New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-09
STOCKS RISE AND FALL.
MARKET CLOSES WEAK.
Trading Again HeqUy, the Sales
Amounting to I 900 900 Shares.

Stocks yesterday moved in a succession Of
wide and violent fluctuations, the bears attack
ing the list with energy and the bulls time and
again repelling their assault. The close was
weak, with prices at about the lowest of the ses-
eion Trading was again on very heavy scale.
sales aggregating about 100000 shares Weak
ness developed at the opening. first transactions
IN most Of the issues being at prices under
Thursdays first figures. and in the course Of
the day not few stocks reached their lowest
levels for years. Il was reported that a bank
ers' pool had been formed 10 sustain the mar
ket. which has been declining for so many
weeks. but this rumor had little or no steadying
influence; and some encouragement was given
TO the bear party through the indication of
rather poor bank statement to-day.
The United States Steel issues were under
pressure from the opening being sold heavily
on Mr.. Harriman's prediction an his interview
on Thursday that the amount of untitled orders
on the Steel Corporations books a few months
hence would be considerably less than was the
total at the end of February. These stocks are
hard 10 move. and in the early fluctuations We're
relatively firm. In the early afternoon they
had advanced 10 their closing levels of the pre-
eeding day, but in the last hour they broke
sharply. closing at the bottom. the common at
SS' net loss Of 2i2 points, and the preferred
at $685., net decline Of l = points. these figures
being the lowest for many months. The trans
actions in Steel common were of enormous vol
ume, more than 100000 shares.
Reading was followed with close interest
during the day. II rose and fell and rose again
with much abruptness. the trading being within
range OF IA points. between 124 and ll6i2.
and the close being at 1902. a net advance of
IL points. Louisville & Nashville was another
Of the few issues which closed higher than on
the preceding day, ending with net gain OF
full point al 49, after having risen from the
same figure at the opening TO 121Ia and subse-
quently having declined three points. Union
Pacific selling eX-dividend of . per cent, was
strong in the earlier trading. but yielded in the
last break, suffering maximum decline of 4l2
points from its hiSn OF the day, and closing al
1863, q above its lowest and BIS under Thurs
days last price. The trading in Union Pacific.
as in Steel common. MAS IN excess of 100000
shares. Its selling was accompanied by definite
reports that the Interstate Commerce Commits
sion would recommend the bringing Of an &C
ton by the government to compel the
pany 10 diVest itself Of its holdings of Southern
Pacific stock Delaware & Hudson declined I
points, on comparatively small selling. Mis-
souri, Pacific continued its downward course.
Opening at I5l2. il fell in the first half-hour
a. its lowest level since 1901. and before the
end of the hour had rallied to I4l2. II closed
"A points down. at al. the selling being based
on the general impression that the company
needed a large amount Of money for improve
menis and would not find II easy TO finance fits
New York Central was pressed for sale on
its rather unfaVorable February gross earn
ings and closed with net loss Of 234 points
II l1S&. the lowest Of the day and the lowest
since the summer Of 1904. Pennsylvania had
held its own in the morning. and around !
O'Clock touched 1861. its high level. In the
last hour came a heavy selling movement which
broke IL from 126 10 1871. and il closed al
1875. net loss Of DIS. Consolidated Gas de-
ciined in the first hour from l2S to 126. its
est price in dozen years, and after huctua-
tions, in the course of which II again touched
the opening level, closed at 126. 3 points below
the previous day. Southern Railway preferred
which on Thursday declined sharply on the
widespread belief that the semi-annual dividend
of 2ls per cent was to be reduced or passed
opened at 90 its closing figure OF the preceding
day, and had got up 10 - when announcement
was made that the directors had declared the
full dividend. The market response 10 this news
was rapid advance Of the stock 7C1k its
best price OF the day. but that gain was lost
later and the stock closed at 727s. a net ad-
vance OF 21s points