Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-03
Constant ReversalS Marked the
Weeks Movements.
FEW STOCKS BROKE BADLY
Closing Prices for Others the Lowest
for Six Days.
UNCERTAINTY OF SENTIMENT
Number Of Reasons Advanced for Re-
currence Of Declines-Bank State
ment Better Than Expected.
UNCERTAINTY OF SENTIMENT

NEW YORK. March 1.-The stock mar
ket today had another of the spells Of re-
current weakness which have character
ICED it all the week. There was sharp
rally after the appearance of the bank
statement, but it did not hold, and last
prices for some of the conspicuous stocks
were the lowest Of the day and Of the
week. The northwestern group broke
badly, especially the Hill stocks. Their
weakness was connected with the reports
from Washington that the interstate COM
merce commissions inquisition into the
subject Of overcapitalization would turn
next to the Northern Pacific and its re-
organization several years ago.
A. disturbing effect was produced, too, by
the reports that suits would be set on
foot as an outcome of the Hartman in
vestigation to compel the giving OF testi-
mony which was refused and to dissolve
the Hartman combination Of railroad
property. Fears Of strike Of Pennsyl-
vania railroad employees were fostered by
the large vote reported in favor OF
strike by the company's yardmen The
violent declines in the local traction
stocks. led by the Interborough- Metropol-
itan issues, was not explained. but was
Of sympathetic effect on the general weak
ness of the market. The bank statement
crease being limited to s2.1Oo,oOO. COM
pared with early estimates today running
as high as $5,OO0,0O0.
The $4,274,S0O loan contraction. in view
of the heavy financial operations of the
week, including the preparations for the
March settlements, also was of good ef-
feet on sentiment. Large arrivals Of gold
were reported IN London from South
Africa. but 100000 was withdrawn from
the Bank of England for shipment to Ar
gentine. The time money market re-
manned strong at a fractional advance In
rates. New York bids for the gold arriv-
ing in London were considered unlikely, In
view Of the small change in conditions
in the international exchange markets In
several weeks past. Total sales of bonds.
par value. $748,000.
Speculative Sentiment Wavered.
The entire uncertainty of speculative SEN
timent over the outlook is the inference
suggested by the constant reversals of the
movement of prices in the stock market
during the week. A movement in one d.
rection did not extend beyond days trad
ing. There was severe depression at times,
however, and the declines carried the aver
age level OF prices to the lowest OF the
year, breaking through the low levels
touched in the January decline This SHOW
ing was mostly due to the severe declines
in a few stocks especially influenced by
technical market considerations. such as
previous excessive speculation
Recurring rumors OF the necessity OF note
issues to finance improvements under way
accounted also for some cases OF speclai
weakness. In the majority of stocks the
prices touched did not get far below the
point of the extreme decline In January.
The appearance of support at about that
level and the superstition that accumulation
was going on for important interests added
to the confusion of sentiment.
The interstate commerce commission IN
curry into the Hartman railways claimed
SO large a share of attention as to almost
exclude any other subject. The coming OF
this inquiry has been, in fact, an influence
on the stock market for long time past.
The nature of the disclosures to be made
and the substance of the testimony pre-
sented were quite clearly foreseen, and this
prospect has been one of the notable fac
tors Of depression in the market for some
time past Because the subject had been
40 long considered and acted upon there
was some expectation that the actual open
ing of the inquiry, and even more so It's
termination, would lead to some recovery
from the previous depression.