Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-02-13
Certain Progress Toward
Prosperity This YeaI
Plainly Seen in the Raie Of
Improvement Going on.
Steel Trade Circles Send Out Warn
ing--Statisiics and Rumors.

| New York, Feb l2.-There was
| enough hesitation and irrcgularity IN
| the action OF the stock market last
| week to suggest that speculation was
| inclined to halt and take stock Of what
has been accomplished alread! towards
| nlacing prices on the new levels called
for by changed conditions of affairs. At
| the same time, there We're occurrences
which served to admonish sentiment
of the limitations to be counted on III
| the rate OF tie improvement going on.
| There was recurrence, in conso-
quence. Of the opinions prevalent AT the
first of the year. that progress towards
prosperity. while certain. was likely
to be slow during the present year.
From steel trade circles were heard
warnings against too sanguino cXpcc-
tations of the further growth of dc
mand. The January improvement indi-
Gated by the showing of untitled orders
on hand with the United states Ste"l
Corporation on Feb. was accepted as
Confirmatory of the bettermcnt outlin-
ed by the chairman of the board the
week before. This information. having
been public property for that length Of
time, has been made the basis Of spec
ulativc action in the market already.
Tie unfaverabie statistics of the Cop
per Producers Association. owing TO
the sympathetic influence liable 10 he
felt between the metal trades added to
feeling Of conservation in the steel
trade.
On the side of the money market the
seasonable waning OF the influx OF
funds from the interior to reserve con-
tiers. showed that the most favorable
period fer flotHtion of new capital t.
sues might be regarded as passing.
Much important financing is known
to remain. The limitations to be con-
sidernd ir the investment supply OF
CAPITAL therefore came up FOR renewed
ccnsid aratloL, coupled with realiza
tinn e steps accomplished in that
field since Tho favorable turn in con-
ditions With the new year. A firm
tone in foreign exchange was attribut-
ed Ia nlacing of New York credits
abroad in compliance with the more
favorable rates offered there. Part Of
these credit resources were employed
by foreigners TO secure holdings Of new
CAPITA. issues offered here. These
transa cticns provide a potential source
for deferred benefits to the New iqrk
money market. Sustained volume Of
cottcn exports was shown by the GOV
eminent figures for January. pave tn"
way for another foreign trade return
favorable IL the NeN York money mar
ket.
Export demand fer cotton I.ds not
availcd t. hold the price of that com
modify in face ri tho growing con
viction Of the size Of the crop. A rise
OF l. points in the London Economic
er's .Edcy runber Of average cnmmod
ity prices FEB. /. il connection with
declining commodity prices in the
United States has a bearing on the
adjustment i'll progress of the abnor-
NAL trade movements ana unusual OK
cess value of our imports during tho
early part If last year.
The partial snow covering for the
winter wheat crop provided by wealth
81 conditions made a reassurine fac,
tor in tho financial markets.