The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-08
SOUTHERN AND
ERIE DEC[ Inc
The Slump in these Securities
Was OF an Ominous
Character.
SOUTHERN EARNINGS FALL OFF
Looks Like the Dividend Would
BE Cut or Passed
Entirely.
SOUTHERN EARNINGS FALL OFF

NEW YoR, March THE violent
agitation Which was present in yestcr-
days market subsidized to-day to a
marleod degree and the volume OF trans
actions fell away nearly one-haff. the
constant nervous fluctuations OF prices,
however, showed clearly enough the ]
after effects OF the exciting tourmoil OF !
yesterdays almost unprecedented mar.
kct. Sentiment was greatly depressed
nv the weak closing. While the nue.
tUations were constant, they were by
no means as large as yesterday. Yet
they sufficiently reflected the extreme
~ unsettled state OF speculative opin-
ion. The active operations at differ
ent points In the market, however,
showed the existence of two Well
defined parties in the speculation.
There was belatcd liquidation In some
stocks which appeared to be drastic,
ana was OF severe effect on prices. At
other points in the list prices held
with stability which could only be
due to accumulation of persistent
and extensive mind. The market gave
way again and again in sympathy with
the outbreak OF weak points, and as
often rallied in sympathy with the
railroad stocks of prime Importance,
until the sudden weakening of the
whole market at the closing. The re-
suit was To keep market observers In
fever of hesitation az to whether the
elimination OF the long decline was
slgnaliZed by the abrupt drives against
. i the SnOFtS pFtClpllaleu Ny tHs pdHlG
amongst the bears in Reading yester-
day. The market started with an as-
gressivn reassertion of bear tactics,
which forced a violent reaction In Read
ing Itself and a severe decline in Cana
dian Pacific Almost Immediately prices
rebounded tc n level well above last
right These movements decided the
uncertainty OF the speculative temper
for the whole of the remainder of the
day. The impressive dealings which
have been going on in Reading re-
manned mystery.
The liquidation in Southern Rail
way and Erie was so pronounced and
of so orninous character as to throw
the balance of the whole market for
the time to the side of depression.
Southern Railways report of decline
in net earnings for January of near
ly 40 per cent. gave point to the eX-
pressed fears of the reduction or the
ferred stock. On the other hand, there
was steady absorption of the Hartman
li;Il and principal trunk line stocks,
The money situation continues dis
turbtng factor, and to-day rumors OF
financial difficulties in Berlin and Paris
although unconfirmed,. had dlsqniet
ing effect Interior exchange at Chicago
was at Is cents discount to-day, an,
the call money market holds firm her
In spite OF the heavy stock marke
liquidation.
Bonds were irregular. Total sales
par value, sl,74s,ooo. United States ne,
as. common, declined IL per cent. Of
call.
Total sales of stocks to-day were J.,
100000 shares.
MONEY AND EXCHANGE: CLOSE
Money on call firm, 3-Am6 per cent
ruling rate, 5 1-2; closing bid, 5; offere
ut q. Time loans duh and firm, six
Is days, 8 3-446 per cent; ninety day
and six months, 5 IA per cent Prin
mercantile paper, s $500 per cent
sterling exchange steady with actu;
business In bankers bills at S4.S450t
4.s455 for demand, and at 81 S020@A. 50:
for sixty-day bills. Posted rate
1881 IL and s4.s5 1-2. Commerci
bills, $3.50 1-2. Bar silver, IS j.
cents. Mexican dollars. SO cents. Go,
eminent bonds easy; railroad bonds 4