The Birmingham age-herald., 1908-08-03
REVIEW OF WEEK
 IN STOCK MARKET laft'S Letter of Acceptance Is
 FavorabIy Received SOME UNCERTAINTY STILL Whether the Financial World Is Pre- pared for an Advance in Stocks
 Is the Question and Traders
 Are Rather Watchful.
SOME UNCERTAINTY STILL

New York, August 2.-Much occurred last week of interest and importance from financial standpoint, but so much of 1t had been expected and acted upon by anticipation in the stock market that the passing of the weeks events left the market in a condition of neglect and dull ness. The irregular tone of the market for securities was an index of an uncer- tain mood over the future rather than of dissatisfaction with the accomplishment shown by the weeks events. The delivery of acceptance of the republican nomina- tion for the presidency did not find the financial community unprepared for it's contents, and its approval had been ex- pressed by previous buying of stocks at advancing prices. The satisfaction was directed especially to the expressed pur- pose of the candidate Ito interfere with legitimate business as little as possible In perfecting methods for the continuance of the policy of his predecessor"
 The publication of the report of the quarterly earnings of the United States Steel corporation was definitely fixed for Tuesday of last week, and as Is not un- usual, preliminary estimates of the show ing proved to have been quite accurate, leaving little in the way of fresh &C., ton to be taken beyond the natural profit taking which follows the confirmation of expected events.
 The increase in earnings over the pre- vious quarter was an incentive to the growth of confidence over the business OutlOO< xUhiob hoo 4l,. financial district, but the falling off in volume of thrilled orders on hand on June 30 to a lower total than since the Sep tember 30 quarter of 1904 proved a partial offset to this influence. The June 30 con- dition of the order books was of less eff 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 con- tinued withholding of orders for rails by the railroad companies is feature of the situation, and the trade juornals of au- thority in the industry utter a note of ad- monition against undue estimate of the rate of recuperation.
 In the copper trade, trade conditions are shown to be decisively improved with supplies much reduced and buyers obliged to advance their bids to fill requirements. Occasionally reports of damage from rust to the spring wheat crop have not altered the sustained confidence in a favorable outcome of the years crop as a whole Calls for large forces of harvest hands from the northwest and preparations by the railroads for liberal car movement confirm this confidence The improvement in condition of the cotton crop during the month of July extended the influence of ton. Sales of commodity bills in the dry goods exchange market have accom- panied this growing assurance over the surplus to be available for export and promises a balance against the expected withdrawals of cash by interior markets to effect the movement of the crops
 In the field of larger policies of corpor- ations and capitalists there were impor- tant developments. The terms of settle ment of the $sOOO,00O Wheeling and Lake Erie notes maturing August 1 were not formally announced, but countenance was given by the principals to the transac- tion to representatives that advances from the Hartman group figured in the set tlement. Assumptions were based on these admissions 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 the properties included in that project On this basis were built up inferences and detailed assertions of comprehensive harmonization amongst the great finan- cial groups which were in conflict in the Northern Pacific and the Northern Secur- ities struggles.
 The question of rate increases by the railroads was still actively discussed, but with less confidence In its feasibility Formal announcement from the interstate commerce commission that 1t would pro- ceed to the investigation of proposed rate increases as filed in anticipation of any actual complaint was interpreted as an admonition against intended increases of southeastern rates and intimations that proposed increases in southwestern rates were vulnerable to similar process gave evidence of the obstacles to be encoun- tered in an attempt to advance rates. The vehemence of the protests against an ad- vance issuing from manufacturers and shippers organizations also serves to warn the railroads of the difficulties con- fronting the attempt.