New-York tribune., 1909-03-16
FINANCIAL AFFAIRS
STOCK MARKET DULL.
Wcak in Final Hour, on Bear Selling
Tariffs Influence on Trading.

Until the last hour yesterday. when weakness
developed, the stock market was moueIa'e'E
firm with the trading as limited In Nolure "S
for MANY DAYS preceding. Opening prices Were
fractionaIIv under Saturdays closing Level, IN
-asnonse TO a lower range of prices from London
where another Balkan scare was having us
effec. which extended also to Paris and Berllh.
But the local market has become accustomed 10
war alarms from Southeastern Europe and the
latest of them had only slight influence here
q moderate advance in prices beginning after the
first few minutes, which continued until noon.
Then extreme dulness settled upon the market
which was not relieved until the last hour. when
AmaIgamated Copper became actively weak ana
the General list welded with IT, final prices in
the majority OF issues showing net declines. III
the main only fractional. There was practlcalIy
no commission house business at any time dur
ing the session, and the professional selling IN
the final hour was based on the victory OF the
"insurgents' in the House of Representatives as
we'll as on the decentralization IN the copper
metal market; the bears arguing thaf the de-
cision OF the majority not 20 accept the old
rules as the basis Of government Of the incoming
House meant that under q new set Of rules,
necessarily less stringent than the old ones.
slower progress would be made with the work
Of discussing and enactng into law the tariff BILL
and that the uncertainty which Is checking an
expansion Of business activity would be CORE
spondingly prolonged.
Both in Europe and here the market for copper
broke sharply Yesterday, and predictions OF stil
lower prices for the metal were made but the
decline in Amalgamated was relatively small,
Ia points With the tariff question out Of the
wav and the business world in position to adjust
itself 10 the changes which the law will
ordain the long looked for revival Of activity
should be witnessed. and in that revival the
copper industry should be among the first to
benefit as Il was among the first TO feel the
effect Of the business depression, which caused
the postponernent Of many important plans for
electrical construction extension; but the
recent boom" appears TO nave been premature.
Reading which two or three Mondays ago had
such severe break on selling ascrIbed to the
probability OF the Supreme Court handing down
a decision adverse TO the "coalers" in the
modify clause case. was strong all day yesterday
even before the news from Washington
that no decision would be announced this week
Consolidated Gas was feature OF strength,
rising TO 131, an advance of II points, and clos
ing point up, at 1291s on revival of a report
authoritatively denied fortnight ago that the
company was planning to separate its electric
lighting interests from it's gas business, with
extra dividends to the stockholders, and also on
rtImors Of an increase IN the regular dividend
rate. American Sugar Refining opened points
down from Saturday, at 128 for no assigna bic
reason except possibly tariff considerations, and
closed at net loss OF pa points
The time money market was rather easier
Yesterday, despite the continuance in heavy vol
ume of the gold export movement TO Argen-
tina and the demand for funds was very small.
Money on call was in ample supply, with per
cent the maximum rate. The foreign exchange
market was firm rates advancing 10 points, but
little business done.