The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-08
bSTOCK MARKET IS
MUCH MORE QUIET
Nervous After Effects, However,
of Wednesdays Excitement
WELL DEFINED PARTIES
Sentiment Is Greatly Depressed BY the
Weak Closing After Some Early
Advance-State of
Hesitancy.
WELL DEFINED PARTIES

New York, March line Nioie"s s9f
tation which was present in yesterday
market subsidized today to marked ue-
gree, and the volume of transactions teil
away nearly one-half. The constant
nervous fluctuations of prices, however,
showed clearly enough the after eneets
OF the exciting turmoil OF yesterday
almost unprecedented market. Sentiment
was greatly depressed by the weak clos
ing.
While the fluctuations were constant
they were by no means as large as yes
terday, yet they sufficiently reflected the
extremely unsettled state of speculative
opinion. The active operations at All
ferent points in the market however,
showed the existence of two well-deined
parties in the speculation. There was
/ belated liquidation in some stocks winch
appeared to be drastic and was OF severe
effect on prices at other periods put
lprices held with stability which could
ionly be due to accumulation of persist
lent and extensive kind. The market gave
way again and again in sympathy WltE
the outbreak of weak points, and as often
rallied in sympathy with the resistance
of prime Importance until the sudden
weakening of the whole market at the
dosing.
The result was to keep the marker o.
servers in fever of hesitancy as 10
whether the elimination of the long de-
dine was signalized by the abrupt drives
against the shorts precipitated by the
panic amongst the bears in Reading yes
terday. The market started with an ag-
gressive reassertion of bear tactics which
forced a violent reaction in Reading It,
self, and a severe decline in Canadian
Pacific. Almost Immediately prices re-
bounded to level well above last night.
The movements decided the uncertainty
OF the speculative temper for the whole
OF the remainder of the day. The impress
sive dealings in Reading remained mys-
terry. Failure of authoritative confirma-
ton of yesterdays rumors of passing OF
control, thew them into discredit, ano
opinion remained divided between that
supposition, and one of purely speculative
operation, with affective manipulation
against the overwhelmed bear account.
Atchson also was a severe sufferer from
renewed selling which was associated
with the doubts over the hoped-for IN
crease i'll the dividend rate.
The liquidation in Southern Railway
and Erie also was so pronounced ana
of so unanimous character as to throw
the balance of the whole market for the
time to the side of depression. Southern
Railways report of a decline in net earn
ipgs for January Of nearly 40 per cent
gave point TO the expressed fears for
the reduction or the passing Of the VI
dent on the preferred stock. On the other
hand there was steady absorption of the
Hartman, Hill and principal trunk line
stocks. The Hartman stocks were in
nuehced by the showing of net earning
for January, which showed an increase
for Southern Pacific of 40 per cent, and
for Union Pacific of 10 per cent.
Reports from the iron and steel trade
were of undated activity, approaching
buoyancy in some departments, but
United. States Steel weakened in common
with the Morgan stocks.
The money situation continues a dis
turbine factor, and today rumors OF
financial difficulties in Berlin and Paris,
although unconfirmed had disquieting
effect The Bank of England made a
weak return. and the movement of ou'
exchange market against London had a
depressing effect there. Interior eX-
change at Chicago was at 25c discount
t...a~- 80 cal i.-e~roV nnrke holds
firm here in spits of the heavy stock
market liquidation.
Bonds were irregular. Total sales. par
valte sl.74S.oG'. United States new As,
coupon, declined la per cent. on call.