The Washington herald., 1907-03-03
PRICES ARE ERRATIC
Feyerish Fluctuations, but
UndertoDe Is Heavy.
NEW LOW RECORDS ARE MADE
Great Northern and Northern Pa
cifc show Considerable Weak
Control the stock Market-Hope
for Passage Of AIdrich Bill.

Tor Passage OF AEdrlch BILL
New York. March Prices In the stock
market to-day advanced and declined in
the feverish fashion familiar 10 recent
observations. displaying, however. a dis
tinctly heavier undertone than they did
yesterday. and closing at general. and in
many instances considerable, recessions.
At no time during the day did quota
tons advance as high as yesterday s
closing level Weak at first, they We're
stronger after the publication of tho bank
statement. which exhibited the condition
OF the clearing house institutions as being
somewhat better than was commonly esti-
mated yesterday; but, under the persist
ent selling of two or three leading stocks,
values again reeeded, closing, as rule,
at or near the lowest
Q;-arters in which particular weakness
developed in the market were the Great
Northern preferred and Northern Pacific
stocks. particularly the latter. Both
stocks sold down 10 new low record levels
for the year. net decline of 23s points
in Great Northern preferred and As
points in the Northern Pacific being re-
corded. A fail of rs points also occurred
in the marlborough common shares and Of
81 points in Northwestern common. It
WIS impossible TO ascertain just what
provoked the attack upon the market in
these especial directions to-day.
Since the investigation of Hartman
railroads by the Interstate Commerce
Commission, rUmors have circulated that
a similar investigation OF the Hill roads
was to be undertaken by the government.
but these stories have not been seriously
considered. inasmuch as il was commonly
realized that the subject matter for in
vesugation is OF a different sort in the
two instances named
Work for Decline.
The truth appears to be that the stock
market at the moment has been given
over 70 the transactions of a large and
very powerful part Of spectators for the
decline, who comprised large proportion
Of the same operators who were so ac-
tive few months since in the excited
speculation for the rise in market values
one argument constantly advanced by
these men is that what are known as the
high-priced stocks on Wall street are stin
high considering the prevailing money
rate and the prospects regarding the
money situation during the rest OF the
year
Considering that these stocks are now
al level where the interest yield on them
IS but little below that of the average
rate Ct interest for the use of money i'm
the ODen market, leaving out of AN ac-
count the value of the equities, in the
stocks, the contention does not seem very
forciDle. BE this as it may. il appears to
be the governing influence for the time
being on the financial district Stories OF
bond issue or sale OF shOrt-tprm notes
by the Reading Railroad Company were
once more in evidence to-day. bat disbe-
lief in their truth was generally expressed
by those in q position 10 be well informed
on such matters.
The bank statement was, as has been
stated more or less of a pleasant surprise.
The cash of the banks decreased only
little over 2.000,C10 and as there was a
decrease Of more than $4250CG6 in bank
loans the surplus reserve was reduced in
the sum Of only S45e01o. The net surplus
now stands but a little lower than ut the
same date last year.
Hope for Bills Passage.
Aside from the Hartman investigation
the only market influences of the present
week have been the prospective passage
Of the Aldrich financial bill and the eff
iect upon sentiment of the decreases that
are now being commonly shown In rail-
way net earnings. During business hours
to-day indications were generally thought
10 be fair that the AIdrich bin would
pass through the Lower House of Con
gress before the day closed. and the pas
sage of the bill before the close of the
present session Of Congress was held 10
be "a certainty.
Il Wall street was I'm a more opt.mis-
tic mood than it is at the present this
event would undoubtedly serve 10 advance
stock market prices materially. but the
prevailing disposition seems 10 be 60
esteem the measure as one that contains
potential possibilities Of benefit TO tie
financial situation and the security mar
kct which are rot likely to become active
for some time.
apart from the condemnation universal
Is expressed in financial circles over the
disclosures made concerning the Harri-
man system of railroad management the
great bulk OF discussion in banking AMI
lign financial circles appeared t. be con-
poets for railway business that are now
unfolding under the combined influence
OF the anti-railroad legislation in as mans
States, and the demands for shorter
hours Of labor and increased prices by
railway employees.
The Atch!s3n's January earnings state
mcnt, published on Monday. an increase
Of $4,000 in gross, and $4,000 in net, and
the Pennsylvania and Reading statements
Tor the same month, that appeared to-
daE, showing in the case of the Reading
an increase in surplus of but S16.l54 and
IN that of the Pennsylvania on its lines
directly operated of "a deficit OF S1g50G).
while gross earnings increased by 1851, 0000,
illustrates the general tendency. EXcep-
lions to this are IN the main, the earn
ings reported from the Southwestern sec
ton Of the country.
NEW YORK MONEY.
New YorS March money on call to-day was