The Montgomery advertiser., 1908-08-03
FINANCIAL REVIEW.


 New York. August 2.-Much occurred last week of interest and importance from a financial standpoint. but so much of 1t had been expected and act ed upon by anticipation in the stock market that the passing of the weeks events left the market in a condition of neglect and dullness. The irreg- ular tone of the market for securities was an index of an uncertain mood over the future rather than of dis- satisfaction with the accomplishment shown by the weeks events. The de- livery of the speech of acceptance by the Republican nominee for the Pres idency did not find the financial com munity unprepared for It's contents and its approval had been expressed by previous buying of stocks at advanc- Ing prices. The satisfaction was di- rected especially to the expressed pur- pose of the candidate to interfere with legitimate business as little as possi- ble in perfecting methods for the con- tinuance of the policy of his predeces- sor." The publication of the report of the quarterly earnings of the Uni- ted States Steel Corporation was defi- nitely fixed for Thursday of last week. and as is not unusual. preliminary estimates of the showing proved to H&N0 0VNt 4GAtD 4OSuNdISs 1DdNtAk AAb~ tie in the way of fresh action to be taken beyond the natural profit taking which follows the confirmation of exc pected events.
 The increase in earnings over the previous quarter was an incentive to the growth of confidence over the business outlook which has been grow ing up in the financial district, but the falling of in volume of untitled orders on hand on June 30 to a lower total than since the September 30 quar- ter of 1904. proved a partial offset to this Influence. The June 30 condition of the order books was of less ef- feet than the supplementary statement that the average daily orders booked during July had risen to 72 per cent of the full capacity of the works. The continued withholding of orders for rails by the railroad companies is a feature of the situation and the trade journals of authority in the industry utter a note of admonftion against un- due estimate of the rate of reeupera- ton.
 Tn the copper trade. trade conditions are shown to be decisively improved. with supplies much reduced and buy CTS obliged to advance their bids to fill requirements. Occasional reports OL 4aAfAAkb IEOhA l0 AlS CPIAA6 wheat crop have not altered the sus- tained confidence in a favorable out come of the years crop as q whole Calls for large forces of harvest hands from the Northwest and preparations by the railroads for a liberal car movement confirm this confidence. The improvement in condition of the cot ton crop during the month of July extended the influence of the crop prospect to the Southern section. Sales of commodity bilIs in the dry goods exchange market have accompanied this growing assurance over the sur plus to be available for export end promises a balance against the ex- pected withdrawals of cash by interior markets to effect the movement of the crops.
 Tn the field of larger policies of corporations and capitalists. thore were important developments. The terms of settlement of the ss,o00,0o0 Wheel ing and Lake Erie notes maturing August 1, were not formally announced but countenance was given by the principals to the transaction to repre- sentatives that advances from the Har- riman group figured In the settlement. Assumptions were based on these ad- missions that former differences had been reconciled insuring the neutral ization of the Western Pacific and the Atlantic coast extension project of the Gould system and special advantages from the Erie from the disposition of properties included in that project. On this bases were built up differences and detailed assertions of a compre- hensive harmonization amongst the great financial groups which are in conflict in the Northern Pacific and the Northern Securities struggles.
 The question of rate increases by the railroads was still actively dis cussed but with less confidence in its feasibility. Formal announcement from the Interstate Commerce Commission that it would proceed to the inves- tigation of proposed rate increases as filed in anticipation of any actual com plaint was interpreted as an admoni- ton to moderation in raising rates. The issuance of a temporary injunc- tion against intended increases of Southeastern rates and intimations - -