The Washington herald., 1909-03-17
PRICES SCORE GAINS
Average Price Advances Are
Largest of Month.
TAFTs MESSAGE IS PRAISED
Financfezs Rejoice over Character
of Presidential Document Sent TO
COnEreHH-strenEth In Spite Of
DuIIneHs Is One of the Favorable
Signs of Present stock Situation.

New York. March 16.-For some time
past there have been indications OF g
hrmer tendency in the stock market
These signs have been at best but slight.
inasmuch as practically since the begin
ming OF the month prices have closed
higher and lower. alternately. on each
succeeding day.
It has latterly been clear. however, that
although the market was dull 10 the point
Of stagnation. it presented many en-
couraging symptoms Principal among
these has been the fact patent to all OBJ
servers, that news Of a depressing char
acter did not result in causing liquidation
in stocks, or at least was attended with
but small declines IN market valuations.
The explanation Of the phenomena has
commonly been that large speculative
interest for the fall had been built up
which had impaired TO the market a sus-
tanning power Of decided force. Another
view has been that bad as business was
IN certain directions. the quantity OF
stocks taken from the market by bona
hde investors in the last eighteen months
mas been so large that only a small vol
ume OF these holdings could be forced
from the hands Of their possessors. while
current rates for the use OF money re-
mainend low
Better Times Expected.
A certain amount OF truth doubtless at
taches 70 all these reasons, but more i'm
portant than all Of them Is, IN all prob
aoility, the circumstance that the great
majority Of owners Of securities through
out the country are hopeful Of better
times N the business world; II not in
the days Immediately at hand. at least
IN the reasonably near future.
To-day, although there were gloomier
stories than ever OF the demoralized con-
dition Of the copper metal market and
although the Austro-Servian war scare
was played for the tenth time, and for
al II was worth in a speculative sense.
the market made the largest average gain
that Il has done in the present month
The peculiarlty Of business in the early
dealings was that although the dealings
were no less limited than they have been
hitherto. the quotations for the active
stocks were almost uniformly at slow ad-
Vances: and in certain stocks there was
obviously desire to accumulate as con-
SIDERABLE quantity as could be.
Tarin Causes DuIIness.
The dullness Of the market was much
increased when IL became known shortly
after midday that the new tariff bill
would be held in the Ways and Means
Committee Of the House at Washington
for another day before being introduced
in Congress. Nevertheless, the market
declined hardly AT all, and IN the final
hour displayed more buoyancy than at
any time previously in the stock exchange
session
So far as could be observed. there were
two developments that were responsible
for the particular strength OF the DAYS
market, apart from the buying in OF con-
tracts for the fall in values. resulting
from the conviction that the market was
moving upward for general and inherent
reasons.
One OF these was a species Of rejoicing
IN the financial list over the character
OF the message sent 10 Congress by Pres
ident Taft regarding the tariff revision
programme which the new Congress Is
20 take up. The brevIty OF the document.
its calm and common-sense tone. and its
simple and reassuring character afforded
palmer proof than has yet been given OF
the change for the better that has taken
place