New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-19
some S25O,0O0 Worth OF Con-
soils Bought Every Day in
London Market.
BUOYANT TONE ON 'CHkNGE
Worlds Wheat Crop Shows
Above Average, and with
Increase of 100000
Above Last Year.
BY Cable 20 The Tribunel


London. Aug. 1S-The attendance at
the Stock Exchange yesterday was
small. but business was fairly good.
and the hopeful tone with which the
week opened continued throughout.
The outlook for the future. is promising
and the firmness of consois and other
high class securities contributes to
general chcerfulness. There was
good deal Of quiet investment buying
NJ gilt edged securities AT the recent
attractive low prices, which has had an
excellent effect on the market.
Americans were strong at the end Of
the week on the refusal of the Senate
70 pass the steel tariff bill over the
Presidents veto, both Steel stocks and
railroad shares and bonds being bought
up.
The movement in home rails was I'M
important. There was slight I'M
provement at the opening of the week.
but this was lost before the close.
Call Loan opened at , per cent but
soon fell TO IL. Weekly money was
easily obtainable on Saturday at "a
per cent. Discounts are easier for
short-time paper and four and SIX
months rates are unchanged at 3sa per
cent.
The improvement in oonsols has been
assisted considerably by purchases for
the sinking fund. The ExcheQuer
statement shows that the National
Debt Commissioners have been buying
about $4,000 worth of Consols day.
and it is considered probable that this
rate Of purchase will last for the re-
mainder Of the year.
The bank rate continues at per
cent, though a rise Is expected within
the next few weeks. and it will be no
surprise TO see it soon at 4 per cent.
The receipts of gold from abroad and
The return Of cash from the country
nave increased the bank reserve S.
10000. bringing the total TO S149,-
$4,000. Further receipts expected
during the week now beginning will
probably bring the reserve to more
than S150,OOOOOO.
The addition to gold for the week
was $5,930.OO0, of which S4.230.OO0
came from abroad and 81, ZOO, 900 from
The country. The gold stock is now
500, 800, 900, and further additions are
expected before the drain sets in for
Egypt and South America.
The proportion of reserve to liabili
ties increased from 4SS to 1882.
An estimate Of the wheat crop Of the
thireen most important wheat produc-
ing countries Of the world, by ]. K.
Carthew. the well known grain expert,
has Just been published. He makes
the yield this year 5, 800, 900 quarters
more than last year Mr. Carthew
says:
Crops in the principal European
wheat growing countries are. on the
whole, satisfactory and are certainly
better than last year and over the
average. United States winter wheat
is disappointing and under the average,
but spring wheat has done remarkably
well. The prospects Of an abnormally
large yield are excellent, and the came
remarks apply to the Canadian crop.
Looking at the position all around
consider that with normal or average
conditions in Argentina and Australia
there will be more than sufficient
wheat TO carry us over TO next year.
AS regards the future trend of the
market prices are now at fairly high
level and / see little likelihood Of an
appreciation Of values unless serious
damage is reported to spring wheat In
North America or later on TO the Aus
tralian or Argentine crops and pro-
vided always no unexpected and alarm
ing conditions arise in the foreign po-
ltical world"
Details Of Mr.. Carthew's estimate
are as follows: