The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-03-06
SALES BREAK RECORD
Stock Transactions Largest
Since Last August.
MOST SECURITIES SUFFER
AtchiSon Common Declines 61-2
Points on RumOr of No Advance in
Resulted from LiquidatIOn-Drasti
Legislation Affects Conditions.


New York March 5.-Transactions in
stocks to-day in the security market
footed 10 nearly ]. 00O00 shares, by far the
largest days business of the year. and
representing a volume of purchases and
sales during single session of the stock
exchange that has not been exceeded since
the commotion that took place in the mar
ket cn August 20 OF last year when the
news became public of the establishment
of the Southern Pacific common stock on
"a . per cent dividend paying basis. and an
Increase in the annual dividend on the
Union Pacific common shares from to 10
per cent.
As fer the market itself to-day. Hquda-
tion in it was again so pressing and severe
as 10 cause TO be presented scene of
even greater disorder than was exhibited
yesterday 1t is true that two or three
prominent stocks proved exceptions 20 the
general weakness. but there We're mostly
stocks in which previous declines had been
greater than in any other quarter, and IN
which to-day the retirement of contracts
previously entered into by spectators for
the fan caused a greater measure OF sup
port to be extended than was afforded
elsewhere.
Early Strength Due to Covering.
The market also, up TO the noon hour
OF business. il feverish and Irregular, was
generally stronger than it was yesterday,
save for few moments of heaviness at
the very outset and encouraged hopes
that the fall in prices had been at least
temporarily suspended
Presumably, however, this early strength
was due only TO the covering Of COM
mitments for the decline. and it was not
pronounced enough except in the case OF
the Northern Pacific and Great Northern
preferred shares to cause more than
slight advances in the majority of stocks
over yesterdays closing figures.
In the afternoon the rccediug tendency
of values once more gathered fun force
Although the Reading and Pennsylvania
shares along with the Northern Pacific
and Great Northern stock yielded rcla-
lively little 10 the downward movement a
great wave of liquidation carried the rest
OF the market before it with a rush, This
was continued until the close of business
and left the lines varying usually from >
10 8 points in the active stocks save IN
The Decline in AtcbisOn.
Specifically. the break in the market
was apparently caused to-day by "a very
unusual decline of 6l2 points in the Atchi-
son common shares. which was commonly
taken as indicating that the directors Of
the company had abandoned their inten-
ton of advancing next month the dividend
rate ON their common stock from . To 6
ton on the subject has been made there
has been during the year thus far an
abundance of semi-official statement that
the AtchisOn common dividend was soon
TO be- increased. and un TO within q short
time there was little doubt IN the finan-
cial district that this course would be
followed There were no declaration OF
the subject official or semi-ofTicial forth
coming to-day but Wall street construed
the decline in the price of the Atchison
shares as having only one meaning.
Not Due TO Bear Attack.
Il is very well known that the Atchison
has plans that Will require financing ar
rangements of some kind within the not
far distant future; and the directors of
the company may have arrived at the
conclusion that it would not look well for
their company TO appear in the market as
borrower Of money at high rate OF in
tcrest while at the same time increasing
its distribution to stockholders.
\ particularly heavy fall in Southern
Pacific common stock. which has long
been strong feature of the market was
also unscttling TO speculative sentiment.
in general, the weakness of the market
was accentuated by the fact that it ar-
pcared 10 be produced by out-and-Out
liquidation rather than by any bear" at
tack.
Daring as stock market operators be
come, there are few of them who would
like TO put out speculatively any great
quantity of stocks for the decline after
such an enormous fall in prices as has re
Gently occurred and aside from this there
were "a multitude of evidences to-day
showing that what was going on. the mar
ket was almost entirely either throwing
over of investment holdings or "a closing
out of speculative accounts for the rise.
There was to-day an almost absence of
TumOTs affecting the credit of particular
firms and individuals. and this from one
point of view was held TO lac "a perturbiug
factor in that it indicated that the fan
that was taking place was because OF rea-
sons that would not speedily exhaust their
force There were few if any important
developments during the day OF these.
perhaps the most noteworthy was the ac-
Jiou of the railroad commission Of the
State of South Dakota. ordering "a reduC-
tion of 10 per cent in all classes OF freight
rates charged within the borders of the
state. Whether this action viii be sus-
tanned by the courts remains to be seen
but it is significant as showing the gen
eTaI attitude that now seems to animate
all State authorities on matters Of this
kind
There was renewed discussion during
the day Of the drastic provisions of the
so-called public utilities bill that il is
known viii be soon introduced in our State
legislature. and will presumably have the
backing of the dominant political party in
the State.
Hardly any attention was paid TO the
favorable annual report of the Pcnnsyl-
vania Railroad Company, published in the
morning newspapers, or to the weakness
in sterling exchange. which once more re-
wives the prospect OF gold imports; and.
OH the other hand. il must also be said
that there was little regard either for the
higher rates asked for the use of time
money for shorter periods or for the
poorer cast of railway monthly and
weekly earnings statements that were
received.
London was fairly large sellers of
stocks and the weakness in prices eX-
tended to the curb market and 10 the
stock exchanges in Boston and Phila-
delphia-
NEW YORK MONEY.
New YORK March 5-AIouey on call at the stock
EXCHANGE today 04,eDnd az : highest 8