Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-08-03
Financial and Industrial
Conditions Grow Better.
Large Forces Of Harvest Hands
Are Already Called For.
Important Developments In Policies
Of tho Corporations.

New York, Aug. 2-Much occurred
last week Of interest and Importance
from financial standpoint, but 80
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 q condition
of neglect and dullness. The irregular
tone of the money for securities was
an index of an uncertain mood for the
future rather thar a dissatisfaction
with the accomplishment shown by the
weeks events. The delivery of the
speech of acceptance by the Republic
can nominee for the Presidency did
not find the financial community pre-
pared for it's contents and its approval
had been expressed by previous buy
ing of stocks at advancing prices. The
satisfaction was directed especially to
the expressed purpose of the candidate
ITO interfere with legitimate business
as little as possible" in the perfecting
of methods for the continuance of The
policy of his predecessor.
The increased earnings Of the United
States Steel Corporation shown in the
quarterly report was an incentive to
the growth of confidence over the busi-
ness outlook which has been growing
up in the financial district but the
falling off in volume of untitled orders
on hand on June 80 to a lower total
than since the Sept. 80 quarter Of 1904
proved a partial offset to this infiu-
ence. The continued Withholding OF
orders 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 estimates Of the
rate of recuperation In the copper
trade conditions are shown to be de-
cisively improved, with supplies much
reduced and buyer obliged to advance
their bids to fill requirements occa-
sional 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 whole.
Calls for large forces of harvest hands
from the Northwest and preparations
by the railroads for liberal car move-
ment confirm this confidence.
In the field of larger policies Of cor
porations and capitalists there were
important developments. The terms Of
the settlement of the $S.O00.0OO Of the
Wheeling & Lake Erie notes maturing
Aug 1 were not formally announced,
but countenance was given by the
principals to the transactions to re-
ports that advances from the Harri-
man group figured in the settlement.
Assumptions were based on these adj
missions that former differences had
been reconsidered assuring the neu-
traization of the western Pacific and
the Atlantic coast extension project Of
the Gould system and special advan-
tages for the Erie from the disposition
of properties included in that project.
On this basis were built up differences
and detailed assertions Of a compre-
hensive harmoniZation amongst the
great financial groups which were In
conflict in the Northern Pacific and
Northern Securities struggle. The
question of rate increases by the rail-
roads was still actively discussed but
with less confidence in it's veasibility.
Formal announcement was made from
the Interstate Commerce Commission
that it would proceed to the investi-
CATION of proposed rate increases. The
issuance of temporary Injunction
against intended increases OF south
eastern rates and limitations that pre- +
posed increases in southwestern
rates were vulnerable to similar
process gave evidence of the obstacles
to be encountered in an attempt to ad-
vance rates. The vhemence of the pro-
tests against and advance issuing from
manufacturers and shippers organize
tions also serves to warn the railroads
of the difficulties confronting the at
tempt