New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-07
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Stock market movements yesterday included
a series Of wild and varied fluctuations wholly
unprecedented in the history of Wall Street
Prices moved within wide range. with violent
breaks followed by equally violent recoveries.
with transactions on an, enormous scale made
up Of the operations OF opposing parties fight
ing madly for a mastery that meant colossal
losses for the losers. At one time a veritable
bun panic was under way, but what promised 70
run into a stock market riot was suddenly
checked by the appearance of bull reserve
force made up Of the strongest banking inter-
ests in the Street. who. by throwing enormous
buying orders into the market. changed the
tide Of the battle, which. from that time until
the close of business. ran in favor Of the advo-
Gates OF higher prices. the movement being ac-
companied by furious rush on the part of the
shorts 10 sget out of their contracts The up
turn started with Reading in the lead. and be-
fore the end of she day this stock had added 10
points to its market value as compared with its
final quotation I'm Tuesdays market on a vol
ume Of business in half stock amounting to
more than 100000 shares. Only once before in
the history of the Reading company has this
total been exceeded. and that was February
20 1893. when eco, 15l shares were dealt in fol-
lowing the announcement OF the passing Of the
company 10 receivers hands. A year prior to
that time the stock dealt in to the extent
Of 553.572 shares this movement being based
the unfortunate coal combination which
started by Mr.. Mcleod. the head of the Read
ing company. and which subsequently ended in
disaster for the company and its chief eXecu-
tive.
Powerful interests evidently have been buy
ing Reading in the last few days. and the Street
held the opinion yesterday that the control of
the property had passed 70 interests friendly 20
the Union Pacific. Mr. Hartman wants
Eastern outlet for his Western railroads. and
this would be possible through the Reading, as
Union Pacific practically controls Baltimore &
Ohio which in turn with the Lake Shore owns
a large stock interest in the Reading. and Read
ing controls Jersey Central which brings the
Reading and Baltimore & Ohio traffic to New
York. The advance in Reading caused uneasi-
ness among the shorts throughout the market,
and in the last hour os trading prices advanced
rapidly, the early large losses being recovered.
while closing figures showed in most shares
substantial net gains. with the chief improve
ment. outside OF Reading, in Amalgamated Cop
per. American Smelling. Atchson. St. Paul,
Great Northern. Louisville & Nashville North
ern Pacific, Southern Pacific and Union Pacific.
Canadian Pacific was attacked in the morning
with a resultant loss OF about points most of
which was recovered IN the last hour. The gem
eTal list moved over range OF from to 8
points. and fluctuations were rapid and wide.
dealings were 80 heavy and mixed and senti-
rnent was subjected 10 such sudden changes that
the average Wall Street man went homo suffer-
ing, no doubt. from ''brainstorm.' Total deal
irsys were more than 100000 shares the heav-
iest Tor any day since last August at the
time OF the declaration OF the 10 per cent dlv-
dend on Union Pacific.
Substantial banking houses which handle the
accounts Of investors were heavy buyers of
stocks at the low prices OF the day, and advices
put out By these houses suggested the purchase
q good securities by people who can afford 20
buy outright. on the decline many Issues
looked extremely attractive. owing 20 the fact
that they could be bought TO return more than
2 per cent. ana according 10 the reports re-
ceived from brokers many thousand shares OF
high grade securities We're taken out OF the
market for investment account, while there also
was active buying movement representing
accumulation OF stocks By capitalists Who have
been waiting for an opportunity 70 build Up a
big line OF long stock N cheap prices TO hold
for the inevitable reaction in favor OF better
quotations. While Il is not thOrght likely that
= susfaiaed bull movement viii develop at the
moment &. Is believed that the greater part OF
the forced Liquidation has been completed, and
that the market has reached position where
extensive short selling WIN be extremely dan