The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-28
STOCKS AGAIN BREAK
UNDER HEAVY SAL ES
Has Appearance Of Liquidation
and Market Unsupported
FEAR OF INVESTIGATION
Growth In Agitation for Restriction
and Control of Corporate Powers
Is Expected-Aldrich Meas
ure Disappointing.

New York, February 27.-The stock
market was upset today by selling of
til same extensive and varied character
a. that which broke prices ON Monday
to new low levels for the year Yester
days rally had given the impression that
Mondays selling was largely for pro-
fessional short account Today selling had
much the appearance of liquidation, and
the market was in the same unsupported
condition as on Monday, fact which
accounted largely for the material in
roads on prices on comparatively light
selling. It was generally held that the
developments at the interstate commerce
commission inquiry were responsible for
the tone of the speculation.
1t was not any immediate item of in
formation disclosed that prompted the
selling of securities, but the fears of
the ultimate consequences growing out
oil the investigation. The recognized aim
of the investigation is to demonstrate
the desirability or necessity of more strin-
gent control over railroad companies
b. The government, especially in the mat
tec of issues of capital and purchase of
stocHs in other properties. on account
o. the bearing on the freight rates
charged which these matters have. 1t
is believed that 50 far as the impression
on the public mind is concerned, the
inquiry will have the effect of strength
cling the contention of the government
substantially and of furthering the eff
forts to secure legislation to secure those
aims The acknowledged effect of the
of &c hat
exercise of individual power through the
resources of the great railroad companies
seems invncible. The showing is i'm
posing even to the Wall street mind
witch has some familiarity with the
conditions and views them with the spirit
customs breed.
\ decided growth in the agitation for
restriction and control of corporate
powers is expected. Some disturbance
was caused to sentiment by supplement-
airy rumors of interest felt on the part
o. stockholders of some of the great rail-
roa Is in movement parallel to that in
the insurance companies following the
insurance investigation. These rumors
were poorly defined and were given their
principal influence by associating some of
the names presented in the campaign
against the old insurance control in the
alleged plan for the new crusade of mi
nority stockholders. Additional legal re-
straints on the fiduciary activities of
railroad directors and executive officials
were the suggested methods OF procedure
The news of the passage by the Senate
of the Aldrich currency measure was or
disappointing effect on the market There
was a momentary rise in the opening
dealings, but prices promsoly sold off
again with a growing downward I'M
petus.
The average level at the lowest was
rather lower than was touched earlier
in the week. The average AFFECTED by
acute weakness in few promintft stocks
notably Reading, which was severely de-
pressed by continuous stream at sell
ing. That stock and Louisville and Nash
ville, were subjects of recurring rumors
of a Forthcoming note issue.
There was some extensive buying dur
ing the final hour, which seemed to
he profit-taking by the bears 1t had
the effect of steadying the market. but
there were no important recoveres.
Bonds were heavy. Total sales, par
value, $l,920,0O0.
Uniteu States bonds were unchanged on
call.