New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-29
MARKET
MOST STOCKS DOWN.
Time Money Firm and Sterling
Rates at Higher Lerel.

affecting adversely the intrinsic worth
Of securities, stock market prices de-
clined throughout the list in yesterdays
trading. maximum losses running from
l 10 points in the active issues. The
downward movement was not accom-
panied by heavy liquidation for public
account. Indeed, the public showed little
interest in the course OF quotations,
which appeared 10 be affected more by
technical conditions than by commission
house selling. The more important mar
ket operators made no attempt 10 check
the decline. the chief buying coming as
a rule from traders who took advantage
Of the weakness TO cover their short
contracts. Speculative Wall Street was
apprehensive over the situation in re-
spect 10 coming Supreme Court decis-
ions, tariff discussion possibilities the
new crops and the hardening tendency
OF money at all important financial cen
tres. its uneasiness, however. being based
20 a large extent upon the attitude Of
substantial interests rather than on any
intelligent discussion Of the value of
these factors as arguments for lower
quotations. The banking community is
considering most carefully the uncer-
tainties in the current situation and is
not advising the purchase of stocks on
margins. but there is nothing in its So
called attitude that need worry the own
ers OF American investment securities or
people who are bulls on their COUNTRY.
Stocks were unable yesterday 10 bear
s-l,,
speculative liquidation was indicated by
the character Of the dealings, especially
in Reading, the Hartman shares. United
States steel and various specialize. In
the last class prices in the larger num-
Der of instances have been bid 10 iicti-
tious levels at the expense of SPECTATORS
who are now taking losses on commit
ments made on the theory that the up
ward trend would run on Indefinitely.
Good stocks are worth buying outright
on all declines, but there are many is
sues that cannot be credited 20 this
group. aud the chances are they viii
move 10 d materially lower level before
their speculative possibilities viii appeal
u Wall Street bulls The metal shares.
Reading and the Hartman issues sup
piled the chief part Of the total dealings.
and with Westinghouse showed the
heaviest losses, the last named losing on
the day "a points, while Analgamated
Was down 3ls. American Smelling s.
Reading rs, Union Pacific and United
states steel II. Call money rates were
unchanged from last weeks closing lev
81, time money was firmer and sterling
exchange exhibited an advancing ten
dency.
A moderately heavy block Of Brooklyn
Union Gas stock Ia changed hands Al
private sale, and I'm view OF tho report
OF the company TO the Public Service
Commission and the statement by the
Public Service Commission regarding the
earning power OF the Consolidated Gas
Company the demand for the shares of
the Brooklyn company, which practically
is controlled by the people who own the
Consolidated COMPANY is an interesting
feature or current perations IN local
utilities securities. The Brooklyn Union
Gas Company reports total income for
the year ended December 81. 1853, OF
So. so. $50, against S1.74G. 447 in the same
time in the preceding year, and surplus
Of 81 G39,g99. an increase Of SSSs. S17.
The Brooklyn company never pretended
that il could not make a profit with gas
at 50 cents, and the Public Service Com
mission asserts that the Consolidated
company can earn much more than its
reports show an the same rate. People
interested in Brooklyn onion Gas are
satisfied with S0-oent gar. and they be-
Geve that al TO distant time the stock
az the company will be restored to the
rate that prevailed prior 10 the passage
o. the S0-cent gas law The present
dividend Is d per cent annually. The
company set aside a considerable amount
81 money under the item OF improve
meuts in the iine az the contro,erSv
oveI the law reducing the prise of gas.