New-York tribune., 1909-03-04
FINANCIAL AFFAIRS
STOCKS DULL and WEAK.
Steel and Copper Owtlook-Anthrd
cite Dispute-Money Easy.

On the smallest volume of transactions since
the day of the severe break week ago. tle
stock market yesterday moved slowly oo"h"atu'
closing weak although final prices were, as q
r,,le fraotionaIly above the lowest. At the open
ing the market sold off, in response to the lower
range of prices in London, where American
stocks had declined rather sharply ana the gen
eral list had developed weakness on reports oL
fresh complications in the Balkan situatloni ana
foreign houses sold heavily on balance Tnere
WAS a fair amount of activity until noon, largely
due to bear selling. and then the market re-
lapsed into extreme dulness. whlch preVaileu
during the rest Of the session The uaolh8 Was
practically all professional and IN only nine Is
sues were the sales more than 10000 shares-
Steel common was naturally in this lst' Dut JUS
price range was only one-half point, and II
closed only fractonally lower than on 1uesoay.
The announcement that the New YORK CeIIal
had given out its rail orders for 1913 had
steadytng influence on the steel stocks. although
a. 5i6 NOT deveIop whether the old price of S2S
q Ton was to be paid or q concession had been
made by the rail manufacturers heavy safes
of copper were reported at satisfactory nguTes
but AmaIgamated Copper and American slneI'-
ing and Refining both closed about IN points
down, and there appeared TO be reason to De
1ia,re thar the situation in the copper industry
was not yet greatly improved
Pacific Mail broke nearly points. on the de-
feat Of the subsidy bill in the House OF Repre-
sentatives. and made q net loss Of 2k. The
Albany of the Public Service Commissions re-
f,saI TO grant q modification of its order which
Is deemed vital by the company. The possibility
Of q contest between operators and miners IN
the anthracite coal region was discussed with
interest hut the course Of stock prices gave no
Trustworthy indication Of the outcome OF the
pending negotiations The waiting tendency OF
the market may be ascribed In some degree 10
the fact that to-day will witness the inaugura-
tion of a new President, but the points of his in
augural address are probably already familiar 10
professional Wall Street, although they may be
expected TO present features Of reinsurance
which will have the result Of bringing the pub
lie into the market.
Money continues very easy, both here and
abroad and slow but steady progress Is con-
stantly being made in the direction Of restora-
tion Of business activity and prosperity; but
basis would seem to be lacking FOR any real ad-
vance at present IN securities prices. The
tariff revision discussion is about 10 begin and
il will be several months before a tariff bill,
with its resultant adjustments in various indus
tries can be enacted and made operative; and
fuIIv as important in its bearing upon the mar
et for securities is the question OF the crops, on
which accurate indication will not be available
for several months 20 come. With just and
satisfactory tariff revision effected, and with
another good harvest in prospect the country
should enter, not many months hence, upon
cvcle Of prosperity which. slow in coming, will
be all the more stable in continuance.