Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-22
Today's Dealings Indicated a
Non-Committal Market.
FEW PROFESSIONALS BUSY
Prices Gravitated Through Rallies to
Lower Level.
FOREIGN MARTs IN DISCUSSION
Brokers Interested in the Effect o:
the Public Utilities Bill on
the Erie Road.

Special Dispatch TO The Star.
. NEW YORK. March 22.-Between re-
ports of distress abroad and unrest at
home Wall street refused to commit itself
To any active campaign upward or down
ward in tOdays market. Except for the
manipulation of certain securities by tire
less professionals, the list was suffered to
take its own course. Naturally, with moth
ing but bad, or at best dsquieting news.
the market gravitated through intermittent
rallies toward a lower level
News of a kind was not lacking. The
condition Of foreign markets was particu-
larly subject for discussion, and Lon
dOn's weakness in today's trading, mani
Tested as it was by an extensive hquida-
ton in American securities. awoke much
pessimistic comment. Selling on this side
by arbitrage brokers helped to strengthen
the feeling that London is in bad po-
sitiOn. hat is true of London is even
more certain OF Berlin. Both these centers
have had to suffer from the Bank of
Frances action in raising its rate of dis
count.
The very unusualness of this proceeding
coming for the first time in many years
empha sizes the disturbance in European
money markets. Paris, the treasure house
OF Europe, has been drawn on SO extern
siyely by Berlin and London that in COM
mon prudence she finds il advisa BILE to cut
down the sums she has willingly lent in
the past and by advancing her rate of dis
count safesuarded her reserve, tremendous
AS II is.
London Importing Gold.
London importing gold In considerable
quantities finds herself threatened never
theless with a stringency of money. and
Berlin no longer makes any concealment of
her own needs. All these facts coming
home have set our bankers to thinking At
present we are In no great need of money
except as we always have been in need of
IT for maintaining our railroads. Trading is
dull. Europe is our debtor and the railroads
have decided to retrench for the time.
But this is condition that cannot con-
time. for any great period. without get
ting at the heart of our prosperity. To
check this prosperity, except by natural
methods, keeping it within healthful
bounds. would be to convert it into depres-
sion. Yet, unless the money market
but put in a more stable position than it is
at present hamilton will do what admins
trstive ukases and state law-making could
not
Apart from the money situation, what
the street most interested in was the
effect of the public utilities bill on the
Erie railroad. The announcement that the
road had found itself under the necessity
of disseminating its improvements because
of clause in the bill that prohibited the
holding by any road of more than 10 per
cent OF the capital stock of another had
Its first effect on the market yesterday. To-
day Erie led a declining list. An amplif-
cation of the story of its inability to bor-
row money. except on eNtravagant terms,
the main cause OF It's weakness and
this weakness resulted in a heavy tone to
all other securities.
From shortly after the opening the list
was heavy and. even at noon, losses aver
aging two points IN the prominent is
sues had been scored.