The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-03-05
STOCKS STILL LOWER
HeavySeiling Movement Car
ries All Before 1t.
NEW LOW LEVEL ESTABLISHED
Passage of AIdrich Financial Bill
Gives Little support tn the Mar
terestS by the Government Expect
ed, and This Adds TO Gloom.

New York, March A selling move
ment again broke out on the stock ex-
change to-day that has hardly been ex-
ceeded in point of intensity on any similar
occasion for several months back, and
which not only carried prices of the stand
ard railway shares TO a new low record
level for the year, but to the lowest range
touched since May. 1865. The volume of
trading to-day was greater than on any
day save one-January land the decline
that went on was practically continuous,
being unchecked by any more than one or
two feeble rallies from the beginning of
the stock exchange session to its close.
Such ret losses were shown IS in North
ern Pacific stock. els points Great North
ern preferred, 81; Anaconda, 10; Chicago
and Northwestern and Louisville and
Nashville, Slk; Atchison common, 21z;
Union Pacific. 3ss; marlborough Metropol-
tan common. 59s; PETERBOROUGH Metropoii-
tan preferred 3i4: Southern Pacific. "a;
United States Steel common, rs, ana
Brooklyn Rapid Transit. 49,.
Coming as these declines did after a
heavy fall in prices in the half session of
the stock exchange on Saturday they I'M
uuestiOnably testified 10 severe market
liquidation and yet demCraliZed as were
the dealings in stocks to-day. no especial
or concrete cause for the fall was made
known. nor could any observer assign any
more definite cause for the break than the
operation of those moral forces making
for depression that are now familiar to
every one conversant with current fnan-
cial operations. Neither was there any
of Ia 1ay-fe
tons.
Reading shows Strength.
Considering the extent of the general
decline IN the market, the Reading shares
We're perhaps, not as weak as they have
hitherto been under corresponding cir
cumstances in the past, and greater pres
sure seemed to be eXerted against the so
called Hill and Hartman stOCks-that is
10 say. the Union Pacific. Southern Pa
cific, Northern Pacific, and Great North
em preferred shares-than against any
others But these last-named stocks cor
StitUte. of course. a very fair proportion
OF the stocks that are usually the active
subjects of speculation, and a market in
which they held firmly should not OTdi-
narily be considered a declining one.
theory that was generally offered as aC-
counting for the days events was that the
mon 1dElit tAolllUdN Company Wao
forcing upon the market the remaining
shares OF the Great Northern and North
ern Pacific stocks in its possession, and
that this resulted in further dislodging
speculative holdings not only of the
Northern Pacific and Great Northern
stocks. but of the Union and Southern
Pacific shares as well, and Of other lead
ing issues.
It was also considered very probable
that before long the Interstate Commerce
Commission would announce the conclu-
sions THAI its members had arrived at
concerning the testimony taking during
the recent investigation of the HaTri-
man railway management. and the gen
eral expectation was that the UpshOt of
this investigation would lead to legal
proceedings, and perhaps take the shape
Of more than one lawsuit instituted by the
government against the Hartman inter
csts.
1t was unquestionable, at any rate, that
there was more than scattered selling in
tO-day's market One matter that was
a source Of encouragement in high fnan-
cial circles. although there seemed to be
but little talk OF it in Wall street gen
orally, was that in the case Of several
Of the railway short-term note issues that
have recently been brought out. an offer
ing Of these obligations by various private
bankers was going on at somewhat lower
prices than have hitherto been quoted for
them.
Many Placed on Sale.
II is duly remembered. of course, that
nearly $250.0O0000 Of these notes have been
placed on sale since the beginning of the
year. and it is not unnatural that they
should now be somewhat slower of sale
than they were originally, particularly
as the money situation does not stand in
state that can be said to be considerably
more promising that 1t was at an earlier
period. and with competition from the sale
Of these short-term notes assuming d
more drastic form it is equally logical
that the effect thereof should be displayed
in the stock market
Further. to-day it was rUmored that a
bin which it was understood was pre-
pared AT the suggestion OF the governor
OF the State would be introduced in The
legislature within very short time and
strongly pressed for passage, abOlishng
all the different commissions in the
State having in charge transportation.
gas lighting. and similar corporate inter
ests. consolidating these commissions
into one or two central bodies and giving
the new commission very extended
powers. This matter was. doubtless. the
reason for the particular weakness IN
the local traction stocks,
In general. speculative sentiment to-day
was more or less cast down over the
rather cold reception given by bankers
IL the Aldrich financial BILL which be
came a lazy on Saturday The criticism
Of the bill appeared TO be that although
it might in the future prove Of material
benefit 10 the financial system. Il was
not likely to give much aid at present.
Finally, railroad earnings as they came
10 hand to-day repeated the story which
for several weeks past has been told OF
increases In gross followed by decreases
in net The Fries gross for January
was to-day exhibited as increasing So. 424
and its net as decreasing $13S.6S4 For
the same period an increase of $a0.056 I'm
the New York Susquehanna and West
eTn's gross turned into a net decrease of
Sl9,l6I. and the Louisville and NashviiIe's
gross increase for the month dwndled
likewise 10 a gain OF $4,000 in net