Omaha daily bee., 1907-03-07
THE OMAHA DAILY BEE. THURsDAY, AARCH 7, 19O1
NEW YORK. STOCKS ANDBONDS
Fsvsrish Upward and Downward Altsrns-
tons Oharaoteriss the Market
NO DEFINITE NEWS TO EXPLAIN PANIC
Indiscriminate Selling interrupted By
RuRor of Hsrriman Control of
Reading and shorts Rush
20 Cover.

NEW YORK, Mach s.-seidom II ever
was seen such varied and violent fiuctua-
tons In prices OF securities as those which
occurred today. There have been panics in
sne stock market when prices fell appa-
tently Into a bottomless abyss; there have
carrying prices illimitably upwards but
the feverish upward and downward alter
nations which characterized today's move
ment had few parallels. The market was
two-sided from the start Then followed
current Of prices and ultimately excited
and disorderly movements at cross currents
The whole movement was without definite
news to explain II, but the volume and the
aGBressivepess OF the operations were suf-
ncient to stamp them as coming from
importance Of the origin of The present
oealngs ana the mystery which hangs
9 Dsss which ths have given lmpTessiye-
Wall street parlance has found a phrase.
Rich mans panic, !" to define the condi-
quite commonly held in the neighborhood OF
the STOCK exchange, that men of great
wealth who accumulated large holdings OF
stocks last year, found themselves with
out prospect of selling out to advantage on
the present public dstaste for the stock
prompted, as well, by the urgency s Of other tHe
calls upon them, due to the universal pres
s sTssta for capital I r and BY fears Of being
sion. to hauidate their holdings as best
days, and Of special stocks notably, has
given color to this theory OF the events In
progress. Into this condition Of sentiment
ried with II an inference that the suppos-
eddy distressed capitalists were. in reality,
taking advantage of the unsettlement OF
values to carry out another daring exploit
| The rumor alleged with positive certainty
that 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
ings to provide resources for the Reading
| operation. The bears in Reading were
| thrown into panic and there was a scram-
| BILE to cover all through the list. The report
was impossible Of verihcation and it's plau-
sible and likely features were 90 mixed as
| to leave the opinion at sea. The bears were
their attacks on prices of other stocks. The
Reading rumor came into the market In
| the midst OF a drastic nquidating move
ment in Canadian Pacific, which had forced
that stock down over four points. This
had much the same effect as the violent
slump in Atchison yesterday and had
served to break the whole market. The
! abrupt and violent on that account There
also was very heavy liquidation In Penn
| sylvania, Amalgamated Copper and Union
and Of Reading. however, was constant
no pressure as that Of yesterday. These
| evidences of resistance In the market al
ready had divided speculative sentiment
and the Reading incident turned prices de-
cisively upwards. 81 No attention was paid TO
tSs The
day and an active buying movement was
| in force. 49,
Bonds were irregular. Total sales. par
/ y per cent on call.
The following was the range OF prices on
the New York Stock exchange: