Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-07
Greater Irregularity Marked the
Dealings Today.
ERRATIC FLUCTUATIONS
Pronounced Pressure Shown in Many
Railway Leaders.
READING THE CENTRAL FIGURE
Southern Railways Discouraging Ex-
Eibit-Some Sharp Declines-Lon-
don Generally Weak.


Si'ttial Dlspatch 10 Inc star
NEW YORK, March diminished &C.
tivi,y and even greater irregularity in price
movements were the chief distinguishing
features of today's stock market in COM
parison with yesterdays. The particular
excitement which was occasiOned yeste-Sc>
by the enormous transactions ~ d great rise
in Reading common was likewise missing
from todays situation. Reading was, in
deed. again dealt in upon a very large
scale and the stock underwent further wide
and erratic fluctuations.
- 1t was probably the case that most per-
sons interested in the stock market affairs
expected to find in this mornings newspa-
pers some definite explanation of yester-
days extraordinary dealings in r. aiding,
but as a matter of fact there was none at
all and the two personalities who were most
closely identif1ed with the movement in the
stock in yesterdays conjectures refused alb
solutely to make any statement vita re-
gard to II.
Word was passed around in the early
part of the day after the present fashion
in such matters in Wall street, that the
Union Pacific could be relied upon in the
afternoons market to assume the place
which was filled by Reading yesterday.
Union Pacific and Southern Pacific Were in
deed decidedly strong and definite, even If
prosaic explanation of the tendencies of
these stocks might have been found in the
for the month of January.
Net Earnings in Contrast.
The Southern Pacific reported an increase
In net earnings for the month of more than
slO0nOO0. and the Union Pacific an in
crease in net earnings of nearly $4,000.
The statements of both companies stand
out in fact. in strong contrast with most
of the monthly traffic returns which have
recently been reported.
A decidedly discouraging exhibit was
made today by the Southern Railway Com
pany. also for the month of January. de-
crease in net earnings amounting 10 about
~ per cent being set forth. Southern rail-
way common and preferred were both de-
Cidedly weak, and the decline there excited
the more attention inasmuch as a meeting
of the directors is scheduled for tomorrow
for the purpose of taking action upon the
dividend on the preferred stock.
Other railway shares which showed pro-
nuunced pressure at one time or another
during the day were the Erie issues, Atch-
iSon, Rock Island and Canadian Pacific
There a very sharp decline also, al
though on light transactions, in Chicago
and Alton. The dealings in and the price
movements in the industrial and miscel-
laneous stocks, and in the local Traction
shares. showed the same uncertain ten
denotes which characterized the trading in
the railway list. 80
Little in the Way of Actual News.
Aside from the statements earnings
submitted and the dividend announcements.
there was little or nothing in the way of
actual news relating to stock an
other.
The London stock market AS generally
weak and unconfrmed and discredited ru-
mors were current there of serious finan-
cial difficulties at Paris and Berlin. For
eign houses were sellers here to the extent
of about 10000 shares.
The weekly statement of the Bank of
England was a very Indifferent exhibit, the
banks ratio of reserves to liabilities de-
Ginning from 1872 per cent last week to
44S2 per cent this week. This ange COM
pares with an advance from 43.12 per cent
to A. per cent in the corresponding week of
last year The banks rate of discount was
left unchanged at per cent
Local money market conditions showed no
material alterations