Daily Kennebec journal., 1908-05-25
News 9 v !. Of Financial Affairs
Show an Improvement.
Spectators Drop Stock noId-
lngs to Take Their Profits. 1
Trading & LlvslIsst Recorded Since
March, Last Year.

New York. May 24.-News of finan.
ciai anairs was accepted as showing
improving conditions and the action Of
'ne securities market, although some
what unsettled and breakfna vfolant,v
at the end, was not Interpreted az be-
ieVins this acceptance. There has
peen heavy accumulation Of stocks for
considerable preceding period on the
assumption that the then existing pros
tration OF affairs might be assumed to
represent the tightening OF the tide
with betterment to follow.
! with the demonstration of the actual
| Improvement there was large selling to
| take prohts by speculators who had
| pought previously. At the same time
| a more belated demand for securities
was In evidence. which served as a
favorable medium for digestion OF
speculative profits The result was a
broad. active and varied market with
more signs of animation and interest
than has been seen in the stock market
FOR over year. The daily average of
sales at the stock exchange has been
well over million shares and WedneA-
days total of $1.400,000 was the largest
days business transacted since the
days Of the Silent panic" in March of
1907.
Probably the most decisive factor in
forming the conviction of a positive
Improvement in business was the en-
larged demand for iron. Advices from
other mercantile lines were at the same
time more encouraging than for long
time past and buyers We're reported to
be placing orders with more confidence
than has been shown since before the
panic of last October. Confidence I'm
the present promise of the crops re-
manned unimpaired after taking ac-
count Of the evidence Of some deterio-
ration to be gathered from the reports
of weather conditions over the crop
belt. The weeks active speculation
in securities was characterized by a
large number of rumors pointing to
concerted measures among groups Of
powerful capitalists, calculated to en-
hance the value of their properties.
Much was heard of supposed ap-
proachment between te Gould. Harri-
man and Rockefeller interests and
these reports appealed strongly to the
speculative Imagination. although they
remained without authentic vertical
ton, The effect on prices was the
drawn of assurances of financial re-
sources which would extricate import
ant corporations from threatened en-
barrassments in carrying out projects
to which they were committed.
One of the assumptions dwelt upon
in the weeks speculation was of de-
cline in the vigor of the pursuit of COL
porations. Situations Of court deci-
sions, the course of the legislative pro-
grams at Washington and at state
capitals and the political prospect were
material from which the assumption
was formed. The extent Of it's in
fluence was made apparent by the
acute weakness which followed the
announcement of the filing of the gov
ernment's suit against the New Haven.
Further decline in interest rates was
a feature of the weeks markets.
The comparative high rate Of return
on many securities compared with the
ruling interest rates added to the at
traction of the operation and was the
most powerful fostering factor in the
speculative movement.