The Washington herald., 1909-03-19
STOCKS HOLD FIRM
Tariff Bill Regarded Favor
ably in Wall Street.
TRADING OF LARGER VOLUME
transactions Exceed Those OF Days
Preceding Introduction of New
Measure-PrOvisiOns Are Regarded
as Advantageous 10 the Security
Observation-Disclosures RumOrs.

New York. March 1s.-While there was
no disposition in Wall street to-day to
snap judgment upon yesterdays develop
ments concerning the tariff. and It was
universally realized that time must
elapse before there could be any ade-
quate comprehension both OF the large
number Of details comprised therein, and
OF the probable effect Of these upon the
country's business relations, yet there
was a prevailing inclination 10 consider
both the introduction OF the tariff bill
itself and its general provisions as be-
ing favorable rather than unfavorable
from stock market point Of view.
1t IS apparent for many reasons that
the reductions in the tariff proposed in
the bill viii be in practically all cases
the lowest reductions that will IN any
event be made. this being assured by the
circumstances that the greatest objec-
ton that has thus far been offered TO
the cuts in duties suggested has pro-
ceeded from members Of the political
party now in opposition in Congress.
Bill Is Popular.
In the main. too, It must be admitted
that popular sentiment has at least, IN
the first instance. arrayed itself in favor
Of the bill. and that the large reductions
proposed viii disarm most II not all Of
that hostility 70 the measure which
would otherwise have been excited on the
part OF advocates Of a thorough-going
tariff revision.
The bill will. Of course, be considerably
changed before II becomes a law. and
the probabilities seem TO favor the elimi-
nation from Il OF the clauses providing
for the imposition Of a Federal inherit
ance tax-although this Is a subject that
is not Of large importance as concerns
the security market.
Il was also gravely doubted to-day in
the higher financial circles whether the
bill as drawn would fulhn the purpose
Of providing sufficient revenue. and the
opinion was generally expressed that the
authors Of the bill were somewhat too
optimistic on this point
On the other hand means have been
provided in the bill for a quick recourse
70 money raising expedients. in the case
Of a contingency requiring action before
another meeting Of the national law
making body. Taking all in all. there
fore, the feeling in the financial dis
trict to-day was that broadly considered
occurrences in the week thus far were
such as TO attest that progress was max
Ing in the upbuilding OF business pros
perity.
Conflicting Rumors.
Contradictory rumors to-day upon the
subject Of an impending retirement from
business OF z. II. Hartman received lit
tie attention, inasmuch as nine out OF
ten people in the financial district have
FOR a long time accepted it as altogether
probable that Mr.. Harriman's attention TO
business duties would be considerably
less in the future than it has been in the
past.
The volume OF trading was again con-
sieerably IN excess Of the transactions
on the days preceding the introduction
Of the tariff bill. and the market. though
selling of in the late trading 10 the ac-
compartment Of considerable proft-tal1-
ing. was fairly strong throughout the
day. To many observers IT appeared IN
expectedly strong in view OF the gains
made In the two preceding days. so that
the slight reaction IN the late trading
seemed but natural