Ogden Standard-Examiner | 1920-09-19 | Page 2 | Maine Election Felt in Market

ill ELECTION FELT N MARKET Promising Crop Prospects and Easier Money Conditions Encourage Traders NEW YORK, Sept 18 Sentiment-alb, Sentiment-alb, if not In a more material sense, politics as expressed by the outcome i of the Maine election was regarded by Impartial observers as the foremost influence of the week In the financial markets. 'ther factors which gave momentum momen-tum to the active trading and higher range of prices, including further promising crop prospects and more liberal offerings "f Mine money, loans into 1921 being mado at the unusually low rate of S per cent, on strictly first grade collateral. N 1 1 LOW ER in i l REST VIE There were no developments In the general monetary situation, however. to justify the belief that credits as a Whole would soon relay The firm policy ol the federal reserve board a3 enunciated by Governor Harding in! response to the petition of important CO t ton Interests, offered little hope of early reduction of Interest and rediscount re-discount rates Improvement in foreign exchunce was most pronounced In remittances' In London and Paris. Smaller offerings offer-ings of sterling billa and indications of an adjustment of the labor crisis in England and Italy helped to stabilize rates CONFLICTING ntlE REPORTS Entry of general business Into the autumn season was attended b.. con-! fusing conditions and conflicting re- ports respecting trade outlook. Orders, tor fabricated steel and kindred pro-; ducts were subject to more cancella-; nous and suspension of common dlvl-J dends by the Cudahy Packing and National Na-tional Cloak and Suit companies suggested sug-gested greater conservatism In varied lines of Industry. In the stock market pooU devoted the bullish activities largely to oils; and lalle, the former displaying c-.pe-' clal strength. Announcement of the proposed segregation of the Delaware. Lackawanna and Western properties! naturally gave rise to rumors of similar simi-lar action by other coal roads. Foreign Issues were conspicuous in the enlarged bond dealing.-., the new French 8 per cent leading at a pre-; mium of 2 3-4 per cent, and the An-1 glo-French five's also rising fraction-! ally a hove par.