The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-02
STOCK MARKET IS
HIGHLY ERRAT|C
WeIl-Defned Suspicion That
Manipulation is Professional
Move to Hide Operations.
ALL RAILROAD STOCKS
ARE MUCH UNSETTLED
Quick Rally Follows Sharp De-
cline at Opening; Close
Is Irregular.

NEW YORK. Mar. 1.-The lnconsis-
tency OF the stock market was empha-
sized by Its erratic movements To-Day
Hitherto this week the abrupt reYerSnis
have como on succeeding days. To-Day
the range was retraced before the ex-
piration OF the session. Severe decllnes
were shown nj one time during the day,
and these were practically all wiped out
by subsequent rally Transactions
were on a considerable scale, but were
largely congested IN few active stocks.
The constant fluctuations OF prices point
10 a professional origin for the greater
part of tho transactions. The extent OF
the fluctuations. however, as we'll as the
absence OF authentic information TO eN-
plain them. keep alive suspicion of manip-
NATIVE tactics In the market to con-
ceal the character OF the operations in
progress.
Some of the special weaknesses today
were attributed to the aftermath of tho
Hartman inquiry and TO suggestions OF
now directions which future prosecution
declines In the I'm stocks were con-
nectcd with these suposltons, Reading
continued center OF attack and rumors
persisted OF forthcoming large note
issue by that company. A bad erect
was produced also by the reports or
vote In progress among some classes oil
Pennsylvania railroad EMPLOYEES on a
proposed strike. although officials OF the
company profess confidence that the dis
puJe Will be settled. Canadian Pacific
offered a report of earnings for January
III winch n neClllle III BIoSS
combined with an increase in operating
expenses 10 make a Wide decline In net
earnings compared with last year. The
same tendency was observed In some
other less important railroads reporting.
Conferences were reported In progress at
The same time among railroad officials
looking TO advances in freight rates in
coal and iron.
One of the board room views on the
early weakness OF the market was that
Il was the expression Of disapprovel by
large financial interests OF any attempt
TO discount In tho market the final adop-
lion of the Aldrlch bill. Large. influence
on the upward turn in the market was
attributed however. To the report from
Washington that this bill would be taken
no In the House during the afternoon
instead OF being put over to the Satur-
day session. The upward turn came In
the face OF the new note issues, for
which so much dread had been professed.
the Louisville & Nashville and the Allan
tic Coast line being the companies con-
cernsd.
Money rates were firm here on call
and on time. The London and Paris
money markets, however. showed prompt
response to the relaxing influence of the
turn of the month, and foreign exchange
here was easier. The coming Japanese
loan refunding, although It will be par
ticipated in by New York bankers, will,
II is said. serve rather to move funds 10
New York than 10 make any inroads on
banking supplies The late rally In
stocks was only slightly impaired, and
Bonds were heavy Total sales, par
United States bonds were unchanged
on CS H.