The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-02
ABRUPT REVERSALS
IN STOCK MARKET
Inconsistency Emphasized By
Erratic Movement ofPriceS
TRADING IS PROFESSIONAL
Some of Special Weakness Attributed
to the Aftermath OF the Hartman
ieaton-Reading
Center of Attack.
TRADING is PROFESSIONAL

New York, March 1.-The Inconsistency
of the current stock market was empha-
sized by its cratic movements today.
Hitherto this week the abrupt reversals
have come on succeeding days. Today the
range was retraeed before the expiration
of the session.
Severe declines were shown a. one time
during the day, and these were prac-
tically all wiped out by a subsequent
rally. Transactions were on a considerable
scale. but were largely congested in
few active stocks. The constant fuctua-
lions of prices point to a professional
origin for the greater part of the trans
actions. The extent of the fluctuations,
however, as well as the absence of au-
thentic information to explain them, keep
alive suspicion of manipulative tactics in
the market to conceal the real character
of the operations in progress.
Some of the special weakness today was
attributed to the aftermath of the Harri-
man inquiry, and to suggestions of new
directions which further prosecutions of
the inquiry might take The sharp de-
clnes in the Hill stocks were connected
ued a center of attack, and rumors per-
sisted of forthcoming large note Is
sue by that company. A bad effect was
produced also by the reports of a vote
In progress amongst some classes of Penn
sylvania railroad employees on proposed
strike, although officials of the company
profess confidence that the dispute will be
settled. Canadian Pacific offered report
of mo n
cline in gross earnings, combined an in
crease in operating expenses to make
wide net decline in earnings compared
with last year The tendency was obserV-
able in other less important railroads re-
porting earnings. Conferences were re-
ported on progress at the same time
amongst railroads looking to advances in
freight rates on coal and iron. One of the
board room views on the early weakness
of the market was that it was the ex-
preston of disapproval by large financial
interests of any attempt to discount in the
market the final adoption of the Aldrich
bill.
Large influence on the upward turn in
the market was attributed, however, to
the report from Washington that the mat
ter was taken up in the House during
the afternoon, instead OF being put over W
the Saturday session.
the announcement of new note issues for
which so much dread had been professed,
the Louisville and Nashville and the At
lantic Coast Line being the companies
concerned The L..derstood terms of the
sales of the notes offered no evil
dsnce of improvement in the sup
plies of capital available for this kind on
financing. The unfavorable character or
the weekly currency movement also failed
to restrain the covering tendency of
stocks. A cash loss of several million dol
lars was indicated by the known move
ments of money.
The London and Paris money markets,
however, showed prompt response to the
relaxing influence of the turn of the
month. and foreign exchange was easier.
The late rally in stocks was only slight
" impaired, and the closing tone was
slightly irregular.
Bonds were heavy
Total sales, par value, 81, 4SS,Ooo
United States bonds unchanged on call.