The sun., 1912-08-05
FINANCIAL REVIEW
! Of THE PAST WEEK
Indications That the End Of
July Marked the End Of
Waiting Period.
CONFIDENCE INCREASED
brilliant Crop Prospects and I'm.
prOvcmcnt in Trade Re-
vivc All Markets.
CONFIDENCE INCREASED

The dominant characteristic Of the
, security markets in July was uncer' 'ainty.
| Up to the last day nt tho month prices
moved WITHIN narrow range in Il market
, that became increasingly dun until on
, last Tuesday he low record Of the summer
was made for dulncss and trading in
| both stocks and bonds shrank to insianiti-
can, proportions 1t seemed to he almost
everywhere considered that it was adj
| yisable TO await Tor developments in
politics. crop prospects ard bnslness
| trends before ono formed II definite
| opinion ou prospects for fall and winter
business |, was essentially waiting
period and one governed by more than
ordinary caution and conservatism as
tar as trading in securities was con-
oerued Political developments came
RAPIDLY. but after the nominating con-
ven.ions il was considered prudent 10
wait and ascertain what positions Presi-
dent Taft and Mr.. Wilson might take in
their speeches -, acceptance or what
strength might be developed by the buil
Moose party. II was a month Tery pro.
ptious Tor the crops. but IL was advisao ole
| to Wait until some Of the important crops
were in the barn. Ira ie improved steadily.
but there was chance that the up" ard
trend might be only temporary, and only
time could tell that. Mos, ot these reasons
for hesi'ancv have been removed ny
developments ot tho past TWO y Neeks. aud
! the time now secu,s 10 te at band when
business men aud investors must DO
something more than seek out the secrets
Of an uncertain future. 1t lie evident
enough that many Of the most discerning
! u them have already taken action. Rail
road manag gers IN most oi the sections
of the country have been doing every
thing in their power to place their roads
in condition to handle a volume ot traffic
which they now believe will be much
! greater than was expected in the early
,ar. OF the year or which could rea sonab'y
! have been anticipated at that time. Orders
: for cquipn.r' aud material have been
rushed until the car equipment companies
and many ot the stcc! mills are unable
70 s,,istv iemaud- tor early delivery
/ Business reports. such IL that cf Marshall
Field III regard - t,r supply of woolltn
good, show that MANY mau utacturcrs
for fall and Ninter goods have l"en
impelled by the brilliant crop prospect.
to operate their mills ~ utinos: capacity
All of the manufacturing companies
dealing directly with the farmer are
anticipating a large volume Of business
and preparing Tor il, Altogether il APP
pears nt the beginning Of August that inn
provemert IN all important lines OF trade
and manufacture i. extraordinary for
period ordinarily marked by seasonal
lulncss. The waiting period seems 10
Z I've over and the period Of decided business
activity 10 have begun.
: The security markets supplied evidence
last week that they too considered IT. in
advisable 70 await further developments.
or al least they dem monstrate1 greater
confidence in the stability ~ prices for
socks and bonds than they had displayed
IN previous months of the summer The
change came OH the last day of july. irl-
medste'y following the publication Of
,he earnings Of the United S'at"e Steel
Corporation for tho juno quarter In
that period tho company was liiliny the
lnilk pf IT. orders at prices not tar froru
me lowest Of the year ard nevertheless,
ia excess OF those for the previous quarter
and earned the regular dividends ON both
the common and preferred stock Busi-
less in the current quarter II a. consider
ably higher prices on the average and
great deal OF the new business booked
last week WAS AZ advancing prices fur.
'her increases having been declared by
most of the companies in plates, shapes
and bars Az instance Of the PROSPECT
Of the trade ie supplied in a statement
made by the bead Of one of the largest
contra, ting iirm- OF the country TO the
effect that his company in the past six
months had contracted a greater tonnage
Of structural steel than in all 1.-THE year
1911 Together with these reports from
the steel trade came evidences OF endur-
ing stability in the copper metal msrke.
| and crop reports which could discourage
no one Oplnlons differ regarding the cot.
ton prospec'r and deductions from the
Government CROP report vary widely.
| but the crop has entered August. he
critical month. vnh generally favorable
w"a'hsr and II Ia not unreasonable 10
expect a Weld oi more than 100000
bales. that il, a yicld above the average
although we'll below last ysar's record
'p'al Al least zoo 0fp.o0 bIshel. Ii q
oonsnr,ot estimate of the wheat crop.
IIsy and oats have been gathered in
! quantities clos" 20 il not above record
yl"ds and the corn conditions indicate
crop "i .,Nuu.,uo tius,lei-
u was not natural to expect n reac.
ti"nnry stock market to tho accon,pani-
ment o' continued favorable reports
(s..,s \ II e. ,