The daily morning journal and courier., 1907-03-09

very little to support prices. Pennsyl- Vania, which was selling about 126, was down to 123 1-2 around 2:3O o'clock Union Pacific, St. Paul, New York Gen. tral, and other prominent issues were at the same time at the lowest figures of the day Even Reading, which has been run up to PA, against lost con- siderable ground.
 The day began and ended In confu- sion. The familiar spectacle of large speculative offerings and liquidation of accounts with exhausted margins was witnessed at the start. Missouri Pacific went down points to n, figure un- familiar in seven years; Consolidated Gas broke to 126 which is the price it sold at back in 1894 New York Central sold under 119. As a 5 per cent. stock three years ago it sold at 112 7-S. Del- aware and Hudson lost points, Erie seconds preferred paying 4 per cent. dividends, fell under 50 and Steel pf. sold to yield better than per cent.
 Shortly after 1 o'clock selling of Penn sylvania became enormous, Three blocks, aggregating 255OO shares, were reported sold, within a minute of each other, while sales of 1000 and 1000 shares were very common.
 The incident of an unchanged divi- dend on Southern Railway pf. had no sustaining effect, thought it rallied and the stock benefited points. The reg ular semi -annual dividend of 1-2 per cent. was declared.
 About noon the street began to hear rumors of different pools formed to give the market support. The first of these mentioned, the Hill shares, then the Morgan stocks, and finally PhiIa- delphia report claimed that a big bull pool to steady the general market had been created. This gave the shorts something to think of.
 Itghas been the opinion of good judges of conditions for several days that the market was at the turning point Stocks ar con a basis to yield from 1-2 to per cent. A very considerable amount of investment buying on a scale down is in progress. But the influence of it is overwhelmed in the renewed at- Jacks on stocks just as they seem strongest
 The violence of the decline in Mis- souri Pacific to 71 represented both bear raid and liquidation. There were no sales from "A to 72 The stock is down over 20 points from the January level. The trouble is that insiders make no effort to support it and have probably been lquidating while the inability of the Goulds to borrow at satisfactory terms makes future pro- gress impossible. The cancellation of equipment orders was due to lack of capital.
 The Reading was under close control by reason of the sn1allness of floating supply of the stock in the street, seem ed clear. That strong pool could put if much higher If it saw fit was also the prevailing belief. That was the ex- planation of the sharp squirt.
 The demand for stocks in the loan de- nartment was heavier yesterday morn ing than before, It was increased In the first half hour, but materially de- creased by early afternoon. IA very de- cided opinion prevailed that the market bought to be bought.
 whence all the selling in the last hour and half of business yesterday came from was mystifying to most persons in Wall street. To put it all on the shoulders of 8 few spectators for the decline would be far from the facts That much long stock poured out from strong boxes or quarters which had to liquidate was the belief in some usually well informed quarters.
 People who have been expecting rally each day for about a week are naturally suspicious of the holding quality of the market. But they are