Evening star., 1936-06-14
Landon Popular, but Choice
Had Been Taken for
Granted in Advance.
LOSS OF COMMISSIONS
CAUSES MORE CONCERN
Stocks Show Disposition to Rise,
With Attention on Store, Motor
and Building Lines.
BY CHARLES r. SPEARE.
"a ctal DISPATCH tn The Star

SLeCidl DlopdtSu 10 1pe oLaf.
NEW YORK, June 13.-Whatever
the emotions Of Wall Street may
have been during the days of the
Republican convention, they were not
betrayed in the voice of the stock
ticker this week. More deep con-
Germ appeared to be taken in the
financial district over the sluggishness
Of speculation and the loss Of COM
missions than in the speeches Of the
delegates and the platform which
they presented.
Gov. Landon has been popular in
Wall Street. It has been taken for
granted that he would be nominated;
also that a political creed would be
set up at Cleveland to which it could
conform.
Stocks showed q disposition to ex-
tend their advances, with special
preference for those of companies
in merchandising, motor and con-
struction lines. The railroad and
public utility issues were likewise
strong.
The rise in selective lists of shares
this month has been mainly re-
sponsible for bringing back the gen.
eral average Of the market to within
a short distance of its April high.
This, too, has been accomplished on
a small volume Of transactions and
with no evidence of artificial support.
Longest Section on Farming.
1t is significant that the longest
section of the Republican party plat
form is devoted to agriculture" and
one of the shortest to money and
banking"
The innocuousness Of the latter,
which surely was not written by either
Prof. Kemmerer or Chairman Aldrich
of the Chase National Bank. as re-
ported in advance, and which con-
tanned none of the recommendations
of ex-President Hoover, has been
somewhat redeemed by the greater
conciseness demanded of it by the
Republican nominee.
He accepts the phrase Of "a sound
currency to be preserved at all haz-
ards" So do most men. But he
insists on defining this as a currency
expressed in terms Of gold and con-
vertible into gold"
This gives it some character,
whether one agrees with the prin-
ciple Of it or not.
Another cleavage between the plat
form and the Republican presidential
important in its political
and legal implications, is to be found
in the labor plank. which expresses
faith In the Constitution to protect
women and children with respect to
maximum hours. minimum wages
and working conditions" Gov. Lam
don is on record as favoring a con-
stitutional amendment to meet the
situation if required. In this respect,
as in others, he is more liberal than
his party.
People Spending Money.
The statistics of business allow of
no doubt that the American people
are making money and spending it
freely. To degree the figures re-
fleet purchases in anticipation of
bonus payments, which will start i'm
This demand in ex-
pectancy Of June IS cash began sew
eral months ago and has reached
its peak this week. It Is shown in
the high percentages of gain in volume
by the chain and retail department
stores, the national distributors, the
automobile manufacturers and by the
facts available in survey of the
construction industry and its COL
lateral units.
Throughout April and May the
record of expansion in all such d.
rections has been amazing. 1t is con-
tinuing into June. The best feature
Of it Is that 1t benefits the durable
and steel output this
week at 70 per cent of capacity
raises the total of railroad car load
lngs, now at the high of the year
and well above a year ago, and has
D direct effect both on the industrial
and domestic use Of electric power,
which has also made q new high
record this month.
Both pay rolls and employment are
rising, though too slow to be satisfac-
,ory, and the number of dividend in |
,reases is growing. Even with the
,mall turnover on the New York Stock |
Exchange, bank clearings are 18 per
;ent more than year ago.
There are differences of opinion as
o the continuance of this mild busi-
less boom throughout the Summer.
rhe Iron Age states that June will
be the best month Of the year
n iron and steel. This would mean