Evening star., 1909-03-14
DULL AND VARIABLE
Strong Undertone for Week
Despite SIuggishness.
DEALINGS PROFESSIONAL
Final Quotations Little Below Those
of Friday.
NEW LOW RECORD FOR VOLUME
Financial Leaders Taking No Spe-
cial Interest in Market Affairs.
Bank Statement More Cheerful.
NEW LOW RECORD FOR VOLUME
Spccial DiSpatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. March 13.-There was
virtually no market today in stocks.
Prices rose above yesterdays close to
about the smallest extent that they could
rise and advance at all and then declined
in the same way. Final quotations were
perhaps in the main little below those
of Friday: but the only fluctuations at all
during the day worthy of the name
an advance of about a point in Missouri
Pacific stock apparently upon inference
drawn from the publication of an in
terview with Mr.. George ]. Gould this
morning as to the existence of friendly
relations between the Gould and Harri-
man railway interests. Relations of this
sort have. however. long been uncon-
cealed.
| The fortnightly report of the American
Railway Association showing the surplus
age of idle freight cars in the country
exhibited a decrease which, even II slight.
showed the total quantity Of cars of
this sort as less than at any time since
December; and it should be stated on
this point that in the opinion Of mauy
railroad men fairly large proportion
of the cars thus carried in these monthly
reports as idle are in fact useless cars
| that must needs be replaced in due course
| by new ones, probably of steel construc-
| ton.
| The weekly bank statement was. as it
was last Saturday, of more cheerful tenor
| than had been looked for not only be-
cause a much smaller cash loss was
shown than had been prophesied. but on
account of a considerable reduction of
loans. Or the gold engaged for export
| this week So,O0OOOO did not, however,
| figure in the bank return. A further
| small engagement Of gold was made for
shipment to Argentina. and there Is little
| hot chi INN ont tn
| America will continue. as well. also, as
remittances to England. while money
rates here present as great disparity
as they now do to those prevailing in
the English capital.
British Reserve Growing.
| On the other hand the reserves in the
Bank of England are once more mounting
| up to high figures. and it can hardly be
great while longer before money will
| be in greater supply in England than 1t
is now. Meanwhile the pressure of in
terror banks in this country to lend money
keeps money rates at this center at n
| level that deprives gold export transac-
| tions of more than passing interest in
| the financial district.
| The stock market has been alike duh
and variable I'm the past week. and one day
| during the week transactions made new
| low record SO far as volume is concerned
! for the year since January ].
| At the end of the week there were no
stronger indications than there have been
hitherto that financial interests of the
! first rank We're taking any special interest
| in market affairs, but the daily buying and
| selling of professional operators. many
| of whom leave the stock exchange each
| afternoon with no open accounts carried
! over in the next day, have been RESPONSE
| BILE for slight daily alterations in the gem
| eral movement of prices nearly every day
| for some time.
| 1t is true, nevertheless, that in the main
| the market has displayed a strong under
| tone and that developments last week
were favorable rather than otherwise.
| Trade Reasonably Active.
In spite of the existing depression in the
iron and steel and copper and coal trades
many other lines of business that nigh.
fairly be taken as barometers of trade
| are reasonably active; and indeed it
| seems an accurate statement Of the case
that sluggishness In business as is found
| is confined to the country east of the
| Allegheny mountains. where the manu-
| featuring industry is chiefly centered
There can be little doubt that this hesi-
| fancy is directly connected with the
pending revision Of the tariff.
The leather trade has naturally sus-
pended operations pending the decision of
! the question whether hides are to be
admitted free of duy.
| ing the beneficial effect of the thorough
purging that the textile industry enjoyed
| last year. is hesitating until it can be
| seen how the trade is to be affected by the
| new customs. Happily these uncertain
| ties will be removed at least to a conSid-
cradle extent within a few days time.
| The preliminary schedules offered by
! the ways and means committee of the
House of Representatives should be made
public next Tuesday. and there is no
expect ations that these schedules will he
| increased. at any rate. in the new bill.
1t is more and more evident that con
Sressional action in this matter is to he
| along much more conservative lines than
| was at one time contemplated.
The Treasury Deficit.
| The eyes of the national administration
and Congress are widely open at last to
the truth that a steadily increasing de-
felt confronts the national Treasury and
that there is stringent necessity that
this deficit should be repaired at the ear
! liest possible moment.
| 1t is of course contended that a great
reduction in tariff duties might help the
deficit by increasing the amount of goods
brought in under the new tariff, the re-
suit being supposedly an increase in the
quantity of revenue paid in. 1t is not
| by any means assumed that such conse
quence as this will follow. and it is obvi-
Gus that relief of this sort would be slow
I'm coming. even If it came at all.
| 1t is imperative that certain
| schemes of raising revenue should he in
| troduced. and it appears to be doubtful
that even d reimposition of the Spanish
war taxes. laid eleven years ago, will be
sufficient to put the government In funds.
| One gratifying fact is that although the
country's exports have been checked since
January l there has been great en-
larsement of imports, mostly in raw ma
| terials for the use of manufacturers and
| this is conclusive proof that our manu-
| facturers are preparing for a season of
active business later on.
| The imports of the leading articles of
| the kind stated since the beginning of the
wear. are heavily i'm excess of those not