Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-27
Fresh Outburst of Liquidation
in Today's Market.
DROPS LARGE AND SUDDEN
All Selling Indicated More or Less
Common Cause.
HARTMAN INQUIRY BLAMED
European Markets Showed Strength,
but There Was Selling Here for
the Foreign Account.
DROPS LARGE AND SUDDEN
HARTMAN INQUIRY BLAMED
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, February 2I-Liquidation
broke out afresh in todays stock market
and the selling of this description was so
urgent upon occasions that the dealings
presented evidence of grave unsettlement
. The declines suffered were in many cases so
sudden and extensive as to lead to the exc
cution of stop loss orders and this in turn
had the usual effect of imparting fairly
dernoralizing appearance in the dealings in
certain particular stocks. During the first
hour of business transactions were upon
a very small scale. but there was a notable
increase In activity in connection with the
decline prices.
In the opening of business faint show
of strength was apparent and in fact some
stocks advanced about that time fully one
point above their final prices of yesterday.
The market almost Immediately however,
developed irregular tendencies and these
Were succeeded by the abrupt and general
downward movement referred to.
The universally of the declines in prices
made 1t plain that the selling of securities
was influenced by more or less common
motives, and, according to general express
sions of opinion. these were furnished in
the disclosures made at the inveSti cation of
the socaled Hartman systems and by the
collateral developments which are expected
to follow upon the inquisition.
In fact there were very definite reports
today that the shareholders in one of the
lines of the Union Pacific system were al
ready organizing protective committee
with the view OF acting in concert to pre-
vent any such exploitation of the company
as was carried on in the instance Of the
Chicago and Alton. If it were not for the
feelings of concern and dtstrust excited by
the current revelations at the interstat e
commerce commissions Investigation, 1t
a.
sons for the course of the stock market.
Future of Dividend Rates.
AS is usually the case toward the end
of every month. somewhat frmer tend
encies We're evident in the money market,
but these were barely mentioned in con-
nection with the course of affairs upon
the stock exchange
The London stock market was generally
strong. with exceptional strength in the
American department. the tone in the lat
ter being attributed to the passage last
evening of the Aldrich finance bill by the
Senate. Todays Washington adviceS con-
tinued optimistic with regard to the sue
eessful career of the measure in the lower
house of Congress. Foreign houses did
not. however. execute any large orders In
the local market, aside from selling about
10000 shares of Union Pacific
while, as noted above, the trading IN
general seemed to be governed by common
influences. the exceptional weakness in a
number of stocks was accompanied by
riOus rumorS with a more or less indi-
vidual bearing.
In the instance of Louisville and Nash
VILE the break in that stock was accom-
panied by reports that the company was
arranging to provide new capital in one
form another. and gossip OF a similar
nature accompanied the further severe de-
cline in Reading.
The Southern Railway shares and Mis-
souri, Pacific We're also notably weak, with
some missivings expressed with regard to
the ability of those companies to MAIN
tain their dividend rates upon the present
scale. The weakness in the Rock Island
shares might, doubt, be attributed in
part to certain announcements made in
connection with the investigation of Chi
cago and Alton affairs.
AS has been the case heretofore, neither
Southern Pacific nor Union Pacific showed
any greater degree of weakness than the
shares of many other companies, whose
affairs are not being exposed to the light
of publicity.