Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-08
Tone of the Market Much I'M
proved Today.
A NOTICEABLE ACTIVITY
Increase the Result Of Some Large
Transactions.
LONDON GENERALLY STEADY
Albany Action Affected Consolidated
Gas Stock-U. s. Steel Depressed
Railways Firm.
LONDON GENERALLY STEADY

Special Dispatch to The STAR
NEW YORK. March S.-There was quite
pronounced Improvement in the stock
markets tone today and some betterment
In respect to activity. Notwithstanding
the latter, however, there were long periods
of extreme dullness during the course OF
the business session. and the Increase IN
activity resulted mainly from the larger
transactions In half dozen stocks. Really
novel developments which might be named
in connection with the markets course were
wholly wanting
Yesterdays rumors respecting the health
of the former president of the United States
Steel corporation We're not verified. and 1t
was commonly suspected today that they
had at no time much more than a specula-
tive and malicious origin. The downfall of
the French ministry had no material In
fiuence upon the European stock markets,
the view being taken that In consequence
thereof an early settlement of the Moroccan
controversy might be possible.
The Bank of England's rate of discount
was left unchanged at per cent, and
the bank made the strongest weekly state
ment that ii has been able to report Tor
some time past The London stock market
was generally steady, with American shares
participating in the common tone Opera
lions here for foreign account were on
balance, although upon q moderate scale,
on the buying side.
There was evident diminished uneaslness
with regard TO the effects of the Presidents
special message to Congress yesterday, ana,
IN fact hopes were expressed that the
general legislative crusade against corpora
tons of all descriptions might be carried
unduly far and lead to a revulsion In public
opinion
Effect on Gas Stock.
The senate at Albany. however. passed
today. with practical unanmity, the bill re-
ducing the selling price for gas in this city
TO ~ cents per thousand feet, and In sew
eral quarters 1t was pointed out that the
reaction in the stock market really be-
came clearly defined when this event was
originally foreshadowed 1t Is doubtful
whether any other security could have been
selected for an onslaught of this character
which would have had more disturbing
effect upon the confidence of investors than
Consolidated Gas. 1t is hardly to be sup
posed. however, that the management of
ths corporation will rest supine under this
sweeping and very serious attack upon its
earning capacity.
The Consolidated Gas securities fuctuatcd
irregularly today, but, broadly speaking,
seemed to reflect q feeling of relief that the
worst was finally known. The other indus
trial and miscellaneous stocks were for the
most part steady, with particularly sharp
rise in Colorado Fuel and Iron.
The United States Steel shares were ma
terially depressed in the early dealings,
presumably on the intelligence that the
corporation would provide in part for the
construction Of its new plant on Lake Mich
igan through bond issue, but those stocks
later advanced in common with the market
at large.
The copper issues were firm and active.
The railway list showed generally firm
tone. the only striking exception to the
common tendency there being Reading
common which during the morning. broke
points from its initial quotations.