Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-07-03
BUMpY PERIOD.
June Has Ended Half Year
OF Doubt and DuIIn8ss;.
Marked Improvement Booked
For Remainder Of Year.
s.sls
Review Of condlilons In Market.
Crop Prospects Coed.

New York, July Just brought to
its close half year of uncertainty and
dulIness in both finanaiaf ind business
with many decidedly unfavorable con.
ditions. The beginning of the year
found the steel trade unsettled, the
copper trade demoralized, capital
awaiting fearfully the supreme courts
Interpretation of the Sherman anti
trust law. pending which many new
enterprises were held back; foreign
trade unsatisfactory; the political out
look unsettled, and general business at
a low point. The past six months
brought about changes of such decided
character that marked improvement Is
quite generally expected during the re-
mainder of the year. The supreme
courts decision In the Standard Oil
and American Tobacco cases and the
Interstate Commerce Commissions re-
fusal to permit railroads to inaugdrate
general Increase in freight rates re-
moved the chief causes of uncertainty.
While the Commerce Commissions de-
cree resulted In a temporary depres-
sion of security values conservative
opinion seems to have adopted the be-
lief that the rejection of the railroads
petition was beneficial, rather than
otherwise.
BY enforcing policy of rigid econ-
omy, most of the transportation COM
panies have been able to maintain
dividends, while at the same time the
tendency toward increasing the cost OF
living was checked effectively in one
important direction. The supreme
courts decisions were Immediately in
terpreted as favorable to what In
known as big business and relieved
the financial world of many forbodings,
paving the way for large enterprises
which had been delayed for many
months.
While improvement in general bus
mess has been slow, and there are no
Indications that 4 speedy revival on q
pronounced scale may be expected.
signs of bet,erment are not wanting.
The copper trade has recently expert
enced an awakening as a result of a
more vigorous domestic and foreign
demand. Steel orders are considerably
larger than was the case in the early
year. Foreign trade has exceeded all
previous marks, exports having reach
ed the value OF $1,000 900, 900 for the first
time in one year.
Crop prospects, which probably will
be a predominant influence in the Sc
curities market during the corning
weeks are on the whole favorable. The
financial situation is sound with, an
abundance of money and abnormaliy
low rates. Uncertainty as to the extent
to which tariff revisions may be car
ried still constitutes restraining in
fiuence. the effect Of which is heighten-
cd by the governments proceedings
against various corporations ara their
officials and the investigation OF great
industries by Congress.
The course of the stock market -indi-
Gates general expectations of an I'M
provemcnt. Trade has been narrow and
dull and narrow curing the greater
part of the year, but the market reciy-
cred effectively from the depression OF
1910. Stocks reached their highest
prices of II months during May and in
June the movement was carried fur
Their. The dullness of the market 10
shown by the relatively small total
number of stocks dealt in during the
six months. the aggregate having been
"a o72. 900 as compared with 97,ess.0o0 in
the fret half of 1909 The stock mar
ket maintained its dnll and rather I'M
certain tone last week. It's hesitation
vas sscribed as in recent weeks 70
the undetermined crop prospects ana
the chances OF politics. The report OF
the commissioner of corporations on
United states Steel had no adverse ef-
fects on the shares of various indus
trial companies.