To the
average banker the Republican party
seems rent asunder, with the political
situation in a state of fiux.
OF course, the market may continue
to ignore such things, but conservative
men are rendered cautious by mani
festations of this character, for they
realize sentiment changes quickly, and
they do not know when a line Of devel-
W.
may again become an active, vital force.
This Is particularly true also of crop
conditions. So far as cotton is con-
cerned, the advices OF the week were
very much better and resulted In a
sharp decline in the price OF the staple
cotton. but Wall Streets interests are
more deeply concerned with cereals.
HiChly conflicting reports came to hand
were Irregular. but the impression pre-
walls that the amount of winter killed
wheat is very considerable. and that the
condition Of the winter variety is very
poor. This naturally adds to the in
terest with which the crop report, due
this week, Is awaited.
Bond and Money Market.
The bond and investment division
showed virtually no change from the
apathetic and irregular condition, which
has prevailed for so long a time with
the best securities in the market. The
statistics published today show that
bond GALES on the exchange for the year
to date represent the smallest total for
a like period for five years past In
this condition one finds an adequate ex-
PLANTATION for the numerous sales of
short term notes during the week, of
which the most considerable was a New
York Central issue of SIS 600 0OO AZ per
cents, which were placed in London and
Paris. Naturally the great event In the
bond market Is the offering during the
coming week OF ISL. 0O0,0Q0 New York city
"a per centA This sale may be a de-
termining factor Of the present invest
ment position-for heavy oyersub-
scription might give the bond market
the stimulous that has been lacking for
a long time.
Local money conditions continued
ecsy and no Guotable change was re-
ported during the week in time or call
money or commercial paper. The con-
tinued easy rates contrast strangely
with tho inert condition Of bonds and
with the reports of expanding CONNER
cial activity. the latter feature In par
tcular finding no decided reflection in
the money market. This. too, II will be
recalled. has been one CT the odd fea-
tures Of the stock advance which
Drought no increased borrowing into
tht money market and this was one
thlnE which rendered many persons
skeptical OF the character of the move
ment. 1t may also be said that none
of Fridays liquidation reflected in To-
days bank statement for loans showed
an incr: ase of $12 352 go. deposits ex
banded A.'S,000. the cash holdings di-
minishcd 4,os3. 900 and the surplus re-
serve was reduced s5.<oo.Soo.