Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-15
|Stock Market Seems to
Be in Deep 1ethargy.
From Which Il Refuses to
Emerge Pending New Tariff.
Decision of Courts Cause No Reyi-
vai-.-Watching Labor Situation.

New York. March 14-Tht stock mar
let last week composed Itself into an
attitude of waiting upon tn" more def
mite sharing % future events and was
distinguish, Il iiptly by its unimpres-
>iouai.it. ci.;tr;ictrr. The testing opera
tens o.. tho professional element. which
llaGe up nearly the Whoe OF the deal
ines proved unavailing to uncover any
contingent nrd rs either in the way of
li4;iiGajiun OF OF covering outstanding
Snort accourtS. Professional operations
Themselves dvindlcd undo" these dis
cUjiragng circumstances ana brough.
tlc rat, - activity in the ma rliet down
IL Il level comparable with tn" dizziness
"f last sunmel in the period before tht
rational conventions had acted. On
.ll.ly :. last Year. before the Democratic
convention mes in Denver, the decrcaS-
ils. dealings ia stocks ran down to y
Gays total of only 1909 shares dealt
in at tht :;tnrlt Exchange. Il record iol
| Uuilnre> not tGualltG in the annals OF
| lAv Stock EXCHANGE in modern times
| The Thursdays Il, alingS last Week
| H,ely TUNED the 3)3.0b0 shares figures,
lrlls recording Il smaller cay s business
! ti.1n iur any day since before the na-
tunul election. The period OF the in
| ;.ugura item Of the Now President hay
ing passed without tn" hoped for re-
| YvIl in interest. stock market in
trtrSts apparently resigned themselves
| to await the definite shaping of The
| tariff revision now in progress al
| Washington.
The outcome Of the tariff revision
seems to 10 unusually obscure and the
check uron business activity is expect
Cd to be corr, SrOndingly great. 1t il
an ul;ie nee OH general trade activity
| tiiat speculative sentiment is most con
cerned With the tariff question. Many
| Of tn industrial corporations also have
Il Nit.i interest in special schedules
ard their securities are affected in re-
Spouse TO news of probable action OF
this schedule. Satisfaction is felt witt
The efforts making to expedite the de
termination ii the whole matter. but
confidence IN the stock market circles
i not 50 very great that the usual de.
lays %ill be irIe vented. The poSSibl,
term of the uncertainty perhaps ha.
rs much to do with the suppression Z"
,,,tt UldtiVc activity us have proSpe, tive
,hanets in III" duties on imports
This effect of suppcsition was ve:Y
manifest in the Indifference with which
various happenings of real inportanr.
market -Wse We're received. judicial de-
c!ees on several subjects OF far-reacIn:
Importance to corporations were handed
down. That to which greatest public in
terest attached was the acquittal OF tn.
STANDARD Oil 60. of Indiana in the re
trial of the case in which it was fine,
| I ba fins t,i1 fiat i,t
OF that fine proved very unsettling t,
he stock market. but the final dispositio.
Of the case in favor Of the corporation
caused scarcely "a ripple. OF alNost a.
little effect WAS the injunction issue b,
the United States district court a2ans
he Missouri law regulating freight an,
passenger rates of railroads. This cas-,
has been looked upon highly impor
tant to railroad interests. Current dis
cusson of these incidents in the tinancia
district indicated an appreciation of thei
Importance. but they failed to stir any
marked activity. Anxiety over results o
litigation has been an active factor il
the stock ever since the loss OF its cas-
by the Consolidated Gas GO. While las
weeks decisions had some SOOTHING; ctIcr.
on this anxiety, they did not stir lh'
stock market from its l"thal&y.
| The labor outlook is kept in view ny
the cuts in wages in various departments
o: the steel trade ana by the conference
between anthracite operators and miner.
for Il new agreement to take the place ol
the one expiring on April J. The extern
sior of this movement over Il wide field
| Is looked FOR ard mixed consequences
are looked upon as inevitable. 1t is con
sidercd Il promising feature of the out
look that Immigration statistics showed I.
pronounced shift in the current again.
VIII an increase in arrivals since the first
Of the year.
I'll" inmlguratlon Of Gord exports 10
London was wholly ignored as a stock
market inGuenc" in view of The album
darce OF l"anahle funds in the money
market.