New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-15
REVIEW AND DIGEST
facilitating Market-No Positive
Trend-Good Business Prospects.

Trend-Good Business Prospects.
The action Of the stock market during
the last week has been illustrative OF the
perversity of human nature and the UNI
certainty Of an hypothesis which may De
accepted in stock movements as oas'S
of day-to-day forecasts. during "eeAS
now enrolled in past history Wheh 'il0
air was charged with political excite
ment over nominations. when the crop
prospects were nebulous, when the ousi-
ness of the country was going through
its primary development, when lCFeish
skies were clouded with financial doupIs'
then the market moved steadlly up"dl"'
and there were leaders in the DUH mar
ket the utterance of whose names caused
tho speculators to stop with respectful
APPREHENSION and whose daily move
ments even to the extent OF When anu
where they breakfasted, lunched or
dined seem sufficient material lot gossip
70 weave a story of marketwise impor-
lance. The week just ended has not
vorable developments but has been espe-
cially filled with good cheer from the
outside world of finance and commerce
The governments crop report was the
most important timely news OF the week.
from both an investment and business
no,nt OF view. It's first impression
seemed to offer signs Of disappointment
but O total Of cereal production by COM
parison presents most favorable show
ing. The governments estimated pro-
duction gave a total Of 4,SO7OOOOOO
bushels for this year. while the harvest or
1911 cave a yield Of 4,26S, 4G3,Op BUSH
els On these figures there is an lhol-
Gated cereal production of above ooo'VVo'-
ooo buahels more than in 1911. Since
1uIv 1 when the governments figures
were compiled, reports Of growing rams
end improved conditions have been torth-
coming, so the final harvesting reports
should show even larger production
than estimated. There have come some
rumors Of wheat rust In Minnesota, but
such REPORTS are always provided by GER
tain interests who are either oVerpessl-
nistic and alarmists or who have some
selfish purpose to serve. In taxing
closer view of the crop probabilities
aside from cereals. the crop of hay,
which Is extremely important gives ex-
ceIIent promise The area Is said to be
greater than in 1911, and the condition
is above 90 per cent better than on the
same date Of last year. Another crop
which is essential and figures most con-
spicuously In the agricultural returns OF
the United States is potatoes. The
prospects this year are that the potato
crop with one exception will be the
largest in history. In 1909 we produced
| 376, 100000 bushels, while this year the
estimated figures vary from 3JO,OOO,0OO
to $50 100000 bushels There are sew
=, eral other minor crops that give promise
Of large yields, so altogether the crop
indications are most encouraging. The
business reports from all over the coun-
| try have been. as usual lately, verg
| bright, and the volume Of commercial
undertakings and movements IS showing
/
| trade reports continue 10 exhibit pros
perity in orders in hand and prospective,
and the demand for labor, which appar
entity has not been supplied in the iron
and steel districts, presents sign Of
prosperous times which cannot be ig-
nored. The question arises, What is the
matter with the stock market? 4 sim
pie answer would seem to be that dur
| ing the week just ended, if not for
longer period the market has had no
| leadership. Technical positions have
been created by incidental trading, and
at times there have been indications Of
buying by responsible interests. but as
nection with an aggressive campaign on
the bull side there has been no fixed per-
sonnet, and the market "houn' dawg"
has been kicked around to suit the ca
prices Of a few professional traders.
Some Of the most vigorous markets have
been known during past years around
midsummer, but it is said that all signs
and precedents fail in a dry season, and
SO far the season has been rather dry.
In the foreign field there is a hesitation
in stock market transactions. The Lon
don market has fuctuated along the
same range as has been in evidence here.
No special encouragement has come
| from abroad, as consols have shown
weakness and American shares in Lon
don, Paris and Berlin have not been
particularly active, and the tendency has
been more inclined to weakness than
strength. The money situation is not
disturbing. The bank statement Of New
York banks published on July Is showed
an improvement over the previous week.
In the same way the Bank Of England's
weekly return published on Thursday
last evidenced an improvement over the
return Of the week before. Money con-
ditions in France are as usual, and Ber-