The Birmingham age-herald., 1909-03-18
TARIFF REVISION
 AFFECTS STOCKS Market Is Somewhat Depressed
 By the Payne Bill SHORTS COVER FREELY Report of United States Steel Corpora tion Takes Up Much Attention. Days Dealings Large and
 Decline Small.
SHORTS COVER FREELY

New York, March 1.-The coineldent reception of the new tariff bill and of the United States Steel corporations an- nual report today offered SD indgestible a mass for consideration that if proved difficult of assimilation The appraise- ment of the new factors presented from the financial standpoint necessitated great deal Of dealing for position in the stock market and 1t was hard to de- eide how far this had been accomplished in spite of the apparent index afforded by the movement of prices. While mucn that was presented In the new material was known in It's general purport pre- viously. there were additional details and some surprises.
 In the case of the new tariff bill the extent of the cuts in iron and steel prod ucts was called a surprise, although ex- pectation of a cut has helped to depress iron and steel industrials in the stock markets. The provision for increased au- thorization of one-year treasury certln- cates had the effect of suggesting a feel- ing of anxiety over the treasury proposal to change the rule for appraisement of imports contained in the new customs administration portion of the new bill was regarded as offering means for ma terial mitigation of the actual cut In the duties to be levied on imports.
 There is discernble in the tone of dis cussion in the financial district a belief that changes proposed in the first draft of the tariff bill now offered for consid- eration represent the possible maximum of the reductions and that amendments and changes will all tend in the direction of moderating the cuts as the professional element in the speculation has looked for some expression of the position of se- curities' owners of the force of the bill and accordingly built up some short &C., count In the market Covering operations by this element were a factor in the days market
 The United States Steel annual report was read with earnest attention and de- tailed showing of the gross earnings of the subsidiary companies which re- vealed the extent of the last years de- pression in the industry much more effect nally than had the summarized return of net returns to the holding corpora tions previously published. TEe fact had hardly been grasped, as stated In the general remarks of the chairman of the board, that finished steel products for sale to customers outside of the organ ization was 6,602 932 tons in 1908, the low est for any calendar year since the United States Steel corporation has been organ ized. This fact, coupled with the re- newed decline in demand following the turn of the year which led to the Feb ruary cut in prices, present conditions which, alone considered, make the value of shares difficult of comprehension.
 Part of the explanation Is found in the statement of capital expenditures that have gone into the property. The amount given in this report as having been ex- pended since the organization of the cor porationi for additional property and con- struction exclusive of the Tennessee Coal, Iron and Railroad company and the Union and Clairton Steel companies and for extraordinary replaeements and bet