The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-06
PANIC BREAKS
STICK MARKET
Opening Was Strong and Market
Held, But Close Was
Disastrous.
RuMoR OF MANY FAILURES
RuMoR OF MANY FAILURES e!
Atcl,ison Was Thrown on the
Market and Hartman Stocks !
Went Down With a Thud.

NEW YORK, March 5.--1t looked for |
s,,ne 10. day as though stocks had made
= stand against the violent selling pres
s,,,ie. which has forced prices down
ward for some time past But tns
early rally proved only pren.mhs
spell. and the selling movement last LII
che day was in rather larger volume
and more precipitate in is character
than that of yesterday, with a panicky
break at the last. The fall in prices
was notable for an absence of news
to account for II. The violence OF the
fall however gave rise to plenty OF
runiors OF money difficulties. to which
the urgency of the unloading or STOCKS
gave plausible color.
No announcements of any cmbar-
easements reached the public, however.
The enormous and unexplained selling
of Atchlson was the active influence
In turning prices downwards. The rest
OF the market ignored the Atchison
selling for a time and held It's rally
we'll The complexion of the market
changed when the Hartman stocks be-
gan to come out freely again. especial
w Southern Pacific. The most efec-
tive influence In the early rally in the
market was the large demand FOR the
Hill stocks at advancing quotations.
Very circumstantial, but unverified re-
ports were current that arrangements
had been perfected by private agree
,nent for taking over some OF tho large
holdings Of these stocks which were
oyerhanEing the market. The Harri-
man holdings OF the Hill stocks, II was
alleged, were included In some such
arrangement A statement with an
appcarancc OF inspiration was given
out during the day, denying yester-
days rumors that the Hartman hold
ings were being liquidatcd to provide
resources to meet note falling que
at an early day for the purchase OF
baltimore and Ohio stock Tor the
Union Pacific treasury.
There was an apparent accumula-
ton of Reading going also, which was
effective In forming speculative senu-
ment for the moment. The consequence
was that the opening fall In prices
represented the lowest level OIL the
early part OF the day.
Chicago reported Inc largest ship
ments of currency to the interior dur
ing February on record. and the Inn
preston was general that closer money
conditions We're In prospect. The de-
moraiized tone, OF the closing left much
anxiety for the future course of the
market Atchison fell an extreme
points; Brooklyn Transit, L.; South
srn Pacific, and louisville and Nash
vile, 8. and tho general list up to over
points. The Hill stocks were the
only ones In the list to save anything
Of the early gains.
Bonds were irregular. Total sales
par value, so.11o.ooo. United State.
new As. registered advanced 1-2. and
the coupon per cent. on call. Total
sales. I.767,200 shares.
NEW YORK, March 5.-Money or
rail- firm. 5I6 per cent; ruling rate
6; closing bid "a; offered at 6. Time
loans dun and slightly easier; sixt3
days, ISAAC per cent, and ninety
days, 53-4: six months. S 12M53-i pei
gent. Prime mercantile paper 53-4G,
per cent. Sterling exchange easier
with actual business in bankers bills
at $4.s455Ms4.s460 for demand. and a
f4.S035 ~ $4,000 for sixty-day bills
Posted rates. S4.S1 1-2 Qp$4.S5 1-2: com
mercial bills, $3.50 is 61$4.S0l-4. Ba
silver 6s1-s. Mexican dollars, SO Ia.