The semi-weekly messenger., 1907-03-08
NEW YORK STOCK MARKET.

New York, March 6.-Wall street
has seldom if ever seen such varied
| and violent fluctuations in prices Of
| securities as those which occurred to-
| day. There have been panics in the
| stock market when prices fell ap-
/ parently into a bottomless abyss;
| there have been boom prices when the
| bold operations of daring Spectators
| seemed to be carrying prices illimit-
| ably upwards, but the feveriSh upward
| and downward alterations which
| characterized todayts movement nave
had few parallels. The market was
two-sided from the start. TheIs fol-
lowed a period of abrupt reversaEs o.
the general current of prices and Hlh-
mately excited and disordered move
ments at cross currents. The whole
movement was without definite nevs
to explain it, but the volume and the
aggressiVeness of the operations We're
sufficient to stamp them as coming
from sources of importance. It is this
Importance OF the origin OF the present
dealings and the mystery which hangs
over it which have given us impreS-
siyeness to. the speculative imagina-
ton
Wall street parlance has fOuaG a
phrase, rich mems panic,' TO define
the condition. This is based on the
supposed supposition quite commonly
held in the neighborhood of tla: sIeck
exchange that men of great wealth.,
who accumulated large holding OF
stocks last year, find themselves with
out prospect Of selling out to adm
tage in the present public distaste for
the stock market The action OF the
market for several days and of speciaI
stocks, notably, has given color to-
this theory Of the: events in progress
Into this consideration of sentiment
was precipitated today a report that
carried with it an inference that the
supposedly distressed capitalists We're
in reality taking advantage Of the
unsettlement of values to carry out
another daring exploit The rumor is:
alleged with positiveness that certain
large centralized holdings of Reading
had been taken over by Mr.. Hartman,
securing his control of the property.
The heavy liquidation of YESTERDAY in
AtchisOn was alleged to be of Union
Pacific holdings, to provide resources,
for the Reading operations. The bears,
in Reading were thrown into a panic
and there was a scramble to cover
all thrOug the list The report was
impossible of xerificatiOn and it's plaus-
ible and unlikely features were SO,
mixed as to leave opinion at sea rs TO,
its verify. The Reading rumor came
into the market in the midst Of a.
dramatic liquidation movement in
Canadian Pacific, which had forced
that stock down over seven points &C.
low yesterdays closing level. The
reversal OF the movement was all
the more abrupt and violent on that
account. There also was very heavy
liquidation in Pennsylvania, Anal
gamated Copper and Union Pacific:
The absorbtin of the Hill stocks and
Of Reading however, was constant
throughout the day. Atchison also
| met such selling pressure as thai of
| yesterday. Those evidences of resist
| ance in the market already had divid-
| ed speculative sentiment and the Read
ing incident turned prices decisively
upwards. No attention was paid to
news concerning general conditions.
The last prices we're generally the best
| of the day and an active buying move
| ment was in force
| Bonds were irregular. Total sales of
bonds par value $1,73O,000. United
States SIS advanced IA per cent. on call
United States bonds unchanged on call
Total sales 2,356,3OO shares.