Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-01
Reaction in Forenoon 0bliterat-
ed Yesterdays Gains.
SHORT ACCOUNT DEALINGS
Very Few Features of Interest Were
Developed.
READING AGAIN ACTIVE TODAY
Missouri Pacific Led the Weak Stocks
Irregular Recovery Marked the
Midday Transactions.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. March 1.-Practically the
whole of the recovery which was scored by
the stock market yesterday was obliterated
In a reaction during today's forenoon Ses-
sion in which practically all of the usually
active stocks broke from one to over three
points. There was very little to account
for this sudden reversal in the markets
tone. compared with that exhibited yes
terday.
The larger part of the pressure TO which
prices were subjected appeared. in fact. to
represent operations for the short account,
and at all events the largest selling
ders were executed by a number of profess
stonal floor traders. Nor was it at all
clear why that element should have re-
versed their attitude toward the market
from that which they occupied yesterday.
The dealings developed very few features
of interest, and the transactions in one
stock and another varied only in point OF
activity and extent of fluctuations.
The sale of SJOOOoO0 short-time notes by
the Louisville and Nashville Company, and
of the same amount by the Atlantic Coast
Line. was announced, thus confirming the
reports which have been current in Wall
street for several days past
Reading Active Again.
Reading was again one of the most &C
tive features of the market, and suffered
one of the most extensive maximum de-
cllnes which were recorded during the day.
In the instance of Reading. there was moth
Ing specific to be elected to account for the
continued weakness in the stock, although
In that case also rumors of rev borrowing
by the company continued persistent.
Missouri Pacific was also notably weak
on the spread of the conviction that some
alteration In the dividend on the stock
must be reckoned upon at the next declara-
ton period. Union Pacific and Southern
Pacific declined in common with the gem
eral market during the morning and also
enjoyed In common with the general list,
an irregular recovery after midday.
Price movements and the general charac-
tefttstics in the dealings in the traction
shares and in the Industrial and miscel-
laneOus stocks were identical with those
noted In the railway list. Amalgamated
Copper was comparatively steady, in SYM
pathy perhaps with the further rise in Rio
Tintos in the London market to new high
record figures. In the early part of the day
Consolidated Gas shot up very rapidly, but
later lost the whole of the improvement.
American Smelling common, reflected con-
tlnued pressure.
London Generally Strong.
The London stock market was generally
strong. including the American department,
but operations here for foreign account
showed small preponderenee of sales.
To some extent the uncertain and hesi-
Eating recovery in prices In the afternoon
was based upon Washington advices to the
effect that the Aldrich financial measure
might be taken up in the House of Repre-
sentatives this afternoon. and that II would
unquestionably be adopted by that body
with no changes in its provisions as IL came
from the Senate.
Money market conditions remained firm
In all departments. The preliminary esti-
mates of the principal movements in cur
rency during the week indicated a loss in
cash by the banks of about ,25OO0O.
or this sum S1,JOO.UU was represented by
direct currency shipments to the interior.
this being the first occasion in a long time
when the net balance against New York
on the in-and-out movements In currency
las reached such large pro- ortions.