The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-08-03
eraft's Speech Created but Little
Stir, and Steel Earnings Were
Known III Advance.
GRAIN CROPS EXCELLENT
Will Improve Business for Rail
roads and Give Employment
to Thousands.


NEW YORK, August c-Much oc-
CURED last week OF interest and i'm
portance from a financial standpoint.
but SO much OF 1t had been expected
and acted upon by anticipation In tho
stock market that the passage OF the
weeks events left the market In con-
dition OF neglect and dullness. The
Irregular tone of the market for secnri-
tics was an index of an uncertain
mood over the future rather than Of
dissatisfaction with the accomplish
ment shown by the weeks events.
News Discounted.
The delivery OF the speech OF ac-
ceptance by the Republican nominee
for the presidency did not find the
financial community unprepared for Its
contents, and It's approval had been
expressed by previous buying Of stocks
at advancing prices. The satisfaction
was directed especially to the ex-
pressed purpose OF the candidate TO
interfere with Legitimate business as
little as possible in the perfecting
OF methods for the continuance of tile
policy of his predecessor. The publ.
cation 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
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 follows
the confirmation of expected events.
The Increase in earnings over the
previous quarter was an Incentive to
the growth OF confidence over the
business outlook which has been grow.
ing up In the financial district. but
k1,r 70 ftV,rr Nff ~, s,f lp1
orders on hand on June Goth to a
lower total than since the support for
the quarter Of 1904 proved a partial
offset to this Influence. In the copper
trade conditions are shown to be de-
cisively improved, with supplies much
reduced and buyers obliged to adj
vance their bids to fiji requirements.
Crop Outlook Good.
Occasional reports of damage from
rust to the spring wheat crop have not
altered the sustained confidence in a
favorable outcome of the years crops
as a whole. Calls for large forces of
harvest hands from the Northwest and
preparations by the railroads for a
liberal car movement confirm this con-
fidence The improvement in condi-
ton OF the cotton crop during the
month of July extended the influence
OF the crop prospect to the Southern
section. Sales of commodity bills in
the foreign exchange market have ac-
companied this growing assurance over
the surplus to be available for export
and promise balance against the en-
pected Withdrawals OF cash by interior
markets to effect the movement of
the crops.
Harrlmnn-Gould Combine.
n, Tho fio15 81 o,1;o;a. ,or
porations and capitalists there were
| important developments. The terms of
settlement OF the ss,000.00O Wheeling
and Lake Erie notes maturing August
LIST Were not formally announced. but
lcountenance was given by the princi-
pals to the transaction to reports that
advances from the Hartman group
| figured in the settlement.
Not Rate Increase.
! The question of rate increases by
| the railroads was still actively dis
| cussed. but with less confidence in its
feasibility. Formal announcement from
the Interstate Commerce Commission
that it would proceed to the investiga-
tion of proposed rate increases as
fitted in anticipation of any actual
complaint was interpreted as an adj
monition to moderation in raising
rates. The issuance OF a temporary
| injunction against Intended increases
of Southeastern rates and intimations
| that proposed increases in Southern
rates and intimations that proposed
increases in Southwestern rates were
vulnerable to q similar process
gave evidence of the obstacles
to be encountered in an attempt to
advance rates. The vehemence of the
protests against an advance issuing
from manufacturers and shippers or
CARNATIONS also serves to warn the
railroads of the difficulties confronting
the attempt.