The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-08-03
All of Those Last Week Ex.
pected, and Market Was
Left in Neglect.
SPEECH RECEIVED WELL.
TAFT's NOTIFICATION ADDRESS
INSPIRED CONFIDENCE AND
WAS APPRovED-INcR IN
CONFIDENCE SHOWN.

New York, Aug. s. Much occurred
last week of interest and Importance
from financial standpoint, but so
much of it had been expected and act
ed upon by anticipation in the stock
market that the passing of the weeks
events left the market in condition
Of neglect and dullness. The irregu-
lar tone of the market for securities
was an index of an uncertain mood
over the future rather than of the dis
satisfaction with the accomplishment
shown by the weeks events.
The delivery of the speech OF accep-
lance by the republican nominee for
the presidency did not find the fin
I ancial community unprepared for its
contents and it's approval had been ex-
pressed by previous buying of stocks
at advancing prices. The satisfaction
was directed especially to the express
ed purpose of the candidate ito inter-
fere 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 United States
Steel Corporation was definitely fixed
for Tuesday of last week, and, as Is
not unusual, preliminary estimates of
the showing proved to have been quite
accurate, leaving little in the way of
fresh action to be taken beyond the
natural profit taking which followed
the confirmation of exepcted events.
Earnings Increase Confidence.
The Increase in earnings over the
previous quarter was an incentive to
! the growth of confidence over the bus
mess outlook which has been growing
up in the financial district, but the
falling off In volume Of orders on hand
on June 30 to a lower total than since
the September quarter of 1904, proved
partial Offset to this influence. The
June 30 condition of the order books
was Of less effect than the supple
mentary statement that the daily ave-
rage of orders booked during July had
risen to 72 per cent of the full capacity
of the works.
ders for rails by the railroad COM
panies is a feature of the situation,
and the trade journals OF authority in
the industry utter a note of admoni-
ton against undue estimate of the rate
of regeneration.
In the field of larger policies of cor
porations and capitalists there were
important developments. The terms
of settlement of the $S,OO0,OO Wheel
ing and Lake Erie notes maturing
August / were not announced, but
countenace was given by the principals
to the transaction to representatives
that advances from the Hartman
group figured in the settlement. AS
sumptions 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 advantage
of the Erie from the disposition of the
properties included in that project.
On this basis were built up differences
and detailed assertions of campre-
shensive harmonization among the
great financial groups which were in
conflict In the Northern Pacific and
the Northern Securities struggles