New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-07
RALLIES LIST.
UP TEN POINTS IN HOUR
Heary Buying Thought To Be by
Hartman or Frick.

The course of the stock market yesterday was
one Of fluctuations on a scale not often wit
messed, with a general early rally. then dip OF
alarming extent, and in the last hour and q
quarter Of the afternoon recovery so sharp
as 20 wipe out the earlier losses and bring the
final figures of the majority of the principal
issues well above the closing prices Of Tuesday
The total sales were 2359O93 shares, the largest
DAYS business since August 20 Of last year
the day following the sensational dividend an
nouncements on Union Pacific and Southern Pa
cifc when the total transactions were 100000
shares
Reading was the leader Of the advance, and
the centre OF interest during the day. Opening
at 1l5lk q of a point above Tuesdays close. it
declined 10 its low level Of the day, 1l414 with
IN the first haf-hour and was 'strong in the
sharp general decline at midday, standing at ll6
at noon and Al 10 at l:45 ocloc5
Then began the rise IN this stock which
checked the panicky feeling in the market and
eventually stimulated the advance In the gen
eral list Within forty minutes Reading had
advanced TO 121, and within the next twenty
minutes gained an additional points. MAX
ing total rise OF 10 points in the hour. The
heavy buying. obviously for some powerful in
terest, naturally alarmed the bears. who prompt
ly began covering their short contracts. their
buying, which became more urgent as the price
scared being in such volume as 10 help along
the advance TO an important degree.
Rumors flew thick and fast to the source
Of the initial buying From Philadelphia came
a circumstantial report that the Hartman party
had secured control Of the Reading property,
and il was declared that the New York Cen
trails holdings owned by that road through the
Lake Shore. and the stock held by the old Was
sernann pool had been transferred TO Mr.. Har-
ov,d TrieS
be turned over by them to the Union Pacific
which was said 70 have raised the money for
financing that transaction by the sale recently
Of par. of its holdings of Atchison. II was also
said that Mr. Hartman had purchased the en-
tire Reading stock owned by Henry c. Frick
and another rumor had it that NIr Frick had
secured control Of the road.
HARTMAN REFUSES TO TALK
That the Kew York Central had parted with its
Reading holdings denied later in the after
noon the highest authority, was the rumor
that NJ Hartman had acquired control of the
property. Mr.. Hartman. who is still in Wash
ington, declined to discuss the subject at all
Mr. Fricl has just returned from Florida, and
the best information obtainable in Wall Street
yesterday afternoon was that it his buying
which advanced Reading rapidly, and, Incl
dentally rallied the whole market. He has been
understood 10 have been the principal factor in
the long advance of Reading, of which he is a
director and which in 1904 sold as low as 3S&'
and in 1905 sold down to 70, to l64 in January,
1906 It has been the understanding in Wall
Street that he sold large part Of his holdings
s,nce the latter date. when the stock was ruling
around 40, and it is believed in well informed
quarters that on his return TO the city. day or
two ago he decided that at around lib or ia the
stock could be advantageously taken on again,
and promptly began buying il on a heavy scale.
! Mr.. Frick IS credited with being the largest
individual stockholder Of the Reading, well as
Of the Pennsylvania. He is a close business as
sociate Of Mr.. Hartman and OF the so-called
standard oil party. who are the dominating in
nuence in the UnIon Pacific and are largely in
huential- in the New York Central system and
| the Baltimore & Ohio
| In 1901 II will be remembered, the Pennsyl-
vania acquired S6s,565.ooO of the $14O.OOO0oO
stock Of the Reading. practically control,
| lodging its holdings with the Baltimore & Ohio.
,sarlv in 1908 one-half of ;his block was sold
n the New York Central. which placed it with
its subsidiary company. the Lake Shore & Michi-
can southern This s6S.565,OOO was made up OF
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