Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-09
Price Movements Were Highly
Irregular Today.
HEAVY COVERING OF SHORTS
Reading Again Underwent Wide
Fluctuations.
LARGE VOLUME OF BUSINESS
London Houses Were Sellers on Bal
ance Here-Bank Statement Made
Indifferent Showing.
HEAVY COVERING OF SHORTS
LARGE VOLUME OF BUSINESS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. March 9.-In view of the
highly unsettled state in which the dealings
In securities came to close yesterday 1t
was the general opinion that price move
ments at the opening of business upon the
STOCK exchange this morning showed re-
markably small changes. Such changes as
were shown were. moreover, highly irreg-
uar in contrast with the general downward
plunge in progress in yesterdays closing
transactions. During the course of the
business session the stock market was
again exceedingly irregular, rather than
weak. Very heavy covering of short con-
tracts was obviously under way in many
directions. recent operators for fall being
apparently willing to realize the handsome
profits which have accrued to them as the
result of the course of affairs in the week $
stock market There was again an utter
absence of any important news OF imam
cial character over night.
There were many exaggerated and mac
curate reports current with regard TO the
proceedings to be taken by the federal au-
thorties against the Hartman system and
the leading interests therein. but Union Pa
cific and Southern Pacific moved only in
common with the general market. MISSOURI
Pacific continued notably weak, and both
Northern Pacific and Great Northern pre-
ferred reflected occasional pressure. Read
ing underwent the same wide fluctuations
on the same large volume of transactions
which made feature of that stock In the
market of the whole week In the early
part of the day the United States Steel
shares fell to new low levels on the present
decline. but later rallied in common with
the general market.
Amalgamated Copper was relatively
steady. Sugar Refining suffered severe
decline doubtless in connection with this
mornings news of the heavy suit brought
against the company by the Pennsylvania
Sugar Refining Company.
Consolidated Gas was also heavy on
small transactions.
London Considerably Unsettled.
The London stock market was consider
ably unsettled largely in sympathy with
the extreme depression upon the New York
Stock Exchange and foreign houses were
again sellers on balance in this market.
In, the absence of any news or develop
meats of novelty to account directly for the
course of affairs in the stock market it was
inevitable perhaps that great uneasiness
should exist as to the sources of the liqui-
dation and as To the structural standing of
the Hall street yeemnlunity, but these ap-
prehensions did not crystaltize to any ex-
tent in the form of rumorS.
lhe hank statement made the rather in
different showing that had been commonly
expected. The decrease in actual cash
amounted to $6.442. CO., a sum far in excess
of the preliminary estimates. and the
change here was taken as correcting the
discrepancy shown in the cash item in last
weeks return. In the loan account there
appeared the large curtailment of So, 22S.
600. which together with the change in
cash, caused deposits to fall $1S,542,OOO. In
consequence surplus reserves were reduced
only Sl.S06.00O and the banks still hold
$2,O52.OOO cash in excess of the lawful re-
quirements. Surplus cash holdings in the
Corresponding week of last year were
Sc. as. 900, in 1905 927s, 600, and in 1904,
SO a3I. 900.