The sun., 1912-07-07
FINANCIAL REVIEW
Of THE WEEK
a Stronger lndcrtOmc in the
Stock Markct-Srllcrs for the
Decline Turn Buyers.
PROFESSIONAL DEALINGS
Decided Improvement During
Week in the Business and S.
Agricultural Situation.

was Sttduuy tOWdIu ItCtNeTN. TTt
sumably this was due mostly to the re
tirement of commitments for the fall ir
values freely entered into on the pre-
CedinE day but there were many sign,
that the anomaly Of declining stock
market while the news from almost
every quarter Of the Industrial and agri.
cultural world was extremely good hac
made It's appeal to other people thar
mere spectators. Tho advances ran tc
nearly point in the case of some of the
most active stocks There were no de-
velopments during business hours cN'
cept those referring TO further favor
able progress being made by the crops
The grain markets after their violent
fail of FRIDAY we're relatively quiet
The bank statement with its showing oi
q decrease of Sl?.1+s.0 600 in the average
reserve and nearly sis.000.000 In the
actual reserve was. Of course, accepted
by no one as even an approximate In
dication Of present financial conditions
at this centre. II the actual statement
we're anywhere near the truth there
would be At the moment a large deficit
In the reserve and call money would he
practically unattainable. The character
by the ingathering and outflow Of money
incident to the very heavy July dis
bursements, to the large syndicate
transactions In which many banking
houses have lattcrly been engaged and
20 the unusually puzzling influence en-
ercfsed at times by the interrelations of
u, banks and trust companies.
While up to the beginning Of last
week the weather for agriculture. es-
pecially in the spring wheat section.
had been ny no means bad. yet there
were still some complaints Of too high
Temperatures and too little moisture In
the Northwest. Therefore the decided
fall in the thermometer and the very
large fall Of rain which spread from
the Canadian Northwest down over
Minnesota and the Dakotas and over
substantially all the spring wheat and
corn belts was the most favorable de-
velopment that could possibly happen
and has gone far to insure highly
successful outcome Of these two great
crops this year. Wheat prices broke
heavily and the spring wheat crop in
particular In 30 near maturity that
opinion In the grain trade is swervinE
strongly to the conclusion that only
some unwonted disaster can prevent a
very large harvest Of this grain. The
Governments cotton report caused a
rise in the cotton options. since II as
serted that there had been large re-
duction in cotton acreage since last
year. The Governments figures are
generally considered an overstatement
IN cotton circles; but even accepting
the statistics a. correct they indicate
. cotton crop which will he large In
comparison With every year In our bis
tory with the exception Of the astound-
ing crop Of 1911.
The agricultural prospect. therefore.
upon which so much depends Is in
splendid shape. Meantime last week
trade and industry in general made
steady progress. The volume Of the
iron and steel business is larger than
II was either last year or the year be-
fore. Bank clcarings are almost up to
the high record, although they have
naturally been curtailed in the past
fortnight by the Presidential convcn-
tions. The demand for coal Is better
and loadinRs on the railroad lines have
enlarged. The number of business fall
Ures has lately exhibited some increase,
but this IL accepted as q not unfavora-
BE phenomenon inasmuch as II Is that
which almost invariably takes place
toward tho end Of a period OF business
depression Mercantile collections over
the country are more prompt and al.
though something Of the usual sum.
mer dulness Is noted in business orders
for goods and material from the West
ern farming sections in particular have
shown a decided tendency to increase.
one Of the so-called adverse occur
renCes Of the week WAS the development
OF weaker undertore In copper metal.
but no well Informed person or one
having the best interests OF American
trade and industry at heart would call
this an unfavorable happening. Cop
per is now selling at a high price and
one that gives enormous profits to
the copper mining companies. 1t is to
the advantage ~ every one concerned
that the price Of the metal should re-
act somewhat. although II may he said
that the statistical position Of the
commodity Is stll AS strong as ever,
and that absolutely no credence Is
placed by the best trade authorities in
the stories lately set anoat as tn the
supposed existence OF large hidden
stores" Of copper metal in this coun.
try and In Europe.
The local and International money
markets keep easy. which is in itself
a sufficient rejoinder to the impression
said tn he conveyed In various quarters
that there Is strained financial posi-
tion In Europe, The half yearly Ger
man financial settlements have passed
of without trouble, while the recent
exports Of gold from this country To
France represent the resumption by the
Bank OF France of its time honored
policy OF increasing its gold reserve
whenever II secs an opportunity to do
So. The decline In consols in London
has continued. but this Is OF no sig
nihcance whatever, since II simply II.
lustrates the competition Of other high
grade securities with the English pro.
mi"r issue. Also the fashion OF the
financial Investments has changed in
England. People do not invest In con-
soils exclusively as they formerly used
10 do for trust PURPOSES marriage set
Elements and thc like. but buy other
stocks and bonds which are practically
Rnpl "a virl.i "a ink