New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-08
RALLY SHORT LIVED.
Stock Market Plunge8 Dozen Again,
Led by Morgan Issues.

The stock market rally which was started by
the Il point advance IN Reading on "Wednesday
afternoon was extremely short lived. The entire
list opened weak yesterday, in sympathy with the
course of prices in London and after several hours
Of huctuation dropped sharply in the late after
noon closing with considerable net losses for most
Of the prominent issues. Reading among them.
That stock the rise OF which the preceding
day probably derived large part OF its impetus
from the fact that the market was in an oversod
condition and therefore easily responsive to heavy
buying Of a stock like Reading by powerful cap
talst like Mr.. Frick. opened 2l2 points down from
Wednesday at l22 and in the first half hour had
advanced TO its highest point Of the day, 124 It's
movement did not suggest corner or an effort to
secure control Of the property by buying in the
market. for 1t gradually sagged until at 100
IL stood at 10. In the late break II went down to
1854. closing. with loss Of 515 points. at 'l9.
The leaders of the severe decline in the last hour
were Morgan stocks the Southern Railway and
Erie issues. Southern Railway common sold down
10 2es. closing there with net loss of 3i2 points.
and the preferred dropped from &c CO. the close.
1o'2' representing net decline of 5Is points The
selling OF these issues which brought them TO the
lowest points since 1893 was precipitated by the
publication of the January earnings of the road
which showed decrease Of $4,000 in net earnings
for the month 81 S52 900 for the seven mont MS
of the fiscal year The directors to-day for
dividend action. and. according 10 rumor the
dividend rate on the preferred stock will probably
Erie was attacked by the bears under cover of
rumors that dividends were to be suspended on
the first and second preferred. In the best in
formed quarters these reports are believed to be
baseless but the Erie issues yielded under the as
sallt closing at the bottom. with losses Of 2A
points for the common. is for the first preferred
and rs for the second preferred.
Louisville & Nashville again weak feature.
selling down to u.s. where II closed. points under
Wednesday. The Hill stocks which have heen
strong in the last two three days. We're rela-
lively firm yesterday. Great Northern declining pa
points and Northern Pacific ! point.
Upion Pacific. after material morning advance,
declined 5ls points from the best Of the dag and
closed IL points lower than on the preceding
day. while southern Pacific lost only II point.
Atchison lost 3ss points. closing at the low level.
92l2. and Baltimore < Ohio lost H. and St. Paul
-. Canadian Pacific declined 4 points.
Rumors of financial trouble in a European capt
tai were current for some time yesterday. and
sSed by the hears. who had quickly recovered from
the fright into which the rise OF Reading had
thrown them and We're again putting out large
short lines: but no confirmation Of these reports
could be found on inquiry among the leading for
cgn houses.
The trading in heavy volume. about $50 900
shares being dealt in. but showed a large shrinkage
in comparison with the market OF Wednesday,
when the sales aggregated about 2.S6Oo00 shares.