The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-07
EXCITING TIME
IN WALL STREET
Sensational Buying of Reading
Gave Rise to All Sorts
of Rum0rS.
CONTROL MAY BE PASSING
HARTMAN SAID TO BE BEHIND
THE MOVEMENT.

New York, March sensational
buying of the shares of the Reading
company today gave Wall street its
most exciting experience since the
Northern Pacific contest of six years
ago. Reading had been strong in the
face of a generally weak market all
through the morning session of the
stock exchange, when shortly after l
O'Clock there developed an enormous
buying movement in the shares which
carried the price up more than s points
iii half an hour.
Up to the close of the market there
was nothing to show the source of the
purchasing orders but persistent ru-
NOR was in circulation that E. H. Har-
riman was buying the stocks with the
object of acquiring control of the prop
erty, and that Mr.. Hartman was TAX
ing all that was offered in the open
market in addition to the holdings of
H c. Prick, which he was said to have
purchased privately.
Possibly Frick's Holdings.
It was said also that the Reading
stock held by the Lake Shore had been
turned over to Mr.. Hartman so that
he would have absolute control. II
was pointed out that Mr.. Frick, having
become a director of the Pennsylvania
Railroad company, would desire to dis
pose of his Reading stock. and that as
he is friendly with the Hartman in
terests, he would be likely to sell to
them if they cared to buy
The reports IS TO Hartman buying
were circulated throughout the finan-
cial district and were given credence
in spite of the lack of anything official
to confirm them. but there were other
rumors. One of these was that j. P.
Morgan & Co.. who formerly dominates
Reading, We're buying to resume their
former position i'm the property; an
other was that the New York Central
was adding to Lake Shore holdings of
Reading. and third attributed the
buying to the Delaware, Lackawanna
& Western. Still another rumor was
that Mr.. Prick was buying back stock
that he sold some time ago at higher
prices.
Source Not Discovered.
All the time that the stock was going
UP efforts We're made without success
to discover the source of the buying,
and to obtain either denial or con-
firmation of the various reports in cir
cuiatiOn. At the offices of the bank
ing houses associated with the different
parties mentioned in the rumors all
knowledge of the movement was de-
that independent action to secure the
property might have been undertaken
without the knowledge of the firms in
terviewed. Mr.. Hartman, who is in
Washington, was informed of the use
of his name in connection with the
Reading transactions, and he then
made a statement through his score
tary to the effect that he was not lin
terested in Wall street, and did not
he rfs,cr oil he -ier-
mating there" Further than this moth
ing official was obtainable. The broker
age houses handling the buying order
were numerous, and their identity gave
no indication whatever as to the per-
sons for whom they were acting.
Enormous Number of Shares.
The trading in Reading reached the
extremely large total of 736.500 shares,
or about one-third of all the transac-
tons on the stock exchange for the
day. The magnitude of the sales
seemed to preclude the idea that an
ordinary manipulative maneuver for
higher prices was being executed. The
blocks traded in were large, ranging up
to 1000 and 5000 share lots, with one
block of 10000 changing hands at 1875
The strength in Reading attracted
attention early in the day, owing to
ness in the list generally. The market
opened with rally from yesterdays
decline. but before noon the better tone
gave way to G renewed bearish senti-
ment and the decline became violent.
The feeling on the exchange Dor
dered on decentralization. with extreme
ly heavy liquidation and declines for
many issues to the lowest point of the
year. The Hartman shares and the
stocks in what is called the Standard
Oil group were notably sensitive to
pressure. and this fact emphasized the
strength of Reading and the relative
frnness of the Morgan and Hill stocks.
This sudden turn after the recent
weakness in the market served TO
strengthen the entire list and general
rally was soon in progress which con-
tinued up to the close.
The capital stock of the Reading
company authorized and issued is s140.-
600. coo, of which $4,000, 600 is per cent
non-cumulativs preferred; s42. 00o. 900
second per cent nOn-Cumulatiye pre-
ferrea, and $4,000, 900 common stock.