The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-10
ttLOSE OF STOCKS
DISTINCTLY STRONG
z Wild Price Fluctuations Mark
Days Trading
SOME LOW LEVELS MADE
Points of Resistance Throughout the
4 Short Session-Not a Few Conspic-
uous Net Gains-Steel and
"a Union Pacific Weak.
SOME LOW LEVELS MADE

Y New York March 9.-The short session
at the stock exchange today was occu-
pied with another large volume of bust
ness, and with wild price fluctuations.
1nroads upon prices at different times
during the session made new levels in
many cases, but there were points of re-
sstance In the market throughout, and
the closing tone was distinctly strong
with prices on the upgrade, and not
few conspicuous net gains for the day.
The points of weakness that had most
( effect on speculative sentiment were
United States Steel and Union Pacific
The first named made a low level at 81
within the first hour after the opening,
and rumors were diligently circulated of
cancellation of orders for the company's
product for future delivery. These re-
ceived no official confirmation and the
stock rallied with the rest of the mar
ket, and closed at a decline of Is. The
F.close of the stock was supported and
b.losed with a fractional gain.
The special gain in Union Pacific was
attributed to fears of a suit by the
government, growing out of the inter
state commerce commissions investiga-
ton to compel the divorce of the Union
Pacific and the Southern Pacific. The
Gould stocks were unsupported and there
were wide declines in some of the stocks
not usually active. The Pennsylvania
group, including Reading, gave evidence
of absorption, and there was a vigorous
rebound in Atchison. The bank statement
was regarded as weak but its publication
did not deter the bears from pursuing
their late covering operations. The out
flow of cash was larger than expected,
but the stock market liquidation was
reflected In the considerable loan contrac-
! ton. Money and discounts rose in Lon
don. but sterling exchange continued to
recede here indicating a prospect of a
contest for new arrivals of gold in the
Londcn market
Total sales bonds par value, $1,464, 900.
J There has been much excitement and
disorder in the stock market this week
under continued floods of liquidation,
which made the lowest level of prices
touched for several years past. Fluctua-
tionas at times were exceedingly irregu-
} lar. and nervous, as is usually coinci-
dent to a market of the dimensions of
tht of the present week, when profess
: 'sional operators always follow move
ments with great holiness. A severe turn
4 was executed against the SIDrlS III the
middle of the week by the Reading cpl
sode, and the scramble to cover at that
time revealed the extent to which pro-
fessional shorts have figured in the Sc
we're declines which have occurred in
the market. The Reading movement
proved a temporary stay to TIE fall. and
checked the progress toward the democrat
ization of the market. But enormous
liquidation was again renewed to take adj
vantage of the slight recovery in the
price level. and the market relapsed.
The drastic liquidation has proceeded
/ without any actual news to throw light
ON its motives or sources. No doubt is
felt, however, that a feeling of general
tdscouragement over the financial bust
ness outlook lies at the root of the stock
markets troubles. The current comment
in the market lays the greatest share of
responsibility for the gloomy feeling to
the portentious growth of the spirit of
antagonism to corpora tions and great ag-
gregations of wealth.
The acuteness of the immediate anxiety
on this subject is due to the circum-
stances surrounding and resulting from
the interstate commerce commission in
eaury into the Hartman road comblna-
lions The disclosures brought out at
|,that inquiry and the widespread sensation
which they caused is felt to have in
famed public sentiment to a degree that
threatens the enforcement of measures
against corporations that may seriously
hamper if not prevent their profitable ad-
ministration. A deep impression of the
extent to which capitalists recognize the
danger has been caused by the radical
departure in the attitude towards the
public OF prominent financers Mr.. Har-
riman himself being the most conspicu-
GUS example A personal appeal in his
published interviews for liberation strikes
the imagination as so total reversal of
past corporation policy as to argue
| state OF anxiety that has weakened the
confidence of security holders to an ex-
tent bordering on decentralization. Mr..
Hartman dwells on the public agitation
as prime cause of the distrust of cap
ital towards railroad enterprises, and the
higher rates of interest that corporations
are obliged to pay. The difficulty of Sc
curing new capital for railroad improve