The morning journal-courier., 1908-08-03
FINANCIAL REVIEW
Unusually Important Week in
Street, But It's Events
Anticipated,
LEAVES MARKET DULL
--------------
U. S. Steel Report Begcts Confidence
Gould-Harriman Entente
n Factor.

Much occurred last week Of interest
and Importance from n financial stand
point but so much of II had been ex-
pected and acted upon by anticipation
In the stock market that the passing
of the weeks events left the market IN
q condition of neglect and dizziness The
irregular tone of the market for Sc
curitiee was an index of an uncertain
mood over the future rather than of
dissatisfaction with the accomplish
ment shown by the weeks events The
delivery of the speech Of acceptance by
The republican nominee for the pres-
dency did not find the financial commun-
tty unprepared for It's contents and its
approval had been expressed by previ-
Que buying of stocks at advancing
prices, The satisfaction was directed
especially to the desired purpose Of
the candidate to interfere with legiti-
mate business as little as possible in
the perfecting Of methods for the con-
tinuance Of the policy of his predeces-
sor.
The increased earnings of the United
States Steel corporation shown In the
quarterly report was an incentive to
the growth Of confidence over the bust
ness outlook which has been growing
UP in the financial district, but the fall
ing Off In volume of untitled orders on
hand on June 30 to a lower total than
since the September 30 quarter of 1904
proved partial offset to this influence.
The continued Withholding of orders
for rails by the railroad companies is
feature OF the situation and the
trade journals of authority In the in
dustry utter note Of admontion
against undue estimate of the rate of
recuperation In the copper trade
conditions are shown to be decidedly
improved. with supplies much reduc-
ed, and buyers obliged to advance
their bids to fill requirements Coca
sional reports of damage from rust to
the spring wheat crop have not alter
ed the sustained confidence in a fav-
orable outcome of the years crops as
q whole Calls for large forces of
harvest hands from the northwest and
preparations by the railroads for lib
eral car movement confirm this con-
fidence, In the field of larger policies
OF corporations and capitalists there
were important developments The
terms of settlement of the $4,000, 900
Wheeling and Lake Erie notes matur-
ing August ! We're not formally an
nounced. but countenance was given
by the principals to the transactions
TO reports that advances from the
Hartman group figured In the settle
ment. Assumptions were based ON
these admissions that former differ
ences had been reconciled insuring
the naturalization of the Western Pa
cfc and the Atlantic Coast extension
project OF the Gould system and spe-
cial advantages for the Erie from the
disposition of the properties. included
in that project On this basis were
built up differences and detailed asser-
tions OF a comprehensive harmoniza-
ton amongst the great financial
groups which were in conflict in the
Northern Pacific and Northern Secur-
tiles struggles.
The question Of rate increases by the
railroads was still actively discussed,
but with less confidence in it's feasibl-
ity Formal announcement from the In.
terstate commerce commission that II
would proceed to the investigation OF
proposed rate increases as filed in an
ticipatlon Of any actual complaint was
interpreted as an admonition to mod.
GRAFTON IN raising rates. The issuanc,
of temporary injunction against in
tended increases of southeastern rates
and limitations that proposed increas-
es In southwestern rates were vulner.
able 10 similar process gave evidence
of the obstacles to be encountered ir
an attempt to advance rates. The
vehemence of the protests against ar
advance issuing from manufacturers
and shippers organization also serves
to warn the railroads Of the Difficult.
ties confronting the attempt,