The Washington herald., 1910-09-15

New York, Sept. H.-It was again the
INTERPRETATION Of business and politics
that was principally considered In ope-
ratons in the stock market to-day. In
the morning the brisk upward movement
which set ia after the news OF the
Maine election. carried stocks 10 high
er prices than at any other time since
the new nationalism' was pronounced;
In the afternoon authoritative reports
from the iron and steel trade displayed
more strikingly better than on any pre-
vious day of the year, the effect which
political agitation has had upon one OF
the most important departments OF in
dustry
with some exceptions. chiefly in pig
iron" said the Iron Age. contracting for
far forward business will be avoided un-
I'll more can be found out OF the probable
extent Of the revolution now under way
In politics and business. OF similar
purport was the consent OF the Iron
Trade Review. II said: THE recent fur
~ in pig iron has proved temporary
and there is now little life in the mark
ct, as business generally is inclined to
await developments in the political
world"
Buying Comparatively Small.
The same periodicals reported that
though normally heavy buying for
the following year would be in order at
this season consumers are doing little ex-
cept inquiring about prices. In addition
10 the effect OF the political agitation up
on business. as shown by the Steel trade
papers. the favorable deductions from
the Maize election were also neutralized
in part by the news OF an insurgent VIC
tory in the State Of Washington and by
primary elections in this State indicating
a close contest between the radical and
conservative factions at the Republican
State convention The trend of the stock
market was aptly characterized as de-
pendent upon one political development
after another.
But IL its course is uncertain political
developments this week have at least
served to arouse Il from lethargy. To-
day as yesterday, there was a moder-
ately active traders market and a re-
vival Of speculation that was refreshing,
II not convincing. The increased activity
extended to bonds TO a more important
extent perhaps than to stocks. I'M
provement in the stock market has long
been predicted upon improvement IN the
bond market by those who base their
operations upon presidents, and very
plainly there has been a gratifying i'm
provement in bonds this week In re-
spect to this Improvement II IS pertinent
20 note that some OF the most conserva-
tive barking and brokerage houses are
now unreservedly recommending pur-
chases OF high class bonds. and are as
surning this bullish attitude after care
full inspection OF the public attitude to-
ward the new nationalism" all over the
country.
Cause OF Some Reaction.
A matter contributing toward the re-
dictionary movement in the afternoon
was the refusal OF English bankers TO
accept the proposition OF American bank
ers on the form and guarantee OF cotton
bills or lading. It had been hoped that
this controversy, which was precipltated
by the Knight, Yancey & Co.'S failure
last spring. would be definitely settled at
to-day'S meeting in London. and that the
English bankers would accept as salts
factory the railroad guarantee Of cotton
bills without insisting further upon
bankers guarantee in addition. Their re-
fusal to do so might precipitate an en-
barrassing deadlock in trade between the
two countries were 1t conceivable that
anything more than temporary suspen-
sion could be had in commerce in the
most important article in the trade be-
tween the two countries. Sterling ex-
change. was stronger to-day, but money
rates here did not advance.