New-York tribune., 1909-03-31
FINANCIAL AFFAIRS
SMALL STOCK CH1NGES.
Hcary RcqIi@ing Sales Offset Ne7c
Buying Steel Common
Strong Feature.

on a reduced volume Of business as c. impaired
with that Of the preceding day stock market
values moved IN irregular manner through
out the five hours Of trading. with small changes
at the close, net losses predominatng among
the active issues. United States Steel common.
the Erie shares and Brooklyn Rapid Transit
were exceptions to the heavy tendency reported
in the last hour, the first named issue exhibit
ing especial strength and advancing to a new
high record on the current movement at 469s'
p gain Of more than seven points from its low
quotation following the announcement of the
first cut in steel prices The Street had the tip
that the stock would sell above so before a ma
terial reaction would develop, irrespective Of the
general course of values and the character of
huvins IN the issue impressive enough TO
attract q certain amount of commission houses
interest Operations through commission houses
in the general market however, were active
only in comparison with the recent pronounced
dulness in this quarter The general course Of
trading in the day suggested active reaIlzlne
sales and cautious selling for short account the
latter being particularly noticeable IN American
Smelling Missouri Pacific, New York Central
Union Pacific and the Interborough Metropoi-
:tan and Third Avenue shares, the last named
losing net two points and Interborough-Metro-
p0litan preferred the same. In view Of the eN-
treme strength exhibited by market values in
Mondays operations and the absence Of active
support from the public that days advance
yesterdays irregular movement was not sur
prising. A substantial reaction from current
quotations would not disappoint many market
followers who believe a sustained upward move
,aant cannot be engineered from the prevailing
level A large miscellaneous short interest has
been covered in the last few days.
Stock market values doubtless viii have many
ups and downs before the tariff question is out
Of the way but according 10 current indications
confidence in banking and general bus'-'SS
circles over the future position OF affairs
country viii increase pending the dlsposit
this great economic problem 1t is a
-lg.- ,..r4fG . Tn. DO ar
finance it is felt that in spite Of some apparent
discrimination IN favor Of one line Of work
and against another In the tariff bill as pre-
sented TO the lower branch Of Congress. the
final changes as accepted by the upper and
lower houses will be satisfactory to the great
majority of business men in this country, and
viii be on lines that will work for the greatest
good for tFe greatest number Of people And
the attitude OF the business community regard
ing the ultimate outcome Of tariff discussion Is
becoming a most influential factor tor good in
the financial community, where active business
revival is being discounted in stock market
movements. In addition to the excellent i'm
rreSsion created IN Wall Street by the evident
desire Of our lawmakers to effect legislation that
viii add TO our material wealth, there is another
Washington factor that IS strengthening con
fidcnce in banking and general business circles
namely the intention Of the administration to
view government as matter Of business and
exercise in its conduct business principles.
Lower expenditures rather than increased taxa
ton is approved by President Taft, and with
his Cabinet budget committee at work and with
Congress placing appropriations on a hardpan
basis without weakening government efficiency
results II most favorable character are Ger
tain 10 follow The outlook for a long period Of
stability in business affairs is most promising,
and while speculative operations in stocks may
carry --aluee az times to fictitious high levels,
with the inevitable resultant reactions, the po-
sltion Of the real investor will be strengthened
ny Ie.ftiInate trade movements based on the
exDansiou Of our national resources tnat VIII be
eDcouraccd hv Republican policies that IA
th. best interests of both labor and capital
The more settled political situation abroad has
haru an important factor ia the change that
mas DEVELOPED in the foreign money markets in
the last week and in the altered position Of inter
national exchange conditions whereby gold cN-
rorts from New YORK have been eTectuslly
checked. Discounts abroad have fallen. and
foreign houses have bought d considerable
amount Of stock AT this centre the result of
which mas been lower sterling rates here and
cessation of the demand for the yellow meta. ,
Money quotations remain at an easy level with .
4 somewhat firmer tendency for long time ma
turtles but no appreciable movement in rates
j. noted. 4 higher price for money would De
that at distant time better figures will de-
Eciop consequence OF active trade re-
'iVai Sterling exchange off i've points
esteTd7y and Well under the gold exporting
level Money inactive.