The Montgomery advertiser., 1909-03-18
THE STOCK MARKET

New York. March 17.-The coincident reception of the new tarf& bill and of the United States Steel annual re- port today offered so indigestfbls q dimcult of assimila ton.
 The appraisement of the new factors presented from the financial standpoint in fhsst sns ..ess Sss marIss ana 1t was hard to decide how far this had been accomplished in spite of the ep- parent index afforded by the movement scented in the new material was known in its general purport previously, there were additional details and some sur- prises. In the case of the new tarin biil. the extent of the cut: in iron and although expectation of cut has helped to depress iron and steel indus trials in the stock market. The pro- one year treasury certificates had the effect of suggesting feeling of anxA iety over the Treasury proposal to change the rule for appraisement of administratlve portion of the new bill. was regarded as offering means for material mitigation b,f the actual cut in the duties to be levied on imports.
 There is discernible in the tone of discussion in the financial district a be- iefl that changes proposed in the first draft of the tarif bill now offered for consideration represent the possible amendments and changes will all tend In the direction of moderating the cuts as the professional element in the spec ulation has looked for some expres- CTS of the force of the bill and accord insly built up some short account in the market. Covering operations by this element were 1a factor in the days market. The United States Steel an nual report was read with earnest at- tention and detailed a showing Of the gross earnings of the subsidiary com panies which revealed the extent Of the last years depression interest in the industry much more effectually than had the summarized return of net re- turns to the holding corporations pre- viously published. The fact had bard ly been grasped. as stated in the gen. eral remarks of the chairman of the board that finished steel products for sale to customers outside of rhe> or- ganization was e.e02,9S2 tons in 1908. the United States Steel Corporation has been organized. This fact, coupled with the renewed decline fin demand following the turn of the year which ent conditions, which alone considered, make the value of shares difficult of comprehension. Part of the exp1ana-, ton is found in the statement of cap-> ital expenditures which have gone into
 
 this report as having been expesded since the organization of the corpor- ation for additional property and con- struction exclusive of the Tennessee Coal and Iron Company. and the Union and Clairton Steel Companies and for extraordinary replacements and better ments amounts to total of $34s,032,- 939 on account of which only $39,172,- s63 stands as bonds, mortgages and purchase obligations. leaving the pro- digious sum of $30s.s06.07s, which has gone for these purposes from the cur rent earnings and surplus of the cor poration.
 Foreigners sold stocks here infiu- enced both by the Balkan situation and by the solicitude expressed in the Brit ish Parliament over the German naval program. The days dealings expand- ed materially but the varying nrice movements left the net changes small. outside few strong stocks.
 Bonds were irregular. Total sales. par value. $3,788.00O.
 United States bonds were unchanged on call.
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