Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-09-19
During Week IN Both Stock
And Bond lMarkBts.
Confidence Growing Of Money
And Banking Position.
Steel and Copper Business Not So
Good The Freight nates.

New York, Sept. 18.-There was an
expansion of the dealings last week.
both in the stock and bond depart
ments of the stock market, which
broke the deadlock of apathy Of the
previous week. Confusion and hesi-
tation in the formation of opinions
regarding future values were depicted
in the changing current of the price
movement. The prominence of politi-
cal topics in the news kept them to
the fore in the financial discussion but
other factors less heard of conpltcat-
ed the influences at work.
The political reversal in Maine, fol-
lowing the result in Vermont, we're
accepted as clear evidence of a trend
of public sentiment and the profess
sional trading element in stocks
studied attentively for light on the
impression made on the minds of the
financial authorities whose guidance
is sought. The stock market In the
first instance was unresponsive. from
which the negative deduction was
drawn in favor of advancing prices
The rise i'm prices after the Maine
election was coupled with the assump-
ton that division of political power
in the coming Congress and check
to Executive action to control cor
poration affairs would not be migrate
full to corporation interests. That as
sumption or it's open expression In
stock market operations was not re-
lished by all parties in finance bank
ing and the later confusion in the
price movement was regarded as
marking difference in the interpreta-
ton of political effects on financial
affairs An undoubted influence in
the weeks early rise in prices quite
aside from play. was the Judgement
with Phelps, Dodge & Co. of the block
of Rock Island preferred stock, &C
uuired BY Kauhn, Loeb & Co. from
the Pearson syndicate in the period OF
embarrassment of that interest In
July.
There was decided growth OF con-
fidence over the money and banking.
position of the country. Interior
banks began to offer funds in the New
York collateral loan market. There
was an Improvement in the demand
for mercantile paper on the part of
country banks. From Chicago came
the report that insurance companies
were again purchasing farm mort
SdStS vi a ~ pei SSiAe. iiAsSAoSN $500,
compared with the per cent. rate OF
the earlier period. Officials In the
controllers office at Washington ex-
press satisfaction with the showing
of national banks in the incoming re-
ports of condition Sept. 1. The dead
lock between American and foreign
bankers over the responsibility for
cotton bills of lading and the threat
Of trouble in financing the export OF
cotton disturbed the growing conn-
dence over the money position.
| A more potent factor in the stock
market action was the Industrial
prospect. Decline in demand for steel
products falling prices and reduction
of working forces we're symptoms OF
contraction that were not reiished.
Fears of forced readjustment in the
copper trade were added. The freight
rate, question. the elections and the
supreme court decisions on the trust
cases, all awaiting decisions. are ex-
pected to prevent early revival Of en-
| terprise.
| The weeks favorable weather con-
ditions took the crop prospect out OF
the immediate influence on the mar
II