Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-19
In Many Securities, With
out Apparent Reason.
Grain Crop Outlook Causing
Growing Amount Of Anxiety.
Improvement in Revenues and
Bond Issue Unnecessary.

New York, April 1S.-There was a
lack of uniformity about the movement
in the stock market last week tina.
indicated some confusion and rregu
larity of speculative sentiment. for
which it was difficult to trace the mo-
tlves always in the news OF events
coming to hard. Special stocks were
in eager deinand and lifted sharply,
while selling predominated at other
points. The extent to which the pre-
vious rise had gone and the heightened
period of the advance afforded a lead
prompted by the desire to realize ac-
crucd profits. Selling on this account
had behind it no doubt of the favorable
progress Of coming events but simply
conviction that prices had enhanced
sufficiently to measure adequately the
progress already in sight. There was
an admixture of anxiety over some of
the developments in affairs, which
might account also for some of the
element of depression in the market
1t is evident that consideration of
the grain crop outlook is gaining in
Importance from the standpoint of the
financial outlook and that the present
promise lacks cheering effect. Duo
consideration is given to the highly
speculative element in the high price
level ruling in the wheat market 10
The effect of small foreign stocks of
wheat and to impaired yields of for
eign crops. After allowance is made
for all these factors in the situation
there remains a substantial residue of
anxiety over the backward develop
ment of our own winter wheat crop.
Until that condition is corrected there
will be lacking confidence in the i'm
provement in the condition of the crop
over the governments April l estimate,
which is relied on to insure against a
threatened shortage. Weather condi-
ton have been considered unfavorabie
also for the seeding of spring wheat,
q large crop of which would relieve the
shortage of the winter grain. The
shortage of the grain harvest would be
a grave defect in the situation hoped
for to push forward the restoration of
prosperous conditions in the country
Another inharmonious note was the
report of fresh increase in the num-
Der of idle freight cars in the coun-
try for the half month ending March
81, following successive though small
reductions which had been going en-
since the first of the present year.
From the metal industries a better
impression came. A factor in Great
ing this feeling was the report of the
Copper Producers Association 70,
March, showing a growth during that
month of only 100000 pounds in tn:
stocks of marketable copper in re-
fners' hands, in spite of a production
for that month in excess of that either
for February or January.
Orders for structural steel continued
on large scale. giving promise of an
outstripping of the March record ir
that department of the steel industry
The money situation does not re-
ceive much attention, although cal
monev went to 12 per cent. Wednes-
day, thus exceeding the rate touched j,
making the April settlements. Syndj-
cate transactions in connection witt
bonds sales were held responsible foi
this. Discussion of possible gold eX-
port to France continued. The Banh
OF England has ceased to accumulate
CONTINUED on Page Two.)