New-York tribune., 1912-08-12
REVIEW AND DIGEST
All Reports Encouraging-StoC
Market Shows Strong Impulses.

with a weight in favor Of bullish ten
denotes, but with the positive trend IN
the standard issues somewhat i'm doubt
There have been periods of decided en-
thusiasm on the buying side, but just
at the point when ii seemed as though
an old-fashioned bull campaign was IN
embryo dulness and a bearish atmos-
phere would check the advance ana
prices would sag, losing their vim ana
leaving further action Of the market
debatable question Exceptions TO this
rule in some of the leading stocks,
however. have been shown by a few of
the specials, which have scared to
higher levels irrespective Of the action
of the "od faithfuls" of the market.
Sears Roebuck, for instance, reached
new high levels, the gas stocks ad-
vanCed and other specials have ad-
vanced independently of the general
tone of bearishness, which at times
has been i'll evidence on different days.
The week has been important in poll
tics. clearing the atmosphere OF un-
certainty regarding the Bull Moose
convention and pronounced principles
and the avowed belief and policy Of
Woodrow Wilson. as set forth in his
speech at Sea Girt. The effect Of these
two events on the market was not 50
radical as might have been expected,
yet the lack Of force in general price
movements indicates an uncertainty In
the minds Of the powers, who, under
apparently favorable conditions aside
from politics, still hold the market in
check. From AL parts of our land
come good reports of commerce and
industry, except i'm New York city.
where there seems to he stagnation
in certain lines Of retail trade and
some stringency in cash. which is un
usual This trouble is so local, how
ever. that its influence will be over
come by the increasing volume Of trade
I'm other cities and districts throughout
the country. particularly in the West.
The governments crop report. issued
for 1912. showed a probable wheat
yield Of $4,000 600 bushels, a gain Of
59,OoO,000 bushels over last year. The
outlook for all crops is most promising,
which is the acknowledged basis for
our future prosperity.
The money requirements for crop NOV
ing, which Will be gradually exerting ar
influence on finances In this country.
together with increasing calls for com
merCial loans for legitimate business
enterprises, will soon show a harden
ing process in our money rates. How
ever, there is nothing in sight which
need cause apprehension, as this coun-
try, through its banking channels, has
an abundance Of money for all praCti-
cal purposes, and conditions will b.
much more healthful TO have money
bringing fair rate Of interest than
for the banks to he loaded with unpro-
duCtive funds, which serve to he q
burden rather than profitable asset.
The steel industry continues TO report
advancement and the receipt Of orders
far In advance OF the present capaeitt
or ability Of the mills to stipulate de-
liveries. Not only IS the steel industry
prospering here, but the same is true
throughout the world. The demand for
steel products IS reported TO be so great
I'm Scotland that the Scottish makers
are arranging for plant extensions TO
increase their output. From the other
branches of tho Industrial world good
reports are coming. and genuinely
prosperous period Is growing closer as
the weeks pass by
In Great Britain trade and industry
are marching onward with encouraging
and inspiring regularity. The July
trade returns in that country were es-
pecially favorable and an increase IN
exports was recorded. Demands for
money are coming from the developing
business activity i'm that country, and
the outlook is that the commercial and
industrial necessities will absorb avail
able funds There is one draw back in
the line Of manufacturing which at
present may be given overimportance
in England, and that Is the possible
high price Of cotton. There is talk
among English spinners Of being forced
TO shut down owing to the bullish
prices Of cotton abroad. A large per-
centage Of the present high prices is
attributed to manipulation, as the
Egyptian cotton crop seems to be ia
vorable, and the United States crop
may be considerably better than fore
casts Of the past have shown
In the question of the markets future
no one can answer authoritatively in
either the negative or affirmative re-
garding its probable betterment. Some
stocks should go up on their merits
owing to consistent investment buying.
but the market as whole acts like a
man who has been invited to take a
drink, who would like to accept. but
still is in doubt about what his wife
would say. All natural conditions are
favorable to an improvement Good
crops good business. plenty of money
but the consent Of the interests is
necessary, and their answer can be-
learned only by watching the markets