Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-12
Of the Future Is Hard to
Crush in Stock Market.
Deterrent Influences Fail
To Shake Confidence.
Optimistic View Of Anthracite Sit.
uation...Much Building Planned.

New York, April 11-Therc were de-
torrent influences at work in the specu-
latiOn il the stock market last week
which might be considered to impair
its reliability as ane index of opinion
on the future. There was, for one
thing, the fact that the week was to
end on Thursday in observance Of the
Easter holidays. AL observance com
mon to all the great securities markets
both here and abroad. The prospect
OF a three-day recess in the markets
had the effect Of prompting some clos
ing out of commitments and Of dis
coura ging new ventures. The dimin-
ished volume of the stock market last
week was due partly to their influence.
There was disposition also to wait
on several events expected during the
week and which We're counted on to
throw important light on the seasons
prospects.
The most conspicuous of these was
the publication on Thursday of the
government estimate on the April /
condition of the winter wheat crop.
Information from other sources had
been sufficiently clear to foreshadow
poor report, but the condition esti-
mate was even lower than was ex-
pccted and the wheat market made
emphatic response, in spite of the
heavy SPECULATION that had been going
on in that market, with an advance to
prices not touched before since the
days of the Letter deal. It was testi-
mony to the underlying hopefulness Of
the sentiment in the stock market that
fnl1 no
Using view of the prospect presented by
the crop report. The low yield of VIM
tc" wheat indicated was relied upon
to stimulate the sowing Of an extra
ordinary acreage of spring wheat and
confidence was expressed that the very
high price Of wheat and the statisti-
cal requirements for the coming crop
would bring out large additional plant
ings
There was some disappointment felt
that the supreme court refrained from
handing down it's decision on the va
!idity Of the commodities clause of the
Hepburn law On Monday on recon-
Vening after its spring recess The
behavior of the stock market on that
day is evidence that senSitiveness will
Re shown to the uncertainties of that
decision until il is announced. although
the belief is protested that an opinion
adverse to the railroads would not
cause great disturbance.
The special strength shown by the
anthracite group of stocks was evil
3ence of the belief that satisfactory
settlement would be effected between
the operators and miners Large
anthracite shipments for March also
had it's share in STRENGTHENING the
group rs an insurance of preparation
for difficulty. Interest in the labor
problem was indicated by the attention
naid to reports of intended reductions
by the United States Steel Corporation
in wages.
Renorts from all departments of the
building trade showed a degree of ao-
tivity in plans for construction and I'M
rrovement that was regarded as an
important Earbnger of revival of pro-
ductive activity. The continued plethora
of the money market makes an i'm
portant factor in sustaining the de
mand for securities. Increased demand
for bonds has been in evidence and
II speculative element in this demand
is seen in the preference for converti-
bic bonds, which are Influenced by the
price movements of the stocks into
which they are eXchangeablc