New-York tribune., 1910-03-24
FINANCIAL MARKET
STOCKS DEPRESSED.
Especial U'cakneSS an SmeIters
Holiday an Influence.

The moderate improvement shown at
the opening Of the stock market yester-
day WAS not long maintained. dulness
and declining price tendency develop
ing before the end OF the first hour and
continuing during practically the rest Of
the session. Final prices were the lowest
OF ;he day, as a rule. and showed net
losses running from fractions 20 around
points in many of the active issues
/ The weakness vas most pronounced in
American Smelling and Refining COM
mon. which, after an early advance Of
4 =. declined more than points. closing
with a net loss OF IS. One OF the eN-
plantations given for the selling Of this
stock was the IO-point drop on Tuesday
in the common stock Of the Federal Min
ing and Smelling Company. a controlled
property. which was bought by the
American Smelters Securities Company
al ls0 a few years ago and Is now sell
ing al 80 The United States steel IS
sues were under constant pressure. part
% the selling being reported % be tor
account Of q Boston operator who might
be expected TO attempt something in the
way OF q market demonstration against
steel as an accompaniment % the Com
pcrs move AZ Washington
Tire listIessness Of the market Was ac-
counted for in part by the expectation Of
a three-day holiday over Good Friday.
which was granted by the governing
committee later in the day; and the
result OF the election for Congressman
In the cape Cod district OF Massachu-
setts also was thought 10 have contrib
uted 10 the depression ia prices. as ind
eating tho possibility 81 q change in the
control Of the House next faH. The
tendency was downward in the bond de-
partmeut also. and the new city a. per
cents lost ground with the other issues.
closing an l0l. or nearly "a point under
the average price received BY the city
az the sale ola Monday. Ia London che
price OF consols suffered a further slight
decline. standing nov ~ the lowest levei
since 1897
Il is not likely that any number OF
actual owners Of The stocks ~ the United
States steel Corporation viii part with
their holdings because q the attack upon
the concern by Samuel Gompers. presi-
Dent Of the American Federation % la
ior. Recently Mir. Gompers endeavored
20 bring about strike al the plants Of
the big steel combination, and falling 20
receive encouragement from the en-
rloyes. many ~ whom are part owners
OF tho corporation by reason of their
purchases 81 United states steel secUr-
,iies. he has presented 20 the Attorney
General of tho United States plea for
tho dissolution ~ the corporation on the
ground shat Il is an organization in re-
srra'rt - trade. AR. Gompcrs may he
Uevc that IN order 90 earn a misplaced
salary he must busy himself with affairs
and conditions Of which n Is wofully
ignorant. but IL does not appear probable
that his puerile argument for tie prose
cution of the United states steel COR
poration will cause any uneasincss
among fun grown men. Although spCcu-
lators who would like 10 sec lower prices
for stocks may use Mr. Gonpers's full
limitations IN their operations against
values. and timid souls VINO own steel
shares and are afraid OF their shadows
in response 10 the labor mans brief. the
steel Corporation will continue 10 turn
out finished steel products and pay satis-
factory dividends. Independent steel
concerns arc prospering In spite OF their
big rival. They are making no COM
rlaint against the United States Steel
Corporation, and as long as they are
satisfied and the employees Of the alleged
trust are oontented IL g. difhcult 20 see
why the philanthropic Mr. Gompers Is SO
upset over the situation
Local money rates show no material
change from the levels OF week ago.
but the tendency appears 20 Dc in the
direction Of higher quotations. although
time money rates eased off a little yes
terday The banks are not disposed 90
put out their funds on time a. ruling
figures. ana ~ The moment tho larger
part 81 The daily business Ia tbe loan