The Washington herald., 1909-03-20
STOCKS LESS ACTIVE
Market Confused at Opening
and Heavy at the Close.
STEEL IS SHOWING WEAKNESS
Most Interesting Development in
Wall Street Il over Tariff Discus
sion, Which Is Little Understood
by Traders-COfee Moves Upward,
While European Markets Improve.

New York, March I9.-To-days stool
market was confused, but fairly actlv,
and moderately strong in the first hour o.
business. and lifeless thereafter until th'
final hour, when it became heavy, closing
Tor the NOSE part az declines. Business
was. however. OF an utterly professional
sort. the volume OF transactions being
much less than on the preceding day.
The early strength OF the market wa'
accompanied by weakness in the Inter
borough Metropolitan common and pre-
ferred and Third Avenue stocks. partially
perhaps, because Of the formal signing Of
court order for the foreclosure OF tht
Metropolitan Street Railway property. but
more logically by the announcement Of q
bid by firm Of contractors for the con-
struction OF the Lexington avenue SUBJ
way, which was construed by many peo-
pie as being in the interest OF the New
York. New Haven and Hartford Railroad
Company.
Proceedings Are Formal.
The foreclosure proceedings as regards
the Metropolitan are, Of course. formal
and are a step in the reorganization OF
the company. AS such only favorable sig
nihcance should be attached 10 them
In the case OF Third Avenue more or
less expectation has been INDUCED in to
the effect that the New Haven Railroad
Company would be interested In the Third
Avenue enterprise. and the idea that the
New Haven was backing the Lexington
avenue project to-day. therefore was
hardly consonant with this theory; but II
he l.
the hackers Of to-day's proposal really
are.
Fluctuations in the price OF the Trac-
ton stocks on Manhattan Island. these
being sharply distinguished from those
In the borough Of Brooklyn. affect the
security market now, but little for OBJ
ViOus reasons; and therefore more at
tentiOn was paid to-day. so far as the
general character Of the market Is cen
cerned, 10 these advances in the Rock
Island preferred, Chesapeake and Ohio
and a few other stocks
The Amalgamated Copper shares moved
upward because Of the exhibitions OF a
frmer undertOne in the copper metal
market, but these matters were soon lost
sight Of in the widespread lethargy that
came over the stock market and held
Pressure On Steel.
Whatever weakness was shown was
largely connected with further pressure
brought 10 bear against United State;
Steel common shares, and which had its
rise seemingly in reports. which were by
no means verified. that the TENNESSEE
Coal and Iron Company was likely soon
10 curtaii production on account of lack
OF orders.
The most interesting development to-
day was really the subsistence OF dis
oussion over the tariff. Many of the
complications regarding the subject were
too profound for miscellaneous Wall
street debate. and the common desire
was expressed TO let matters In this re-
l3tion take their course
All the European markets were dis
tnctly more cheerful because OF a wave
Of hopeful feeling regarding the Balkan
difficulties. Futher engagements Of gold
for export 10 London were made. bring
ing the total amount to be shipped on
tomorrow steamers I'D 70 S3100Ogg