Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-04
Extensive Declines Followed
Heavy Liquidation Today.
LOSSES ONE TO FIVE POINTS
No New Motives Explaining the Con.
tinued Pressure.
AMERICANS WEAK IN LONDON
Extensive Declines in the Railway
List-Local fractions Broke
Badly.

Special Dispatch to The Star.
NEW YORK, March 4.-Liquidation was
resumed promptly upon tie opening of
business in today's stock market, and the
selling of this description was conducted
In all quarters. As the market was al
most wholly wanting in support of any
kind except that representing the occa-
sional covering of short contracts, the
liquidation naturally resulted In a large
number of very extensive declines. The
losses in the active stocks extended all me
way from one point to more than five
points.
There were no new developments or mo-
tives to be ELECTED in explanation of the
continued pressue of liquidation. The Aid
rich financial measure passed the House OF
Representatives at Saturdays session and
today became law through the Presi-
dents signature.
The London stock market was strong,
being stimulated by the result of the cleo
lions there on Saturday, and American
shares were favorably affected by the pass
age of the Aldrich bill. With the course
of the day, however. the American depart
ment weakened sharply under heavy sell
ing orders for New York.
The rapidity of the decline in the local
market in the early dealings caused the
operations here for foreign account to show
q preponderance of purchases. amounting
TO about 10000 shares None OF the large
amount OF gold which reached the Lon
don market today was taken for shipment
TO New York, the whole sum being secured
by the Bank of England and for Indian &C
count
Depressing Topics Discussed.
Wall streets interest and discussion
throughout the day were wholly eugrossed
with the same depressing category of topics
which have occupied attention for so many
weeks past. 1t would apparently serve no
particular purpose to recite In detail the
character of the subjects in question, as
they are doubtless sufficiently and disagree
ably familiar to everybody at all conversant
with stock market affairs. Renewed con-
sideration of these matters was, however.
held TO account for the tendencies of the
market at large.
Trading opened with a violent break in
Northern Pacific and Great Northern pre-
ferred and the dealings in those Stocks
had a very unsettling effect upon the mar
ket at large. No better explanation or their
speciflc weakness was advanced than m u
theory that the Union Pacihc holdings OF
these securities were being hquidated 1orth-
with Other extensive declines In the rail-
way list took place In Atchison. Chicago
and Northwestern, Missouri Pacific, Della
ware and Hudson and Louisville and Nash
vile.
Pacifics Dropped to Low Levels.
Union Pacific and Southern Pacific were
comparatively firm at the outset or the
market. but declined later to the lowest
levels which they have attained in long
time. The local traction shares all broke
badly also. notably in the case OF the In
terborough- Metropolitan stocks There were
renewed reports OF fresh borrowings by the
latter company, and a rumor was also cir
culatcd throwing doubt upon the main
tenance OF the dividends upon the pre-
ferred stock.