The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-07
BROKERS' CALL IT
RICH MANS PANIC
remarkable Up and Down
Movement of Stocks on the
New York Exchange.
AIR FILLED WITH RUM0RS
LAST PRICES GENERALLY THE
BEST.
AIR FILLED WITH RUM0R:

vev York March 6-Wall street has
saldom If ever, seen such varied and vio-
lent fluctuations in prices of securities
ss those which occurred today. There
nave been panies in the stock market.
rhen prices fell apparently into a bottom
less ABYSS. there have been boom periods
when the bold operations OF daring specu-
isfors seemed tc be carrying prices iiiimit-
ably upwards, but the feverish upward
aad downward alterations which charac-
ferized tOday's movement have had few
uaraliels The market was two-sided from
n start Then followed a period of ali
rupt reversals Of the general current of
priees and ultimately excited and disor-
Derry movements at cross currents. The
whole movement was without definite
news to explain it, but the volume the
aggressiveness Of the operations W. 4, suf-
fcient TO stamp them as coming from
sources Of Importance. 1t is this implied
importance of the origin OF the present
dealings and the mystery which hangs
over II which have given to its impress
siveness TO the speculative imagination.
Rich Mans Panic.
Wal street parlance has found a
phrase, rich mems panic" to define the
condition This is based upon the suDDo-
sitiOn quite commonly held in the neigh
borh0od of the stock exchange. that men
Of great wealth, who accumulated large
holdings of stocks last year, find Them
selves without prospect of selling out to
advantage in the present public distaste
for the stock markets. IL is believed that
they have been prompted as well. BY the
urgency Of other calls upon them, due TO
the universal pressure for capital. and by
fears Of being oveTtaken by a period of
Industrial depression to iiquidate their
holdings as best they may.
The action OF the market for Severa I
days, and Of special stocks, notably, has
given color 10 this theory of the events
in progress. To this condition of senti-
ment was Drecipitated today a report that
carried with It an inference that the sup
posed capitalists were, in reality. taking
advantage OF the unsettlement of values
10 carry another Reading exploit The
runOr alleged with pOsitiVeness that GER
tain large centralized holdings of Read
ing had been taken over by Mr. Harri-
man, securing his control of the property
The heavy liquidation of yesterday In At
Gibson was alleged TO be the Union Pa
ciflc holdings TO provide resources for the
Reading operation. The bears in Read
ing were thrown into panic and there
was scramble 10 cover all through the
list. The report was impessibls of veri-
flcation and its plausible and likely fea-
lures were so mixed as 10 leave the opin-
Ion at sea The bears were intimidated
and were disInclined TO pursue their at
tacks on prices OF other stocks.
The Reading rumor came into the mar
ket IN the midst Of a drastic liauidatiuS
movement IN Canadian Pacific. which had
forced that stock, down over 7 pOiDfs
below yesterdays closing level This had
mueh the same effect as the violent slump
IN Aiehiscn yesterday and had served to
break the whole market. The reverse
Of the movement was all the more ahPupt
ana violent on that account. There also
was very heavy liquidation in Pennsyi-
sana Amalgamated Copper and Union
rssiIie me absorption of the Hill stocks
and CT Reading, however, was constant
throughout the day Atchison also met
no such selling pressure as that of yes
iefday. These evidences of resistance in
ne market already had divided specula-
ase sentiment and the Reading incident
ufned prices deeisively upward No at
lea.on was paid to news concerning gen.
tsl conditions. The last prices were gen
sfeil3 the best of the DAY and an active
p9fiEs movement was in force.
Bonds were irregular. Total sales. par
value. a.7Sl010.
United States IS advanced 4 per cent