The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-12
FINANCIAL REVIEW
OF The PAST WEEK
Wall Streets Drift Of Opinion
as q Measure Of Political
Forces.
ADDITIONAL INFLUENCES

Presidential politics provsdsd TIE domi-
mating subjects Of financial and busi.
ness confederation IN the iAst few day..
They did not engage attention Il ths
exclusion Of other important matters,
such a. the course of the European war
and the changing character Of the DO
nestle money market. but Il VA mani
tested In Wall Street that the
tous nature Of this years political cAm-
paign in its relation to the banking and
business future deserved present first
place In serious regard.
Ths extraordinary economic situation
which the war has created may render
the markets rather less responsive TO
political influences than might be pre-
dicted. but the far reaching import of
the election Is recognized.
Deductions as to the bearing Of the
outcome of the Republican and Progress
sive conventions in Chicago-even thoueh
the effect may be viewed a. ultimate
rather than immediate-ehould be as
sisted by the drift Of financial opinion
and sentiment last week. As nearly as
any financial consensus can be arrived
at. the preponderant idea OF men Of
anairs seemed to be that continuation
Of the Wilson Administration would not
AFFORD the encouragement to constructive
business confidence requisite for the
preservation Of prosperity, certainly not
unless a return to power resulted after
a strong and vigorous challenge from a
united opposition. Under the Wilson
Administration the record Of business,
however satisfactory from a material
standpoint. cannot be Judged otherwise
than as the product OF q vast accident,
the s~tupendous conflict in Europe, as a
result OF which the money OF the world
has been pouring into this country un-
der the pressure OF tremendous emer-
gency.
Wants Test Of Oppositioa.
The financial community has not, on
the record OF Adninistration activity,
been persuaded that the practical in
terests OF the country could be safely
committed TO the perpetuation Of the
, present regime unless II should be COM
PEELED TO take account OF the practical
necessities which a vigorous and efYec-
tive political challenge would disclose.
Accordingly. In recent financial CONVEX
s%ations. prevailing emphasis was placed
on the paramount d~esirability Of a res
~ ~ INNBhoi4NdI party harmony.
The Administrator has suffered, II is
held, because there has been no united
OF position and the country could. under
any circumstance Of the November vote,
wish for the election Of an Administra-
ton which would be perpetually tested
by determined opposition.
During the convention proceedings, as
before then. no financial or business pref
erence for Presidential candidates was
revealed. There was supper for almost
every potential nominee Of either ron
~vention and the financial community was
as clearly divided in its choice as the
rest OF the country. At the same time
there was exhibited a Fundamental con-
viction that the country would lose In the
long run unless the Chicago proceedings
provided leadership and strength to back
"A challenge obliging the Administrator
to defend itself. Granted such a chal.
lenge. Wall Street felt that 1t could rest
we'll content.
With respect to the practical affairs
of Government the Wilson Administra-
ton. IL is held. has marked an era of
extraordinary political experimentation
with practical interests by legislation
and executive policy. Although the ar
gument OF the tull dinner pail offers In
behalf Of the party now In power. there
is a widespread public realization OF the
fact that the country's prosperity is in
part war born and that a high order OF
political intelligence Is going to be in
d!spensable TO the preservation OF the
country's material welfare on the re.
establishment of peace.
War Held Sole CRuse Of Rush.
With this realization there goes the
widely held opinion that the unprece,
denied expansion Of profitable trade anC