The morning journal-courier., 1908-06-29
FINANCIAL REVIEW
Weeks Events Counterfeit Each
Other and Market Moves
in Circle.
SUMMER HALT IN TRADING
Morgan's Ill. u. mn Encouraging Fac
tor--Unfavornblc Infiu-
ences.

Events bearing on financial condi-
tions were OF mixed complexion last
week and served so far to counteract
each other that the securities market
moved In n restricted circle. returning
often to the same situation. The halt
In speculative activity Is characteris-
tic of the season Of the year. while the
making OF the countrys great crops is
In question. The national political
campaign helps to aggravate the sea-
sonable tendency. The death of former
President Cleveland and the critical III
ness of the republican candidate for
Vice-presldent proved effective in first
in further restraining speculative oper-
ations so far as they might be based
onre lance on supposed certainties of
human activities. The comforting OF
the degree of LII. D., on j. Pierpolnt
Morgan by Yale university as a recog-
milton of services in helping to allay
the panic of last October was read In
the financial district as promising
symptom Of appreciation for purely fln-
ancial services of an individual typical
of corporation and capital power; a
kind OF appreciation which the moving
powers In corporations are disposed to
\ feel themselves little assured OF In the
lately prevailing public temper, Mr.
Morgan's statement for publication be-
fore returning to Europe also had q
favorable effect on sentiment. with ite
profession of a perception that fnan-
I'll L..
ha Improved greatly since he went
abroad some time ago and of con6d.
ence that they would continue to Inn
prove.
A counteracting factor To this fav.
orable influence was the evidence OF
heavy liquidation In the Rock Island
securities and the wide declines In
prices IN that group. Fears were thus
aroused that some unrevealed embar.
rassment confronted the company o,
some undIeclosed plan Of readjustnnn,
( the admittedly cumbersome fnan-
al organization of the system. The
southwestern railroads. made vunera.
Ole ny sympathy with this Rock Island
movement. were sensitive also to tbs
suggestions of crop damage both tc
winter wheat and to corn In that re.
gion. Some impairment Of the promised
wheat yield has come to be admitted
lut general confidence IN unprecedented
chances for prosperous crop is still
maintained The same Is true Of tbs
cotton crop, although the feverlsl
price fluctuations In that staple from
technical market causes somewhat oh.
secured opinion on the subject More
hopeful views were entertained of thu
iron and steel outlook owing to large
contracts for steel bars. In that field
too. opinions were mixed and demand
for finished product In response to tn,
cut In prices IN reported hating still
The conflict of views on the wage scale
developed between the Republic Stee
and Iron company and It's employe,
was regarded with some apprehension
as q possible presage of genera
wage controversy.
From the railroad field. also, some
limitations of problems OF wage dis
putes to he faced. Railroad earning.
show the material losses resutlnl
from the business contraction and cur
tailment Of operating expenses show
no proportional progress Complain
Is beginning 70 he heard that sucl
curtailment as Is affected Is at the ey
pense OF efficiency Of equipment. De
terioration In this particular Is ind
Gated by the increasing number o
cars going to repair ships. which Il
pointed out as n factor In the larg,
decrease In idle cars for the two week.
ending June 10 amounting to $4,000
not including those sent to shops 10
repairs. Extreme prostration Is com
planned OF In the soft coal trade
which Is significant also of the de
gree OF contraction Of general manu-
featuring The anthracite trade Il
affected as shown by extensive shut
ting down of collieries. Wavern,
fluctuations In the price OF cope
show the continued lack OF stability II
that trade.
Money supplies are superabundan
and cash reserves at the great bank
ing centers of the world are at an un
result OF the great contraction of cir
culaton from Industrial depression
The gold outgo has ceased with thu
satisfaction of the Berlin Requirement
for the July requirements Par
U.s. however, continues to draw golt
from London Extra July first re
qurements in prospect at New Yorl
had not the slightest disturbing effec
on the tranquility Of the money mark
et.f