Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-07-12
Financial and Industrial
Conditions Are Bright.
Agricultural Outlook Is Also
Full Of Great Promise.
Great Business for Railroads As.
sured and All Prospects Bright.

New York, July 11.-Last week de
veloped conditions financial, industrial
AMI agricultural, of assurance and
promise for values. The hating and
irregular movement of prices in the
securities. market did not obscure the
Importance OF the weeks news, but
testified to the extent to which the i'm
proycment in affairs had been antici-
pated by previous operations in the
stock market. The balance to be struck
between the new demand for securities
induced by the favorable developments
and the supply of stocks for sale by
previous buyers for the purpose of
realizing speculative profits CONSTITUTE
ed the problem of the future action of
the market. Evidence of the extent to
which the process of anticipation has
gone by the advance in prices for the
week in such representative stocks as
Union Pacific, Southern Pacific and
Atchison were the highest ever touched
since those stocks came into existence.
while United States Steel lowered with
in a fraction of its record price on sew
ertaI occasions. The immediate effect on
was to cause a recession in prices, this
action demonstrating the eagerness of
the professional element, which is most
prompt to act. to realize profits. Out
side demand, meantime, was slower to
come forward and its further growth
was left undecided.
Most importance was accorded by
common consent, to the promise oil
bouutiful harvests. The hopeful feeling
which has been growing up from the
information obtainable from official
state reports and from private eStl-
mates was amply confirmed by the flg-
ures of the government crop report
which made its appearance THURSDAY
afternoon Summarily stated, the finan-
ciaI world estimates a valuation OF
around $4,000 000, 900 for the years
product of the countrys soil The prom
Use of bumper corn crop, rising to
above 1000, 600 600 bushels, and an oats
crop only slightly below the record, are
regarded as especially important from
the standpoint of the railroads, owing
to the enormous tonnage and the prof
liable freight movement thus assured
The cotton crop prospect is less sat
anu dllhitty VIII Dt Itit cN'i
| its final outcome, owing to its prime
importance in the export trade and
/ its large influence on the total valua-
ton of the country's agricultural prod
uCt Substantial evidence is afforded
however of the abundant prosperity in
Store for the country's farming Gle
ment and this is accepted as neces-
sary basis for effective support of the
whole commercial fabric.
! On the industrial side the great basic
| iron and steel trade yields gratifying
proof of prosperous times and large
orders on hand. The railroads are re-
porting net earnings for May and the
comparison with last years figures are
more favorable than for early months
The unrufiled ease with which the
money market met and passed the july
settlements relieves all present appre-
hension on that score.
! The progress of the tariff bill towards
enactment, the inclusion of the corpor-
alton earnings tax and an income tax
amendment in the program and Its
signs of the direction of the energies OF
the department of justice against the
Holding company device employed
by great corporations made the poilt-
ical field OF special interest to financial
inf