The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-03-18

New York. March 1.-THE long await
ed tariff bill was introduced in Congress
this morning. and to the surprise Of a
large party OF spectators for the fan IN
the stock market was greeted by con-
tinuation Of yesterdays upward move
meat in the price Of securities.
The event was the more notable mas
much as the reductions in the tariff
schedules made by the Ways and Means
Committee of the House were found 10
be fully as large as any pessimistic
prophecy concerning them has made out.
Wall streets interest IN the matter, or at
least that Of the stock exchange. OBJ
viously concerned itself chiefly with the
new duties suggested upon iron and
steel products.
These duties did not consist, as was
commonly stated to-day. OF a general re-
duction OF 50 per cent IN the old tariffs.
but still represented a more serious cur
tailment than had been looked for Upon
the announcement Of the terms OF the
tariff bill the stock market. that had been
strong previously, declined fractiOnally,
4 the United States Steel common shares
DdrOpping ID points from the high level
touched during the day.
None Inclined TO Sell.
But liquidation in the market was. in
fact, almost nonexistent. Nobody seem
ed 70 desire 70 sell any stock; on the
contrary, a large number Of expectant
buyers made their appearance. who were
anxious to make purchases IL prices de-
clined. Later on a considerable number
o. these people were found not buying
= upon a decline. but upon an advance. and
II was clear that whether or not from
the technical conditions" Of speculation
at the moment, or from some decided
change that has come over the general
financial temper. the market was DOM
mated by a strong and plainly defined
advancing tendency.
There is no doubt that the stock mar
ket has in recent weeks become oversold.
and there is also no doubt that there IS
greater feeling OF cheerfulness in fnan-
cial circles than was visible even a fort
night since. Beyond all this. new positive
element Of announcement has entered
into the situation in the shape of the
extraordinarily favorable impression
made upon financial sentiment by the
character OF Mr.. Tafts message % Con-
gress yesterday. II has been a long time
since there was any such public coEn-
munication on the part OF the Chief Ex
ecutive OF the nation which has caused
such heaTtfUl declarations OF thanksgiv-
ing in the business world.
Wall Street Cheerful.
The present Is neither the time nor the
place for the expression OF judgment re-
gsrding the tarin schedules prepared IN
ever. that these schedules were not re-
ceived by Wall street with dismay pos
sibly because Of the operation OF the we'll
known principle that matters OF this kind
are always subjected 20 a preliminary
discounting. Probably in distinctly specu-
lative circles this afternoon the one con-
trolling market force was the natural
process Of reasoning that the reductions
in the iron and steel and other important
duties now outlined are the lowest re-
ductions that can possibly be made under
any circumstances, and that any changes
in the schedules that may finally occur
VIII result in increased duties.
II is fair 10 say in addition to this that
there was a feeling Of general satisfac-
ton evident to-day over the fact that a
dull and honest attempt had been made
by the dominant party in Congress to re-
wise the tarin duties so as TO amply meet
public sentiment in the case and the his
tory of the past proved that efforts OF
this kind are usually received with smiles
by the security market
It is also manifest that the character
OF the reductions that have been pre-
pared will be such as 70 largely. II not
entirely estop any partisan opposition to
the new tariff bill in Congress when the
debate upOn IL is under wav