The sun., 1912-07-27
FINANCIAL news ).
AND COMMENT
Stock Market Has Strong I'm.
dertone and Readily Alb
serbs Realizing Sales.
MONEY IN BETTER DEMAND
Bankers Expect a Good Bank
Statement To-day, but Higher
Rates Before Long.

Tnur000y 0rtcTuOOu oIten eoN o"~S
in stocks continued In the early trading
but traders we're prompted
to realize OH the advance. having found
for even small profits very
scarce In the dull and narrow market
of recent weeks and being unable to
resist the temptation to convert paper
profits. however small. into caslf. The
market absorbed the profit taking
readily and displayed a generally firm
tone throughout. The IIiil stocks. Great
Northern and Northern Pacific. were
again conspicuous. with particular at
tention directed to Great Northern. The
bullish factor was again the prospect
Of abundant crops In the Northwest.
Weather reports were somewhat con-
dieting. some Of the crop experts dis
covering damage from rust In some OF
tho spring wheat territory. but gener-
ally little impairment In conditions was
reported and little opportunity found
for reducing the prevalent estimate
Of q 7O0.00O.000 bushel wheat crop. In
connection with the harvest Of the crop
the Northwest reported extraordinary
preparations In the way OF securing
labor. inducing merchants and msnu-
facturcrs to secure shipments Of coal
and other materials in advance Of the
crop movement season and otherwise
taking precautions against a conges-
ton of trsffic. For tho moment the
fear Of a congestion Of trafIlc seems 70
bs the principal cause for apprehension
In the great agricultural sections. It is
granted that many OF the roads are In
good physical condition and abundantly
supplied with equipment. but others
have been delayed from purchases ct
new equipment by the aggressive hos
tility of various legislative and sd-
sninistrative bodies and purchases have
bcen made tardlly. Purchases Of new
equipment this week. for instance. have
exceeded 10000 ears and 800 locomotives
and on most Of these early delivery is
desired one compensation for this
otherwise unfavorable condition Is found
IN n great improvement in the bushes $.
Of the car equipment companies. IN
the stock market yesterday the activity
Of these concerns Was reflected IN man,
advances of prices. With New York Air
Brake and American Car and Foundry
shares particularly strong. The marke.
closed below the best. with irregular
price changer. but with no changes of
consequence In the active shares.
The London market was the hest ri
the week. Consols rallied and home
rails were stronger I'm accordance with
better dividend declarations than had
been expected. Activity prevailed I'm
the international none " market. Amer
lean bankers we're securing the paymen n,
OF loans made In Berlin and often re-
newed and It vas said that Berlin Vas
looking to London to finance many OF
these pa! ments. Offerings Of American
finance bills In London were again ma dc
In moderate quantities. In this city
sterling exchange ruled strong at lev el
close to the high Of the week. that IT,
at point not far from the gold eapor,
point. hut It vas not anticipated tina,
either London or Paris ould make an
this country. Undoubtedly shipments
from time to time for the account OF
London or Paris will be made and, a
matter Of fact. some OF the largest
houses are continually sending small
amounts that are not individually re.
ported. II Is not expected that the az
gregste OF these shipments will be very
large or that further direct shipments
to Europe will he made In the near fu.
ture The indications are that the
banks In this city have further
strengthened their position this week
but bankers anticipate q somewha,
higher and more active money marke,
because Of the forthcoming demands
from the crop sections and because cl
New York's prominent position In sr
extremely active international money
market
Chicago and Northwestern. the sec
ond of the big systems to report fol
June and the fiscal year. showed fol
June an Increase Of s139.0O0 IN gros;
and $4,000 In net, and for the flsca
year a decrease Of Sl.o?0.0OO In gros,
and decrease Of Sl.l36.O00 In surplui
after all charges. The surplus In equiva
lent to about ~ per cent. on the out
standing stock. Tho weekly trade re
Views told an encouraging story. Dun,
|, said that statistics told OF volume o
business quite up TO normal. Brod
streets. much more optimistic. declared
that "the weeks reports furnish ,
veritable budget Of good news. Prac
tically every crop prospect plesses."
added. current trade Is Of seasonabl
!! volume. buying for fall and beyond
expanding. the iron and steel industr
Is oversold, labor Is scarce. the rail
roads are preparing for heavy fa'