Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-07
FLUCTUATIONS WERE
/ EXTREMELY VIOLENT
Stock Exchange Members See
Prices Go Up and Down as
Never Before.
seems TO Be RICH MEMS PANIC
Reported That Hartman is Now in
Control of Reading and for a Time
1t Caused Prices to Go Upward
Tho Total Sales and Closing Quo
r. tatlons.
(Ry Associateu press.l

10Y ASroCidtSu J-lSOo.J
NEW YORK. March 6.--Wall
such varied and violent fictua-
lions in prices of securities. as
those which occurred today. There
have been panics In the stock mark
ct when prices fell apparently into
a bottomless abyss; there have been
boom periods when the hold OPP
crations OF darihs spectators seem
ed to be carrying prices illimitably
upwards; but the feverish upward
and down alternates which char
acterized today's movement have
had few parallels. The market was
two sides from the state. Then
followed period of abrupt rover
sails Of the general current OF prices
and ultimately excited and disorder
ed movements at cross currents.
The movement was without de-
finite news to explain it but the
volume and the aggressiveness OF
the operations were sufficient to
stamp them as coming from sources
OF Importance. Vt is this implied
Importance Of the origin of II
present dealings and lie mystery
hangs over 1t which have given to
il impresslyeness to the speculative
imagination. Wall street parlance
mas found phrase ''rich mems
panic" to define the condition. This
is based on the supposition quite
commonly held in the neighborhood
10 uem lpql e5ueqoxH HoolS etp 10
great wealth, who accumulated large
holdings OF stocks last year find
themselves without prospect of sell
ling out to advantage in the present
public dlstaste for the stock mark
cts. 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 this condition of sentiment was
precipltated today report carried
With 1t an Inference that the sup.
posedly distressed capitalists were
IN reality taking advantage Of the
unsettiement values carried ont
another daring exploit The rumor
is alleged with Ipositiyeness that
certain large centralized holdings of
Reading had been taken over by
iHr.5 Hartman, securing him control
OF the property. The heavy liquida-
alleged to be OF certain Union Pa
cifio holdings to provide for the
Reading operations. The bears
Reading were brown in appearance,
there was scramble TO cover all
through the list. The report was
impossible Of verification and II
plausible and unlikely features wer
so mixed as TO leave opinion at
sea as to It's truth.
The Reading rumor came into
the market in the midst of a dras-
tic liquidating movement in Cana
dian Pacific which had forced thai
stock down over z points below
Yesterdays closing level The re-
yerSal of the movement was all the
more abrupt and violent on that nc.
CONT. There also was very heavy
liquidation in Pennsylvania. Anal
gamated Copper and Union Pacific.
The. absorption of Hill stock and
OF Reading, however, was constant
throughout the day. Atohison also
met no such selling pressure as
that of yesterday These evidences
of resistancy in the market already
mad divided speculative sentiment
5{nd the Reading Incident turned
>pfices deciseively upwards. No at
5tention was paid to news concern
ing general conditions. The last
Tnfices were generally the best of
The day and active buying move
-. "no 'ii ioiSe ooHus were IT.
, REGULAR.
:s1.7ao,ooo. q. S. 3 s. advanced dai ID
her cent on call. Total sales O..
abS.3oO shares Copper 81 500:
Smelling 6.12O; Anaconda $4,000:
Sugar 12.S00; Tobacco 2,400: At
Gibson 115500 A. c. L. 1.4OO; B.
a. t. 34.S00fl Canadian Pacific Az.
Il 300: st. Paul 373OO. Erie az. 5i)O.
,Pennsylvania 100000; Reading 1885,
800; Union Pacific 800; Southern
.14'500: Southern pfd 2,1G0: Sonth.
ern Pacific 92S00 U. s. Stell 24S,.
js100: y. s. Steel pfd 26,4O0; Vir-
gina Carolina Chemical 1000; Vir-
gfpa Carolina Chemical pfd 100:
.Nofthern Pacific 61,300; Great
Northerr 20500.
Adams EXPRESS .. 275
.Amalgamated Gopher ........ log ga
American Car e Foundry. -. 417-s
An erlcan Car e. Fdy pfd 1O1 IL
American Cotton Oil ........ 81
American Cotton Oil pfd 49,. So
American EXPRESS .... 215
4 American Hide G Leather pfd % Is
American Ice ....... 40
American I.dnseed Oil..... 30
American Locomotive 701-c
American Locomotive MD ~. 100
American Smelling & Ring. -. 1876 is
american Smelling &c Ring pfI 113
american Sugar Refining IN. 1876 5-S
American Tobacco pfd cer;if. 941-e
Anaconda Mining Co. .. GEL.
Atchison ...,........ 957.s
~ fchsson MD .. 90
"A t1nNtin Hnosf fnn 40