The daily morning journal and courier., 1907-03-08
STOCK MARKET FEATURES
MORE LIQUIDATION APPEARS
 AFTER VARIOUS RALLIES.


 Drop in the Morgan Shares Facilitates Bear Covering in Other Stocks Heavy Foreign SelIing-FOreigners Reported stuck-Reading's Cavort- ing--Incidcnts of the Day.
 Yesterday was another lively day in the stock market, with bears wearing their big boots, although the bulls caused various rallies.
 The violence of Wednesdays recov- cry in stocks made weak technical position for the market yesterday, in- asmuch as 1t permitted of further short selling from the high level and of li- quidation of accounts that were to be thrown over on the first rally. The market did not get the help of any rescuing party, and was allowed to shape it's own course. This was main ly downward. There were periods when the list shaped itself for de- cided recovery but the movement did not get far.
 The particular weakness was in the Morgan stocks. Southern Railway common and preferred sold at he low est prices in years, and sufficient to discount a reduction in the dividend on the later, which will probably be made to-day. Erie common and the prefer red shares touched new low records It has to be admitted tha the dividend on Erie second preferred is in jeopardy. Reading was again the center of in- terest, but it f1uctuated less wildly than yesterday. After opening at 122, 1t sold up to 124 9S, but it did not remain there long. It had series of sinking spells and got down to 121 Is, under what looked like an effort by the men who put it up yesterday to liqui- date their holdings at a profit This was the view on the exchange.
 On the whole, the shift of prices for the day was downward, especially in the sharp concluding decline, and in this the attitude of the rank and file of Wall street, who utterly mistrusted the whole speculative situation, may have had part.
 The movement of prices yesterday or, rather, the movements, for there were twelve distinct and decided re- was not intelligent.
 
 The liquidation in Southern Railway preferred, which has been impending since the stock touched "A and rallied to 80, was started up by the January statement of earnings. This showed a net loss of $440,175 for the month and of $1,S52,293 this fiscal year In other words, if the dividend is maintained, 1t will hae to come from the ssurplus existing prior to July, 1906,
 The weakness of United States Steel common puzzled many persons, in view of the excellent conditions reported by recognized trade authorities. Some suspected that while all of the steel companies have about as much as they can handle at present, new business is not coming in in a way which in- spires confidence.
 Arbitrage houses had rumors offinan- cial troubles yesterday in Paris and Berlin. There is no doubt that some of the German speculative element have been caught in the thirty point decline in Canadian Pacific. They were heavily long of it. Some also have fifteen point loss on Baltimore and Ohio.
 A curious incident of the day was a sale of 100 shares of New York and Harlem stock at S65, decline of S5 points since the last transaction, in May 1905 Often such sales represent a desire to raise money to help carry weak accounts.
 Union Pacific stock sells ex-dividend to-day of per cent. This will put il under 160 Under the circumstances the bear element will be short of 1t al 8 price that looks more attractive to the investor than ever. Consequent. ly some shorts covered.
 In the last five minutes there was heavy selling in all parts of the list and the lowest prices of the day were reached. Tn this market copper touch. ed 1O5, Atchison 92 1-2, Louisville 11S Reading 119 3-4, then 119, Southern Railway 21, Union Pacific 164 S-4 ant Steel 40 1-2. Everything was unsettled at the close.
 Atchison did not act well, for thu reason that the dividend is not to bt increased and the company intends tt borrow more money. So long as South ern Pacific stays under 90 Atchisor will have hard work remaining abov, that figure.
 LECTURE ON METEORITEs