The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-27
MARKET DEPRESSED
Opening Shows Decline Even
from Day Before.
SOME LINES RISE SLOWLY
In Five Days Average of Decline In
Standard Railway shares AMOUNT
cd 10 51-4 POInts-Without Semi
panic. some Hecoycry Can BE Pre-
dicted ShOrtIy-HOpe in AIdricb Bill.

New York. Feb. 26-During the frs
hour OF BUSINESS en- the stock exchange to-
6ay prices OF securities we've generally
considerably depressed below the low leve
made To- them at the close of the stock
market yesterday. Responsibility for d
good portion OF the fan was undoubtedly
10 bo laid at the doors of spectators foI
the decline, but it was still just as evident
that genuine and fresh liquidation was
taking place.
After this opening weakness the market
began TO slowly present a better appear
cnce ana prices rose gradually through
out the remainder OF the day, save in tho
ia4t half hour. when they again weakened
Il little Finally, quotations as made were
al net gains that were not, ia the majority
OF instances, moro than a full point and
the hardening tendency of the market was
due. according TO the weight of all critical
comment. more TO technical conditions,
that is to say. TO the buying back of
stocks sold speculativeIy for the fan than
10 any decided change In current financial
temper.
Decline Is Consistent.
H. the FIVE business days up to and in
gliding yesterday an average decline has
occurred in the price of the standard rail-
way shares of 81 points, half of this fall
taking place during yesterday alone. II
was reasonably clear, therefore. this
morning. that unless the market was 10
become involved in state OF scmi-panic,
some near recovery from such an extreme
and sudden drop in values could be pre-
dicted with a fair degree of certainty. As
il was, It can hardly be said that the mar
ket to-day exhibited any striking re-
silence. Although the short interest in
the market IS extended as is sufficiently
attcsted by the low lending rates for
stocks, those who wished to retire their
contracts of this nature to-day neither
seem especially DESTROYS of doing so nor
found any great difficulty in accomplish
ing their purposes. The market taking
the day as "a whole, presented hardly any
notable features, the principal stocks mov-
ing largely in unison.
VI. +. Declines,
in the preliminary period OF weakness.
unusually heavy declines were made ia
the Missouri Pacific and Virginia Iron,
Coal and Coke shares. the one falling
and the other 6Iz points These losses
Mere. OF course. moderated later in the
day. There were no particular develop
ments of interest in sterling exchange OF
money rates. although time money stll
continued to be in stronger demand than
it was last week. The closing nrmucss
Of the market was attributed TO a greater
or less extent TO dispatches from Wash
irEtUn. saying that the Aldrich financial
bin was being debated IN the United
States Senate and that the prospects
were fair that the bin might pass the
upper House OF Congress before tu-mOr-
row.
Just rs during the preceding stock eX-
change session. there was only one matter
that was talked Of in the financial dis
trict to-day. and that was the pending in
vestiSatiou OF the Interstate Commerce
Commission into the management of the
railroad lines with which Z. II. Har.i-
man is connected
New Light ON Deals,
While it was matter OF common OBJ
servauon that no new facts had thus
far been brought out at these hearings.
it was admitted, nevertheless. that no
such detailed revelations of the Ubiquitous
transactions IN question has ever before
been made; and it appeared to he the
truth that very few people We're fully
aware Of the enormity of what had been
Gone. More than anything else AN un-
favorable impression was made to-day il
Wall street by the conduct of the priu-
cipal witness thus far called t. testify
i'm the investigation. For several weeks
past rumOrs have been current that -he
results of the testimony Of this witness
would be such as 70 give him and his
mgnug cement a clean bin of health from
Tho financial world. and that he would
in particular make such a complete state
meut OF everything that had been done by
him i'm the matters concerning which
there had been adverse comment as TO
disaTm al hostile criticism OF these dcrs
aHG 10 greatly enhance the credit of the
T,,ilroId systems with which lac was con
ugcted.