The Birmingham age-herald., 1909-08-02
FINANCIAL REVIEW FOR THE PAST WEEK Price Levels Reach New High
 Record MlSGIEINGS ARE FELT
United States Steel Is the Backbone of the Market-lndustral Conditions In All Lines Tend to Strengthen
 Trading In Stocks.

New York, August 1.-In face of some niisgivings among the professional spec ulative element, based on the fear of the technical position. the stock market last week stood firm and then forged for ward. The fact that the price level thus attained represents the highest touched since 1s06. with a rapid approach in the averages to the highest in the New York stock exchange records constitutes the ground of the misgivings over the sta- bflity of prices at the present altitude. The action of the weeks market was corrective of this view. and the buying to cover shorts by those who held 1t ob- stinately helped out the rising tendency.
 The backbone of the market might be said to be United States Steel which focused attention by reason of the dtvi- dend meeting on Tuesday and the publi- cation then of the earnings for the June 30 quarter.
 The preceding rise in United States Steel to it's record price of 7S seemed so ample an anticipation of the most favor able showing that speculative profit-tak- ing was looked for. Pains were taken by the adroit market managers of the stock to discourage some of the more sanguine forecasts which had been circulated in the stock market. Limitations were given with all the semblance of official author ity, that the dividend might not be changed. although an advance to per cent basis had been rumored. The ad- o ha there fore. as a partial fulfillment of the more confidential predictions and the reaction which had occurred in the price of the stock to below 70 afforded vantage point for the renewed upward movement to the new high record of 7412. This up- ward movement, together with the rise In Union Pacific for the first time to above 200 made a strong sentimental fac- tor in behalf of the bulls.
 Quarterly Earnings.
 The quarterly earnings of the United States Steel corporation showed the sub stantial recuperation which has occurred in the trade when compared with the preceding quarter, and with the corre- spending quarter last year. but the mar gin still to be covered before the rate of earnings of the fat periods of the indus try is restored is wide.
 The same is true of the tonnage of un- filled orders on hand at the beginning of the present quarter. The moderate strength of the exhibit in this respect did not affect the obvious confidence with which the future is regarded by the oper- ators in this stock. The swelling tide of the day for steel products and for basic iron strengthen this confidence.
 Growing demand from the railroads for all forms of equipment added strong factor to this feeling
 Industries Active.
 Commercial, financial, industrial and ag- ricultural conditions and prospects con- tinue such as to afford buttress to stock market values. In the copper trade is found a rather marked divergence from the general improving tendency. Prices of the metal have declined again, and the high rate of production forces offering at the market are without bringing demand sufficient to bring up the prices.
 The crop advlces have been highly fav- orable from the grain fields, including corn and wheat, but the reported deteri- oration of cotton was the cause of anx- iety
 The primary symptoms of interior de- mand for currency for crop moving and the increase of money requirements in mercantile branches has stiffened in the rates, but has not impaired the confi- dence in the security of the money mar ket from dangers of harmful stringency this fall.