The daily morning journal and courier., 1907-03-08
MARKET RESUMES ITS
 GENERALLY WEAK TONE
NO EXPLANATION OF THE READ ING INCIDENT IS OB-
 TAINABLE.

SpecuIatOrs Inclined That Buying Was
 for H. c. Frick-Quick Upward Turn
 Followed by ReactiOn-Erie Falls
 to Below Thirty-NO News to Ac-
 count for LOsses-At One Time
 Hartman Properties Show Very
 Strong Tenc.
 New York, March 1.-The excitement in financial circles caused by the heavy buying of Reading shares yes- terday, said to be for the control of the property, died out to-day, and the stock market resumed it's generally weak tone No explanation of the Reading incident was obtainable off, cially to-day but the denials of the Hartman interests that they were in any way concerned were generally ac- cepted in Wall street, and spectators were more inclined to the opinion that the heavy buying was for the account of H. c. Prick. It has been report ed for some time that MT. Prick sold out considerable portion of his hold ings around 150, and it was held to be natural that he should take back his stock at the low prices of the past week. It was noticed also that 125 seemed to be the price limit at which the heavy purchases were made yes- terday and this fact was used as an argument against the reports that the stock was being taken for control In the contest for Northern Pacific the shares were bought practically with out regard to the price. Reading open ed to-day at 122, or 2 1-2 points lower than last night, the highest was 124 3-S, the lowest 11S 3-4 and the last sale was made at 119. The sales were 231,- changed hands.
 Sentiment in Wall street was rather nervous at the opening of the stock | market, traders being anxious to know whether there was to be continu- ance of the furious buying of Reading which caused such a furore and such an, abrupt change from weakness to stregth in the general list yesterday. Without confirmation of the rumors that the purchases were made to ob- | tain possession of tho property, specu- lators were inclined to regard the sit uation as less favorable for broad 1 upward movement of prices, and the l first transactions recorded by the tick l or were, almost without exception, at | lower prices. There was a quick up- ward turn to quotations soon after | nso r1 l,Y+ oi, mediately by sharp reaction and then another rally. From il o'clock moved in an uncertain manner, the re- actions being followed by rallies, but with the general tendency toward lower prices. A feature of the trad l ing was renewal of the attack on what are known as Morgan shares, Erie and Southern railway being the principal sufferers Erie fell to below 30, ane Southern railway to below 21. 1 There was no news to account for the losses in these shares. At one time the Hartman properties showed a very strong tone Union Pacific getting above 16S, and Southern Pacific rising to S7 S-S. These figures were not held, ! however, and the whole list turned lower again toward the end of the ses- sion. The closing tone of, the market was very weak with the more active shares showing, the following declined from yesterdays last prices: Reading, 5 9-S, Louisville & Nashville, 5; Union Pacific, 1 5-S; St. Paul, 1 5-S; Great Northern, preferred, 2 Chesapeake &
 Ohio, 1-4; and New York Central, 1 1 1-4.
 There was none of the exciting trad Ing of yesterday during to-day's ses- sion. The total sales for the day were 1,4O0,700 shares against more than g. O00, 900 yesterday