The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-07

FIERCE STRUGGLE BETWEEN
TWO C0NTENDING FACTIONS
Well Defined hut Inyeritied
Report That Hartman Has
Secured Reading Control.

NEW YORK, March 6.-Wall street
has seldom, II ever. seen such varied and
violent fluctuations in prices of securities
as those which occurred today, There
have been panics in tho stock market
when prices fell apparently into bot
tonless abyss: there have been boom per-
iods when she bold operations of daring
SPECTATORS seemed 10 be carrying prices
nlimitably upwards. but the feverish up
ward and downward alterations which
characterized todays movement have had
few parallels The market was two sid
ed from the start Then followed a pc
rod of abrupt reverSals Of the general
current al prices and ultimately excited
and disorderly movements at cross cur
rents.
The whole movement was without def
mite news 10 explain it but the volume
and the aSCressivenesS OF the operations
were sufficient To stamp them as coming
from sources of Importance, III is this
implied Importance of the origin of the
present dealings and The mystery which
hangs over il which have given impress
siveness To the speculative Imagination.
Wall street parlance has found n phrase,
rich men 6 panic. To define the condi-
tion. This is based upon the suppostion.
quite commonly held I'm ihe nelghborDood
Of The stock exchange, thai men OF great
wealth, who accumulated large holdings
Df stocks last year, find themselves with
HII prospect OF SellllS Dul 10 SuNdlliSf
In the present public disiaste for the stock
markets. II is believed that they have
been prompted as. well by the urgency
OF other calls upon them, due 10 the uni
VrrSal pressure for capital. and by fears
Df being overtaken by a period OF indus
trial depression 10 iquioatc their holdings
rs best they may
The action OF the market for several
ilavs, anG Of special stocks notably. has
given color TO this theory OF the events
In progress, To this condition of senti-
zI,.t,. Vy,l., ,N.,-t
That carried with II an Inference that
The supposedly capitalists were In reality
taking advantage of the unsottlement of
values TO carry out another Reading cX-
plolt. The rumor alleged with positive
ness that certain large centralized hold
lngs of Reading had been taken over by
Ny Harriman securing his control OF the
property. The heavy liquidation of yes
tcrday in Atchison was alleged 10 be OF
Union Pacific holdings 10 provide
sources for the Reading operation, The
panic and there was scramble to cover
all through the list. The report was
impossible of verhcaton. and its plaus-
Ible and likely features were so mixed
rs 20 leave the opiniGn at sea.
The bears were irTtimidated and were
disincIncd to pursue their attacks on
prices of other stocks. The Rcading ru-
NOR came into the market in the midst
Of 2 drastic liquidating movement in Ca
nahian Pacific. which had forced that
stock down over Z points below ycster-
same effect as the violent slump i'm Atchi-
son Yesterday and had served to break
The whole market The reversal of the
movement was all the more abrupt and
violent on that account. There also was
very heavy liquidation in Pennsylvania
Amaleamated Copper and Union Pacific
The absorption Of The Hin stocks and OF
Reading however. was constant through
out the day. Atchison also met no such
selling pressure as that OF Yesterday
These evidences OF resistance I'm the
~ n I.asl xlIx.,.-
sentiment and the Reading incident
turned prices decisively upward No at
t"ntion was paid to news concerning gen
er2l conditions. Tho last prices were
generally the hest Of the day. and an
active buying movement was in force.
Bonds were irregular. Total sales, par
ralue. 81 $4,000
United States Is advanced ! per cent
OF CALL