Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-21
An UNDERTONE OF UNREST
Periods of Dizziness Today Depress-
ingly Frequent.
THE TRADING VOLUME REDUCED
Bear Element Was in Charge the
Greater Part of the Session.
Money Leading Feature.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK March 21-Wall street
has pretty well given up hope of any an
nouncement from the President that he
has modified his attitude toward the rail
roads. and with nothing to hope for from
Washington. traders have practically aban-
doned the market to a few strong inter
ests that move it around in a circle almost
at will.
Activity occurred only al intervals today
and periods of dulness were depressingly
frequent. The undertone of unrest that
has prevailed for weeks manifested itself
I'm ftful rallies or lifeless declines on
liquidation under pressure Notwithstand-
Ing that the market has shown signs for
days of being oversold, the bear element
remained in charge the greater part of the
session. though short covering and a lin
tied amount of buying by strong houses
for investment lightened the pressure at
times. and around noon brought prices
slightly over the opening figures.
The volume OF trading, especially In the
morning hours, was greatly reduced. even
when compared to yesterdays transactions
for the same period. Reading and Union
Pacific, following their custom for days past,
declined and reacted within limited range
In the first part of the session. the two
movements coincidng so nearly in extent
to leave those stocks only slightly above
their opening prices in the beginning OF the
afternoon
Another Hartman interview. If anything
less committal than those that preceded
IL. affected the market not at all. The
report that Tennessee Coal and Iron had
changed hands made Ii a special object of
attention in the early trading When it be-
came known that the pool originally hold
Ing 1t had not disposed of share of the
per cent. the few traders who had the te-
merity to sell it short at 1871 yesterday COW
cred hastily, taking their losses with the
best grace they were able
thnr To-, Iii fr.t do
NAL by the New Haven road that it con-
templated making any other issue of stock
than that announced in January.
London Heavy Seller.
London a heavy seller of Union and
Southern Pacific at the opening, but later
bought in smaller volume The advance
that began about noon was continued. and
substantial gains were scored by a majority
of the list. averaging over point in the
so-called Hill and Hartman issues. But
even in the course OF this advance dizziness
was so pronounced as TO leave the stock
tickers idle five or ten minutes at time.
The principal interest OF the day lay
In the monetary situation, which has split
the traders into two parties. Half believe
that the outlook for stable money condi-
lions need cause no anxiety. while the
other half maintain that the present posi-
ton of money is one of false security
The chief reason for apprehension lies in
the artificial condition OF the foreign eX-
change market. Fore gn exchange for
nearly week has been at point where
the engagement of gold abroad for i'm
portation to the local market is not only
a profitable. but seemingly, very desir
.able investment
Yet there is absolutely no report in
Wall street of any attempts on the part
of our bankers to secure gold in Lon
don. One reason for this is, of course.
that the absence of present demand for
any great amount of money, resulting in
part from the small volume OF trans
actions in the securities market, has
produced feeling of comparative indif-
ference TO the money movements in Eu-
rope.