Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-08
Unsettled Conditions Make
Traders Conservative
Developments In the Copper
Trade Are Hard to Read.
Labor Outlook Also Has Men on
TIE Street" 4 Guessing.

New York, March THE irregular
and uncertain movements of last
week in the stock market We're the re-
Election Of the Uniformed speculative
sentiment Dealings were small and
were in the hands of professional oper-
ators largely The disturbing effect
of the throwing open of the steel mar
ket seemed to have passed, to some
extent, and conditions in that trade
were reported to have cleared som =
what. but the prospect had not shaped
itself with sufficient definiteness to
prompt a new position in the stock
market. Price concessions in steel
products were reported to be still IN
progress and the posting of wage re-
auctions by the Lackawanna Steel Co.,
opened up that phase of the process
of establishments going on in the steel
industry. Wage reductions are con-
sidered inevitable to conform to the
lower basis of selling price for the
product, and anxiety is felt for possible
disturbance in effecting the changes.
The developments in the. copper trade
have been hard to read and obscurity
and confusion concerning them has
served to keep alive the effect of steel
trade developments. Reports of some
large sales of refined copper at prices
above the recent average and of speci-
fications promising yet larger transact
tions were circulated in a demonstra-
tive manner and market quotations
were marked up in London and New
York. Criticism of the advance as
manipulated and suspicion cast upon
the reports OF sales. had the effect of
causing sharp relapses in the prices
of the copper industrials. There fol-
lowed then reports of a collapse in the
copper market and of open market
conditions which met with counter
criticism and threw the whole situa-
ton into confusion
The labor outlook was crowded by
the preparations for the struggle in the
anthracite trade incident to the ter
mination of the three-year wage agree
ment on March 81.
The pendency of the commodities
case decision is one of various incl
dents. which directed attention last
week to the consideration Of govern
ment proceedings against corporations.
The inauguration of the new President
was Stuilth NY w ili oNASSS Aci 49,
bearing on this subject. for the most
part. The determination expressed in
the inaugural address to adhere to the
policies of his predecessor in these
matters and to perfect the govern
mental machinery for doing so had
been known from a series of public ut
terances Of the President and offered
no surprise to the speculation. The
financial community processes to 1eel
an assurance of more strict regard Tor
legal restrictions on the part of the
new President in the pursuit of his
policy than has been the rule and of
corresponding gain in orderly adapt
alton 10 changes which may be in pros
pect. There is not lacking an under
tone of questioning whether the new
policy may not prove a more effective
instrument against corporations than
the old. The refusal of the New York
Public Service Commission to grant
the notifications asked for In the
terms of permission of the Erie bond
issue was another incident showing the
new bonds in which corporation actions
axe held
The response of the financial mar
L"ts to the mutations of the situation
in the Balkans gave warning of pos
sible recurring source of disturbance
through the coming months. The fl
nancial community keeps an attentive
eye on the crop news and the ques-
tionable state of the winter wheat crop
is regarded as offering ground for eau
ton in accepting too confident assump-
tons of the future. Money rates have
declined again and ready absorption of
new bond issues is still reported. The
lower prices realized for New York
City corporate stock compared with
the preceding sale in November. how
ever regarded as doubtful showing of
sustained investment demand. The
bond department at the Stock Ex-
change was somewhat less active. IN