The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-07
RICH MEMS PANIC
STRIKES MARKET
Operators of Great Wealth Have
Been Caught Holding
the Bag.
HARRlMAN's READING COUP
Bought Control Of the Road
During the Wild Drop
In Its Securities.
HARRlMAN's READING COUP

NEW YORK, March 6.--Wall Street
has seldom. If ever seen such violent
fluctuations in prices OF securities as
those which occurred to-day. Thcre
have been panics In the stock markell
when prices fell apparently into
bottomless abyss; there have becn
boom periods when the bold operations
of daring SPECTATORS seemed to be
carrying prices illlmitaby upwards,
but the feverish upward and down
ward alterations which characterized !,
to-day's movement have had few par
allels. The market was two-sided from
the start. Then followed a period of
abrupt rcyersals of the general cur
rent Of prices, and ultimately excited
and disordered movements at cross cur
rents. The whole movement was with
out definite news to explain 1t, but
the volume and the aggressivencss Of
the operations were sufficient to stamp
them az coming from sources of I'M
portancc. 1t is this tnplicd impor-
lance OF the origin OF the present deal
ings and the mystery which hangs
over 1t which have given to its Inn
prcsslvencss to tho speculative imagn-
alton.
Wall Street parlance has found a
phrase, rich mems panic" to define
the condition. This Is based on the
supposition quite commonly held In
the neighborhood of the Stock Ex-
change that men OF great wealth, VINO
accumulated large holdings or stocks
last year find themselves without pros
pecl OF selling out to advantage in the
present public d!staste for the stock
market. The action of the market for
several days, and OF special stocks
notably has given color to this theory
Of the events in progress. Into TINS
condition of sentiment was preclpi-
4. rs.2 tf u
it an Inference that the supposedly
aistressed capitalists were in reality
taking advantage OF the unsettlcment
OF values to carry out another daring
exploit.
The rumor is alleged with positivc-
ness that certain large centralized
holdings of Reading had been taken
over by Mr.. Hartman. securing his
control or the property. The heayy
liquidation of yesterday In Atcnison
was alleged to be of Union Pacific
holdings TO provide resources for the
Reading operations. The bears IN
Reading were thrown into a pani",
and there was a scramble to cover all
through the list. The report was I'm
lossibla of verifcation. and It's plaual'
BILE and. unlikely features We're SO
mixed as to leave opirion at sea as tt
IT'S verify. The Reading rumor cant
into the market in the midst OF Q
drastic liau!dating movement In cara
dian Pacific, which had forced tha
stock down over seven points oe'oW
yesterdays closing level. The reversal
OF the movement was all the more
abrupt and violent on that account
There also was very heavy hquldattoi
in Pennsylvania. AmalRamated cope
and Union Pacific The absorption o
tho Hin stocks of Reading, however
was constant throughout the day
Atchison also met no such selling pres
sure as that OF yesterday. These cyl
denccs nf resistance In the marke
already had divided speculative senti
ment. and the Reading incident tnrhe
prices decisively upwards. NO atten
ton was paid to news concerning gen
eral conditions The last prices wer
generally the best of the day, and a
active buying movement was in forc'
Bonds were Irregular. Total sale
of bonds, par value, sl,T30,oo0. Unite
states IS advanced IA per cent, o
call.
Total sales of stocks to-day wer
2,356s0o shares.
NEW YORK, March 6.-Money
call firm; 3-4@6 Ia per cent; ruin
rate S; closing bid. s.: offered at y
Time loans steady; sixty days, g. an
ninety days. "a per cent; SIX month on,
s l-2G15 IA per cent. Close: Prir
mercantile paper, s-4@6 per cen
Sterling exchange heavy, with actu'
business in bankers bills at $4S445t
sa.s35O for demand. and at $aS030t
s4S035 for sixty day bills. Poste
rates, $4.S1 1-2@S4.S5 la. Commercl
bills $4So@$4S0 is. Bar silve
SO rs. Mexican dollars. SO l-s. CO.
ornment bonds firm. Railroad bone