The Birmingham age-herald., 1908-06-29
FINANCIAL CAME
 IS PLAYED SLOWLY Speculation Is Restricted By the
 Moves In Politics HONORS FOR J. P. MORGAN Recognition of Financier's Services In Allaying the Panic Is Made By
 YaIe-crop Reports Will
 Decide Market.
HONORS FOR J. P. MORGAN

financial conditions were or mixed coin- plexion last week and served so far to counteract each other that the securities market moved in restricted circle, re- turning often to the same situation. The halt in speculative activity is character istic of the season of the year, while the making of the country's great crops is in question. The national political campaign helps to aggravate the sea- sonable tendency. The death of formet President Cleveland and the critical ill- ness of the republican candidate for Vice President proved effective influences in further restraining speculative operations so far as they might be based on re- liance on supposed certainties of human .bctivities.
 The comforting of the degree of LL.D on J. Perpont Morgan by Yale university in recognition of services in helping to allay the panic of last October was read in the financial district as a promising symptom of approbation for purely finan- cial services of an individual typical or corporation and capital power; kind of appreciation which the moving powers in corporations are disposed to feel them selves little assured of in the lately pre- vailing public temper.
 MT. Morgan's statement for publication before returning to Europe also had a. favorable effect on sentiment with it's pro- fession of perception that financial con- ditions in the United States had improved greatly since he went abroad some time ago and of confidence that they would continue to improve. This public pro- nouncement of MT. Morgan had an im- portant effect on a prevailing speculative assumption that the. banking house of which he is the head held more conserv- ative views on the prospect than those thus formulated by the head of the firm. This assumption was based on the atti- tude of that house towards the Erie financing in April when the purchase of notes of that corporation by E. H. Harri- man was supposed to have been all that saved a receivership for the road.
 A divergence of views on financial pros poets between these influential financial authorities has been inferred ever since and this influence was discredited by the hopful views expressed by MT. Morgan. A counteracting factor of this favorable influence was the evidence of heavy liqui- dation in the Rock Island securities and the wide declines in prices in that group. Fears were thus aroused that some un- revealed embarrassment confronted the company or some undisclosed plan of readjustment of the admittedly cumber- some financial organization of the sys- +ap, Tbo SouthWastarn rai1roadc made vulnerable in sympathy with the Rock Island movement. were sensitive also to the suggestion of crop damage both to winter wheat and to corn in that region.
 Some impairment of the promised wheat yield has come to be admitted, but gen. eral confidence in unprejudiced channels for a prosperous crop, although the fe- verish price fluctuations in that staple from technical market causes somewhat obscured opinion on the subject. More hopeful views were entertained of the 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 the cut in prices is reported halting still. The conflict of views on the wage scale de- veloped between the Republic Iron and Steel company, and its employees was re- garded with some apprehension as pos- sible presage of a general wage contro- versy.
 From the railroad field, also, come in- timations of problems of wage disputes to be faced. Railroad earnings show the material losses resulting from the bus- mess contraction and curtailment of oper- ating expenses shows no proportional progress. Extreme prostration is com- plained of in the soft coal trade, which is significant also of the degree of con traction of general manufacturing. The anthracite trade is affected as shown by extensive shutting down of collieries.
 Money supplies are superabundant and cash reserves at the great banking cen ters of the world are at an unprecedented level This is a natural result of the great contraction of circulation from in- dustrial depression. The gold outgo from New York has ceased with the satisfac- tion of the Berlin requirement.