Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-05
Short-Lived Rally Followed by
Net Declines.
MARKET VERY IRREGULAR
Little Inquiry of Support From Any
Quarters.
LONDON CONTINUED HEAVY
Concern in Minds of Continental Hold
ers of Americans Little Altera-
ton in Money Conditions.
MARKET VERY IRREGULAR
LONDON CONTINUED HEAVY
Special Dispatch to The Star.

special Dlsphtcu ~ L NC Staf.
NEW YORK, March 5.-After opening
with a weak tone. or at any rate showing
further declines from yesterdays closing
prices the stock market rallied quite smart
ly. chiefly because of a temporary cessa-
ton in the heavy selling movement which
characterized yesterdays dealings. In fact
the abatement of liquidation during the
morning was sufficiently well defined to
lead to an active demand for stocks from
the short interest, but there was apparently
little inquiry OF support from any other
quarters. Consequently. the rally in prices
during the first hour was poorly maintained
subsequently. and In fact. before midday
many of the initial advances had been
converted into net declines. The market
throughout the business session was highly
irregular wherein 1t varied only from yes
terday's fairly continuous decline.
There was nothing in the mornings news
or in the developments with the course or
the day to be named as accounting direct
ly for the markets tendencies. Interest and
discussion were again monopolized by the
same set of topics which have occupied at
tention for so long time.
Liquidation in London.
The London stock market was generally
heavy chiefly because of quite vigorous
selling for Paris account, and the arbitrage
houses were sellers on balance in the local
market. In addition to their sales there
was noted further liquidation for general
European account, and private advices set
forth that much concern had been created
In the minds of continental holders of Amer
lean securities, both by the protracted de-
cline in prices here and by the various In
vestigations. prosecutions aud legislation
or proceeding against corporations which
have taSen up the attention of financial
circles for the past few months
Money market and other fundamental cir
cumstances relating to the stock market
showed little alteration. AS was the case
even during yesterdays extreme unsettie-
ment. there was little to be cited account
Ing directly for the movements IN one STOCK
or another.
Atchison was perhaps the notably weak
feature of today's dealings. and the Dreak
In that stock naturally served to diminish
the hopeful expectations which had been
entertained with regard to the dividend
Besides that rumors were current that the
Union Pacific interests were closing out
their holdings of AtchiSon common
Union Pacific and Southern Pacific also
broke badly toward the middle of the busl-
ness session. mainly In connection with
Washington advices that the federal au-
thorities will very soon institute proceed
ings looking to the dissolution OF the So
called Hartman system.
Stocks Lost Ground.
In the rally of the early part Of the day
Northern Pacific and Great Northern pre-
ferred both moved up very sharply, but lost
ground in the subsequent general reaction
Southern Railway common and preferred
were pronouncedly weak, a circumstance
which excited the more attention on ac-
count of the early approach or the diVi-
dend declaration on the preferred stock.
The traction shares and the Industrial
misce LA neous issues moved in common
with the railway list, opening weak, then
rallying and later participating in the re-
newed decline in prices