The Caldwell tribune., 1916-06-16
POLITICS .USURP MIND
AND attention Of
FINANCIAL CENTER

developments in the motor industry
and the great political conclave at
Chicago.
In recent weeks there has been |
decided change in the sentiment of |
some of the leaders of the financial |
district with respect to politics, politi- !
cal leaders and party candidates; and |
apathy gave place to keen interest as
the time for the actual selection of the |
leaders in the 1916 political race ap-
preached. There is no concealing the
fact that much dissatisfaction has been
expressed by business and financial in
terests over what they choose to con-
slider the weak and vacillating do
mestic and foreign policy Of the pres
ent Administration; and that a new
leader of whatever political stripe, so
long as he gave assurance of ordinary
business sanity, would be acceptable
and receive hearty support. A few
months ago straw" poll of the New
York Stock Exchange showed an
overwhelming sentiment against the
nomination of Colonel ROOSEVELT but
in recent weeks this sentiment has un-
dergone radical change, and Wall
Street was surprised to read an official
statement from the head of the big
gest bank in America advocating the
nomination of the gallant war horse
from Oyster Bay.
Wall Streets position in the matter
of Presidential candidates and the
factors that determine their accept
ance or rejection are largely deter
mined by the process of elimination
and appear quite largely in the mega
tive, and not in the positive column.
There is never the slightest hint or
suggestion of "favorite son." 1t is
not a question as to what candidate
is the most preferred, but rather as to
which may with safety be the least
feared. Expressed in other terms, it
is the old story of choice between
two evils, since antagonism to Wall
Street and "big interests" whether
genuine or counterfeit, is always to
be considered prime political capital.
While political conventions are sup
posed to determine and give publicity
to the issues that shall govern the
campaign, the personal tendencies
and policies of the candidates really
count for more than the platforms
adopted at these quadrennial pow
vows. Men in the heat of the political
fight are quite apt to disregard the
formal instructions of their cohorts
and to rely upon their own personal
Interpretation of the issues at stake
in many instances sacrificing point
here and there in the wild scramble
for votes.
Motor Stocks as Speculations.
What the war stocks provided BY
way of speculative craze during the
greater part of last year is now belne
furnished by the motor stocks. Ru
more and reports and eXaggeratlon:
concerning profits and mergers ant
consultations have been coming Sc
thick and fast that wild speculation
in the motor issues has almost com
pletely absorbed the attention of tn.
market; and the rapid rate at whicl
quotations have been mounting SKY
ward suggests to some people repe
tition of the fasco that attended som
of the "war babies" in their introduc
ton to the market. Automobile mer
gers and combinations involving colos
sal figures, and enlisting the activitle
of the wizards of finance, are pro)ec,i!
ed and dissolved with lightning rapid'
ty. Some of the proposed consollda
tions include companies on the share
or properties of which no appraisa
has ever been made. and specuiato,r
have therefore been absorbing STOCK
of which they have no reliable guag
of intrinsic value. 1t is quite apparer
that some of these stocks are bein
pushed to the limit by various. opera
ing pools, the object being to d'striou'
them as widely as possible
The bankers have very wisely az
plied the brakes wherever possible o
severely marking down the loan va
ues on issues that have so recent'
acquired their high position i'll the II
vestment list. The condition is mue
the same as that in the loan mark
on war stocks at the height OF u
speculation in these shares last Ia
Bv the same token, a note OF war
;ng has been sounded by many OF u
brokerage houses themselves, and
added emphasis given by the exaeu.
of unusually large margins lot pu
chase. Investment houses whicn we
interested in some OF the new epi
panies have been steadily advising .ni;
customers to use caution ana 10 Va,
profits where they amount TO seVe'
points. One big commission no.
which has specialized IN the lio'
stocks has insisted upon buyers
some of the issues taking them up,
having in full for purchases. IN
think that the recent rise has Deeh
too rapid
Copper and Zinc. !,
An echo of the increased prou.
tion of copper and zinc, and more REL p; d
ticularly of the extraordinary advan
in the market prices for these meta
is To he seen in the enormous
earnings of our leading metal co :;
panies. Six OF the country's lead'
copper companies and one zinc co o
pany have just announced quar'e
dividends far in excess OF any p
vious record. and in, every ease
reserve cash and product stand at
notch Three months ago, the sa
COMPANIES ordered disburseme,'
which amounted to 2S per cent Il
than this quarters payments. ,..
The average price of copper dur
the first six months, of lglo, an 40.
2o.oc per pound, is the highest pr
since 1873. Needless to add