The Washington times., 1912-08-11
POLITICS EXERT LITTLE INFLUENCE .-.----
ON WALL STREET IN MIDSUMMER
Irregular Prices But Undertone Distinctly
Year Hoodoo Will Not Have Marked Effect This Year
Has in the Past
BY JOHN GRANT DATER.
Special Financial Represents unsey

NEW YORK. Aug. 1I.-with the nom-
| ination Of Colonel Roosevelt by the Pro-
| gressive party at Chicago and with
| Governor Wilson's response to the DEM
ocratic notification committee. wall
Street now has the platform Of the three
leading political parties and the views
| of the standard bearers on the issues OF
| the campaign, but It Is doubtful II the
| financial district, as a whole, has any
clearer notion now than before the can
1 didates expounded their political views
and their party faith what the outcome
| will be and what effect the campaign
! will have on securities.
The influence thus far, as is well
known, has been inconsiderable and ip-
| conclusive, and that was the case dur
| ing the week. Prices were irregular,
backing and filling on numerous occa-
| sions. but while the undertone was dis
| tinctly strong the dealings were much
| contracted and were wholly profess
sional.. While there were no evidences
of public buying. there were, on the
other hand, no signs Of disquieting liqui-
| dalton. In fact, so far as politics were
concerned, the results were entirely neg
| ative. for there was no movement what
ever that could not be explained as
| readily by some other happening as by
the effects or the fancied effects of the
political Developments.
No Wall Street Candidate Yet.
1t is thoroughly well recognized, Of
course, that the campaign is In Its in
| fancy; that It contains some unusual
| elements with three candidates running,
! which make comparisons and deduc-
tions most difficult, and that the real
struggle Is yet to come. But for that
the views OF many shrewd observers,
who believe that the contest will not
prove unsettling, would receive a more
general Endorsement than 1t does AS
1t Is. however, the really influential in
terests are reserved, and their opinions
are qualified. Through their manifest
disinclination to indicate a preference
for any one candidate. the rank and file
in Wall street are left very much In
the dark.
Under the old order of things all Wall
Street knew who the captains of industry
and the kings Of finance would favor.
even before the conventions were held
and the nominations made. But all that
is altered, and that II has changed for
the better no one will question who
recalls the bad old days when campaign
collectors passed from banking office to
banking office gathering in the coin. II
good humor now, all that Is necessary
Is to mention campaign contributions.
Then he wreaths in smiles, and proba-
0ly nssd w say a tnis year ss d,srsn
thirty or sixty days hence. but at pres
ent Wall Street feels that 1t IL under no
obligation to give a dollar to anyone's
campaign fund, and 1t is quite cheerful
about 1t. -
Political Considerations.
There is assuredly no unliquidated
balance for favors received that Wall
Street owes the Taft Administration,
and the memory of the financial district
is not so weak or defective that II for
gets the resolution adopted at the Balti-
more convention, which held Wall Street
and Wall Street men up for special
obloquy, and It knows full well that 1t
can buy no special privileges from the
Progressive party, as 1t purchased them
of old from Republicans and Democrats
alike. Who Wall Street will vote for
is, of course, a different question, and
really Wall Street does not seem to
know itself. At least there Is no pre-
dominant opinion at the present time in
favor of any one candidate. Naturally,
with the Progressive split-off from the
Republican party, Wall Street feels that
Governor Wilson stands the best chance
of winning, but that does not mean that
the financial district indorses him or
will support him. How can 1t. when 1t
realizes that he is the candidate of a
convention chiefly distinguished for its
rabid anti-Wall Street spirit?
OF course there is no denying the
traditional antipathy Of the financial
district for Colonel Roosevelt. but there
Is no denying either that prior to the
first Chicago convention he had over
come much of the foolish and unreason-
ing hostility OF financial interests, and
that he Was the candidate favored by
numerous and powerful element, who
now fully realize that had he been nom
mated by the Republicans no would
have been elected unquestionably.
That he will grow increasingly
strong as, the campaign progresses. is
the prevailing belief In banking circles
Of the very first importance: AS to
vember, opinions naturally are very
much divided, but as one banker put III, |
after reading Colonel Roosevelt's coi-
fession OF faith and the platform of the
nothing can defeat him but a general
abandonment of President Taft by the
Republicans and their voting for viii
SON." 1 have heard this opinion ex-
pressed SO often in substance or erect
in the last few days, that 1 wonder II
such Is not the settled plan of the anti |
Roosevelt element in seeking to en-
compass his defeat.
Looking For Quiet Markets.
Though the political campaign may
not have, the depressing influence on
securities, which is traditionalIy
ascribed to Presidential years, there
really seems little likelihood that Wall
Street can look for any general or sus-
tained advance, until the outlook Is
very much clearer than at present.
1t is satisfaction to know that the
three candidates in their platform and
their exposition of party principles, all
disclaim the intention of engaging I'm
warfare against big business never
theless, the old order is changing and
each platform and each candidate has
outlined certain things of a corrective
or remedial character, which ma.y be
highly beneficial when carried into ef-
feet, and which may be ACCOMPLISHED
wit he mil nj Of fnin