The daily morning journal and courier., 1907-03-07
STOCK MARKET FEATURES
AN EXCITING AND BUSY DAY IN
 WALL STREET.

WALL STREET.
 AF@r an Extraordinary Time, the eiarket Rallied Well and With As- 9onishing RaDidity--Reading Rise Stopped Panic--Move Was Well En- gineered-Came When Market Was CoIlapsing-After Many New Low Prices Had Been Made Came the Rally.
 It was quite memorable day in Wall ] Dtreet yesterday. The market swept | alternately up and down with a vio- Hence not often paralleled on the stock exchange. It was evident from the opening that more than one faction was at work in the market and that the operations clashed with one another The rumor-mongers brought to the sront the story that Rock Island in- terests" had been breaking the market, with a view to undermining overloaded 'cliques," including possibly the Stand ard Oil group Hself. This report re- ceived some sort of confirmation from usually well-posted quarters. On Tues day the story was that Standard Oil Interests were the ones raising the mis- thief.
 In the opening hour advances were general, including a rise of one point in Amalgamated Copper, 1 5-S in St. Paul, 27-S in Great Northern, | IA in New York Central 1 7-S in Northern Pacific, 11-S in Reading, and smaller advances in other stocks. Before noon the mar ket suddenly turned, and the violence of the decline threw Wall street into complete demoralization Almost the entire list of stocks fell to new low rec ords for the year on this collapse which was fully as violent as that in the last two hours on Tuesday. This was ac- companied by enormous liquidation. At quarter past one, with equal vii olence and suddenness, the market turned up again, and race for higher prices began, which reached sensational
  ing was of enormous volume, and with in fifteen minutes advances of 1 to 3 points had been scored in active stocks. Reading in particular ran up no less than points within that period, mak- ing total advance of more than ii points up to that hour. The behavior of Reading stock, which was largely a key to the days market, held it's own, while other stocks went down, and was taken in enormous lots-some of them 10000 shares each-was interesting all day.
 A dispatch came from Philadelphia stating that Hartman had bought con- trol of Reading. The New York Cen trars Lake Shore holdings and those of the old Wasserman pool in Reading were said to have been formally taken over the night before. These holdings, together with those of the Baltimore and Ohio Railroad company now under Hartman dominance, it was added, are understood to give the Hartman inter- ests absolute control of the Reading property.
 The report that the control of Read ing had been acquired by E. H. Harri- man was not confirmed by the banking interests connected with the Hartman party.
 Altogether out of the turmoil and hurly -burly of the past few days, the possibility began yesterday to assert it. self that the responsibility for the ''raid" on the market lay at the door of rather different people than Wall street has thus far credited with it.
 Whether the rise in Reading repre- sents anything more than a market coup by powerful operators is ques- tionable The stock has been notably strong throughout all of the general decline on enormous transactions.
 What confused and baffled Wall street yesterday was the suddenness and rudenes with which that course was interrupted. When the fall in prices had reached the pitch of the greatest violence, it was checked with an abruptness for which there have been very few precedents in recent years.
 The weakness of the U. s. Steel shares at the opening destroyed confidence in the ability of the rest of the market to hold.
 While the liquidation was in progress it was noticed that the short interest was more sensitive to opposition than for some days, while the steady buy ing for cash by investment houses made a slight backlog against the attack.
 The market at last held it's strength and closed very active and buoyant at the highest level of the day Reading was the feature of the close and the whole market was influenced by it.
 Last December when six months money was 1oaning at per cent. stocks were yielding an income from to per cent. The 25-point average decline in the market and the 50 and Hotpoint drop in individual shares has somewhat