New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-19
REVIEW AND DIGEST
a Week of Shifting Leaders and
FIuCtuating Prices.

~
and the situation as regards the opera
ton Of stock prices IS left In a senI-uh-
certain state Everything is ready lot
thu ceremony Of = bull market except
the bul market itself There have been
am abundance Of good news and go''
feeling and plenty of money a. hD'ral
rates bur Just as the procession ct
market movements seemed fitted for
general start something happened and
the movement was checked. The he
ginrins Of the week appeared 10 be
especially propitious The market as
sumed a broadening attitude. and some
of the leaders which In the last few
weeks have done little except follow
the specials came out with forcefu.
distinct individuality and made SOM
higher records. Evidences q changing
leadership have been one Of the fea-
lures Of the week trading. but no per-
manent leaders have so far come 10 the
front Tho specials like Sears Roe
buck. Studebaker and others. that wera
So strong when the standards were in
active. during the latter days Of the
week end. were quiet while Pittsburgh
Coal preferred. Pullman and some Of
the rails usually not prominent as
sumed a position Of influence, with ris-
ing prices. which kept the bullIsh spirit
fairly awake and allowed profit taking
70 be nducted with comparativevesse
leaving the market in a well balanced
position only slightly affected By 0ccs-
sioual reacti0uary tendencies. The col
IeC-ive favorable reports from all
branches Of commerce and industry
have augmented what previously Of
fered splendid prospects for the future.
The steel industry Is improving stead
iiy. railroads during the week have
shown IN their July earnings and in ad-
vanCed reports that more encourag-
ing business is prevailing III traffic.
the mercantile houses have given in
formation which indicates q turn tow
ard Improvement. and an over the land
there is m atmosphere OF brightness
suggested by the weeks events m the
world Of trade AMI finance
Tho feeling of apprehension regard
ing money which has been given son.s
publicity so far 80 shown. gives no
particular basis for concern. The de-
mand for money 20 ne used in com
mercial lines has increased. but there
is get an abundance Of money for all
the Legitimate lines which may require
special financing The Western bank
ing institutions have made the neces-
sary preparations for supplying funds
10 move the crops and while rates VIII
harden. the moner chiefs both East
and West. do not expect any tghtuess
~ none which VIII adversely affect
tho development ~ our national So
Uerity. The one cloud which hangs over
the country and the stock market IS
politics. Just how much Of a storm
VIII follow can only be surmi sed. on
numerous occasions leading men q
business and financial affairs have OK
pressed -heir opinions. and there las
been harmony in their Utterances
that this year business had divorced
itself from politics. and that irrespec-
tive Of the mai outcome Of party Presi-
dental contests this fall commercial
and industrial interests viii continue t0
thrive. This view Of the effect OF No.
tiOnal political issues on the country
prosperous recovery should be reassur-
inG But We are like q sick patient
who has been assured Of restored
health by his physician. While all indi.
cations are favorable and appear 10
verify such optimism. the element OK
uncertaintv which IS in every unfu.-
filed prediction leaves q slight touch
Of doubt. This doubt however. is no.
given any apparent consideration by
the large Industrial and manufacturing
institutions IN their preparations for
increasing facilities 10 meet the prom
ised growth OF the country's require
ments. but IN the stock market there
is a shadow Of politics. which mas been
responsible for the slow action during
the week just ended. The lack Of unity
in the support Of any candidate among
the important Wall Street financiers 10
unusual. particularly as IL involves not
only the old parties, but brings into
the issue new elements OF dissension
which IN the wears before have been
practically ignored. Just how much
these differences Of opinion may IN
fluence securities or how farreaching
may be the applied influence Of these
different banking factors is a question
which cannot be answered. The in
nuence may be nominal or II may be
important. but the future only viii
show. and the stock market may re-
feet in some issues. al least, this lack
Of cooperation among prominent Il
nancial leaders.
a factor which should offer some as
-istance 20 a betterment Of our stock
market is the Improvement reported
this week ia the London stock mar
ket. Investment sentiment abroad has
changed. a. evidenced in the recovery
made by British cOnsOls and an up
ward tendency in other investment
stocks French and German markets
have also exhibited a better tone dur
ing the last week. ali Of which at pc
RODS has offered indirect assistance 10