The daily morning journal and courier., 1907-03-08
YESTERDAY's STOCK MARKET.
Violent Agitation Subsidcs--MOney Situation q Disturbing Feature.

Violent Agitation Subsides--MOney
 Situation Disturbing Feature.
 New York, Marci1 1.-The violent ag- itation which was present in yester- days stock market subsided to-day to marked degree and the volume of transactions fell away nearly one-half The constant nervous fluctuations of prices, however, showed clearly enough the after-effeets of the existing tur- moil of yesterdays almost unprecedent- ed market. Sentiment was greatly de- pressed by the weak closing. While the fluctuations were constant, they were by no means as large as yester- day. Yet they sufficiently reflected the extremely unsettled state of speculative opinion.
 The active operations at different points in the market, however, showed the existence of two well-detined par ties in the speculation. There was be- lated liquidation in some stocks, which appeared to be drastic, and was of se- we're effect on prices. At other points prices held with a stability which could only be due to accumulation of persist ' ent and extensive kind. The market l gave way repeatedly in sympathy with the outbreak of weak points, and as often rallied in sympathy with the re- 1 siliency displayed by some of the rail- road stocks of prime importance until the sudden weakening of the whole market at the closing.
 The market started with an aggres- sive bear tactic which forced violent reaction in Reading itself and severe decline in Canadian Pacific, Almost immediately prices rebounded to lev el well above last night. These move ments decided the uncertainty of the speculative temper for the whole of the balance of the day. The impressive
 dealings which have been going on in Reading remained a mystery, Opinion remained divided between the supposi-
 ton of a passing of control or one of
 the purely speculative operation, with
 effective manipulation against an over-
 extended bear account. Atchlson also
 was a severe sufferer from renewed
 selling, which was associated with the
 doubts over the hoped-for increased in
 the dividend rate, The liquidation il
 Southern railway and Erie also was SC
 pronounced and of so ominous a char
 acter as to sdepress the whole market ! for a time. Southern railways report
 of decline in net earnings for Jan
 uary of nearly 10 per cent. gave point
 to the expressed fears for the reduc.
 tion or the passing of the dividend or
 the preferred stock.
 On the other hand, there was steady
 absorption of the Hartman, Hlll ant
 principal trunk line stocks The liar. riman stocks were influenced by the showing of net earnings for January ' which showed an increase for South. 1 ern Pacific of 40 per cent. and fol l Union Pacific of 19 per cent. Reports from the iron and steel trade were O unabated activity, but United State!
 Steel weakened in common with thu Morgan stocks.
 } The money situation continues dis : turbing factor and to-day rumors O financial difficulties in Berlin and Par is, although unconfrmed, had dis quieting effect The Bank of England made weak return. The call none. : market holds firm here, in spite of tn, heavy stock market liquidation. Bonds were irregular. Total sales pa : value $t, ,74S coo
 United States new fours coupon de : clined 1-2 on call.