The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-05
neral REVIEW OF
The STOCK MARKET
rplexity Over Financial
and Industrial Stu
alton.
IMMEDIATE OUTLOOK
|vorable and Unfavorable
poets Of the Situation
Iron, Steel and
Copper.
IMMEDIATE OUTLOOK

ew York, Aug. 4.-Last week saw
lerSe of continued perplexity over
financial and industrial outlook re-
led in the action of the securities
ket. The immediate developments
fed to weigh on sentiment and in
} heavy uddertone to the specula-
although there was a mixture OF
prable factors which acted as re-
int on positive weakness.
he most notable of the latter class
Incidents was the showing of the u.
Steel corporation for the quarter
S ing July 80, Of record net earnings
Pver $45,000,000 exceeding the most
8guine of the preliminary estimates.
Il falling off in the untitled orders on
"a from the preceding quarter was
ricted to a little over 100000 tons,
Il left that item well in excess of the
IRE at the corresponding period last
"A. AS the period covered was that
{Eequent to the break In March in
a securities market, which was the
Id Of the reaction to come, the re-
on its face might be regarded as
ly gratifying as an exhibit in the
8erate reaction to which general in
J rial activity had been subjected.
large sums made available and set
e for the engagements and extern
IS in which the corporation is en-
bd insured it's immunity also from
embarrassments from scanty avail
capital and onerous interest
$hges which have been such a great
lure in the situation of railroad cor
"a Itions for some time past All Of
was practically overborne, how
by the frank acknowledgment on
= llf Of the corporation that the new
RS received during July had fallen
80 per cent, below those received
fully of last year. This fact was
pied as conclusive evidence Of the
p setback to which the iron and
trade had been subjected as a be-
4 effect of the curtailment in enter
which had been foreseen as soon
"a he difficulties of the railroads in
ring capital for carrying out pro-
ii Of betterment had developed.
lie financial community attaches
"a importance to the iron and steel
q as barometer of general trade
itions. The condition of the copper
ket which comes probably next in
s prtance, reinforces the example of
iron and steel trade. Copper prices
,ad have continued to decline and,
expected waiting demand has not
come forward in sufficient volume
x stable conditions in that market.
h this situation in the metal trades
Influence is lessened or lost Of the
inuing reports Of activity in other
of trade and the evidence in the
expended bank clearings Of the
E try of undiminished activity in
Eantile lines. This evidence of sus-
bd mercantile activity and the large
irements on banking resources thus
led help to complicate the outlook
he money market, from which re-
IS considered essential to insure any
tive revival of investment demand
81 lpital. Contraction of business ae-
y, lowering Of prices, accumulation
apital and awakened flow into in
nent is the sequence of events con-
ed necessary for the working out
he situation. The reaction in iron
steel is accepted as the index of
forces in operations and they are
cted to spread through the finan-
fabric in the working of the rem
S ms of an investment demand from
nulating capital are looked for as
rue herald Of coming restoration.
ew York, the bond department of
stock exchange shows no stirring
etivity and the bond dealers are
able to report any important alb
ion for demand investment. An
ent Of the week, however, was the
by the Atchison, Topeka & Santa
ailway to ]. P. Morgan & Com
of the unsubscribed portion of
26 O0O, 900 of five per cent convert
bonds which had been ordered to
holders at par, the residue thus
being stated at about $4,000, 900
he prices to the bankers supposed
about 9S. the transaction was re-
IA as evidence of the continued
llty of securing capital but the
that the attempt was saved from
e was made the subject of pro-
qualification on the part of the
ipals.
ring the past week British con-
sold at the lowest level since 1913,
he incident is a central testimony
existing prostration of the in
nent situation. The immediate
in the fall in consols was the
ID liquidation growing out of the
Extension in Egyptian Industrial
res: but this fact does not de-
a from the force of the example OF
eneral situation. Foreign money
cts and the reports Of condition
|e great central banks abroad
warning of the coming pressure
The restriction of resources. 1t
bnly by a raise in money rates in
a York that the French demand
old, which inaugurated an export
ment from New York on Mon