The San Francisco call., 1907-03-07
- - sfocI. nfarIref

KEW YORK. March e-wall street has sell
dom II ever. seen such varied and violent nuc-
which occurred today There have been panics
sn the stock market, whan prices fen apparently
into a bOttomless abyss; there have been room eoonl
speoulacors seemed 70 be carrying prices Him
iIably upward, but the feverish upward ana
downward alterations which characterlzeo To-
Sayfe Increment have had few parallels. The
ma rket was two-sided from the start linen
Followed DeriOd OF abrupt reversals OF the gen,
erzl current OF prices and ultimately excited ana
disorderly attempts at crosscUts- Ine Mnoie
movement was without definite news 10 explain
II, but the volume and the aggressayeness OF tne
operations were sufficient TO stamp them as
coming from sources OF importance. Il is this
dealings ana the mystery which hangs over II
whioh have given its impressiveness 70 the
speculative imagination. Wsl-street parlance
has found phrase rich mems panic 70 oe-
fne the condition. This IS based upon the sup
position quite commonly held IN the neighbor-
hood OF the stock Exchange that men OF great
Vroalfh Who accumulated large holdings OF
stocks last year, ind themselves without pros
public distaste FOR the stock markets II is be
neved that they have been prompted as well by
The urgency Of other calls upon them cue 70
the universal pressure FOR capital, and BY Tears
Of being oyertaken by period OF industrial de-
preston, TO liQuidate their holdings as best they
may. The action OF the market for several DAYS
and OF special stocks notably has given color 20
this theory Of the events IN progress 10 t4ls
condition OF sentiment was precipitated today q
report that carried with IL an inference mat lhe
supposed capitalists were. ia reality, taking
advanfage OF the msettlement Of values 90 carry
out another Reading exploit. The rumor alleged
with positiveness that certain large centralized
holdings Of Reading had been taken over by Ar.
Hartman, securing him control OF the property
The heavy Liquidation OF yesterday IN AtchiSon
was alleged 10 be Union Pacific holdings 10 pro
vide resources for the Reading operation Ihe
bearE IN Reading were thrown into panic ana
there was q scramble 10 cover all through the
list. The report Was impossible Of yerincatiOn,
and It's plausible and likely features were so
mixed 70 leave the opinion at sea. The bears
were inrimidated and were distnclined TO pur-
sue their attacks prices of other stocks. The
midst OF q drastic licuidsting movement IN Ca
madam Pacihc, which had forced that stock
down points below yesterdays clOling
level. This had much the same eject as the
violent slump in Atchson yesterday, and had
served 70 break the whole market. The reversal
OF the movement was all the more abrupt snc
violent on that account. There also very
heavy liquidation IN Pennsylvania, Amslgamsted
Copper and Union Pacific. The absorption Of
the Hin stocks and q Reading, however, was
constant throughout the DAY. Atchison also
met such selling pressure as that OF yester>
day These evidences OF resistance IN the mar
ket already had divided speculative sentiment
and the Reading incident turned prices decis-
lively upward. No attention paid 10 news
were generally the best OF the day, and an
active buying movement was in force.
Bonds were Irregular. Total sales tpar Taluel
81, 73o 600
United States 8s advanced \ per cent on call
New York Stock List
f. F. Hutton a. o., 400 California street.
members OF the New York stock Exchange,
furnish the following list OF bond and stock
sales yesterday: