Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-07-29
AND
COMMERCE
Val street.

New York, July 28.-The specula
ton in securities had a good deal 0
material available for the formation
Of conjecture in the events which wer,
day. These included the delivery OF
the speech of acceptance Of the nomi-
nation for the presidency by the re
publican candidate and the quarter
~ report of earnings of the United
States Steel corporation, There was
injected into the situation also the Of
fetal intimation hat the interstate
commerce commission would %investi-
gate the reasonableness of increased
freight rates of which they might re-
cefve notice in advance Of complaints
against those rates. There were, fur
thermore, the conference over the af-
fairs of the Gould railroads and the
surmises which these events gave rise
10. The result of these various fac
tors was to stir up a considerable de-
gree of f-everishness in the stock mar
ket which was reflected in the previous
fluctuations of prices. The situation
in the Gould group came in for an
unexpected amount of attention, The
return from Europe of the head of
the system was followed by statements
for publication indicating that plans
for providing for IS, 000. 600 Wheeling
& Lake Erie notes falling due on Au-
gust l and guaranteed by the Wabash
remained 10 be formulated. This state
ment of the situation caused uneasi-
ness and was responsible for the early
violent break in Missouri Pacific. The
early impression was reviewed with
the growth of a conviction that the
settlement of the Wheeling & Lake
Erie note matter would involve the
entry into the Gould properties of the
Hartman interests looking to the
naturalization of the projected West
ern Pacific as a competitor of the
Southern Pacific. Another line of sur
mise regarding the new alliance was
indicated by the strong tone of the
Erie issues, Advantageous arrange
ments between the Erie and the
Gould eastern outlet project were in
ferred from this movement. The dec
laration of the regular quarterly divi-
dend on the Hartman Pacifics and in
advance of the usual period and the
announcement of the early departure
of Mr.. Hartman on an extended va
cation trip. kept alive the %supposition
of urgency in the working out of the
projected arrangements. The deter
mination implied by the statement of
the interstate commerce commission TO
oppose Increase in rates was account
ed to the inspiration of the chief ex-
ecutive and was the subject of some
troubled comment in the financial dis
trict. Much has been based on the
ability of the railroads to bring about
q higher rates of compensation for
transportation services as a method Of
extrieation from the financial pressure
caused by the present contracted earn
ines. The anxiety on the subject was
not of long effect on the stock mar
ket as the o n gradually became
strong. After the appearance Of Judge
Taft's speech of acceptance prices
gradually reached the highest point of
the day. Reports from authoritative
sources pointed 10 the substantial bet
terment of the health of the copper
market. 1t was known that the Uni
t'h oAdANR tpAttt AddA ttiiN itIpiA Npuio
be published until after the mar
ket closed and it was counted upon
any u~nfavorable showing in the
report would be accepted as past his
tory. 1t remains to he seen how the
will be digested hat untitled or
7ars ON hand on tune 80 had fallen
to 3,343. 600 tons, a falling off of 4b2.-
tons from the March 31st show
ing, and the lowest tonnage on the
books since the September 3Oth
report in 1904. News from the crops