The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-08
STOCKS RESUME
FORMER WEAK TONE
Heavy Buying of Reading is
Relaxed
FURRY NOT EXPLAINED
Denial of Hartman Interests That
They We're Involved In Wednes-
days Buying Is Accepted
On Wall Street.
FURRY NOT EXPLAINED

New York, March THE excitement in
financial circles caused by the heavy buy
ing of Reading shares yesterday, said
to be for control of the property, died
out today and the stock market resumed
it's generally weak tone. No explanation
of the Reading incident was obtainable
officially today, but the denials of Har-
riman interests that they We're in any
way concerned were generally accepted
in Wall street and spectators were more
inclined TO the opinion that the party
buying was for the account of II. c.
Prick
1t has been reported for some time that
Mr. Prick sold out a considerable por-
ton of his holdings around 80 and 1t
was held 10 be natural that he should
take back his stock at the low prices of
the past week. Ii was noticed also that
125 seemed to be the price limit at which
the heavy purchases were made yester-
day, and this fact was used as an ar
gument against the reports that stock
was being taken for control
In the contest for Northern Pacific the
shares We're bought practically without
regard to the price. Reading opened
today at 122. or 2Is points lower than
last night, the highest was 124ss, the
lowest 1884, and the last sale was made
at 119. The sales were 800 shares.
Yesterday $1,000 shares changed hands.
Sentiment Nervous.
Sentiment in Wall street Xas rather
nervous at the opening of the stock mar
ket, traders being anxious to know
whether there was TO be IL continuance
of furious buying of Reading which
caused such fury, and such abrupt
change from weakness to strength in the
general list yesterday. Without confirma-
ton of the rumors that the purchases
were made to obtain possession of the
property, spectators We're inclined to re-
gard the situation as less favorable for a
broad upward movement of prices and
the first transactions recorded by the
ticker were almost without exception at
lower prices. There was a quick up
ward turn TO quotations soon afterward,
but this was followed almost Immediate
~ by sharp reaction and then another
rally. From II o'clock until well into
the afternoon, prices moved in an UNI
certain manner, the reactions being fol-
lowed by rallies, but with the general
tendency toward lower prices.
Morgan Shares.
feature of the trading was a renewal
of the attack on what are known as Nor
gan shares, Erie and Southern Railway
being the principal sufferers. Erie fell
to below 80 and Southern Railway to be-
low q.
There was no news to account for the
losses in these stocks. At one time the
Hartman properties showed very
strong tone. Union Pacific getting above
les and Southern Pacific rising to S7ss.
These figures were not held, however, and
the whole list turned lower again toward
the end of the session.
The closing of the market was very
weak with the more active shares show
ing the following declines from yester-
days last prices.
Reading, 53s; Louisville and Nashville,
5; Union Pacific. 1885, st. Paul, 1ss; Great
Northern, preferred. 2; Chesapeake and
Ohio. 3H. and New York Central Ia.
There was none of the excited trading of
yesterday during the days session. Total
sales for the day We're 400. 100 shares,
against more than 100000 yesterday.