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Show Wild Scenes in the Pi and Un-usually Un-usually Violent Fluctuations in the Marked : 1 FIERCE STRUGGLE BETWEEN TWO CONTENDING FACTIONS "Well Defined but Unverified Report TIi a I, Jlamnian Has Secured Reading Control. NETS YORK, March C W.ilt street hus seldom, if ever, peon such vailed and vIolenL fluctuations- In price? of securities as those which occurred today. There have lieen panics Jn iho stock market, when prices foil apparently Into n. hot-B hot-B . tomlesp aby??: there have been boom por- B iods when the bold operations of darlnpr H speculators seemed to be carrying prices inimitably upwards, but the feverish up-H up-H 1 ward and downward alterations which H characterized today's movement have had H I few parallels. The market was two-sid- 1 cd from Ihe start. Then followed a po- i Tlod or abrupt reversals of the peneral 1 current of prices and ultimately excited H and disorderly niovcmenls at cross cur- B The whole movement wa9 without defl- nito news to explain It but the volume and the acprePHlveness of the operations were sufficient to stamp them as comlnc; H from sources of Importance. It is this Implied importance of the origin of the 1 present dealings and Ihe mystery which H hangs over it which have given impres- 1 slvehess to the speculative imnclnatlon. B Wall street parlance has foiuid a phrase. 8 "rich men's panic." to define the ootid I- BpH tion. This is based upon Iho supposition. Bpn quite commonly held In the neighborhood BpB nf the stock exchange, that men of great' n wealth, who accumulated large holding?- BpH of stocks last year, find themselves u'lth- out prospect of selling out to advanlagu in the present public distaste for the stock markets. It is believed that they have been prompted as. well by the urgency Jl of other calls upon them, due to tho unl- Jl versal pressure for capital, and by fears J! of being overtaken by a period of Indus- Jj trial depression to liquidate their holdings BpH .is best they may. Bpjj The action of the mnrket for several BpH tlays, anrt of special stocks notably, has BpB plvon color to this theory of tho events Bpjj In progress. To this condition of sentl- ment was precipitated today a report that carried with it an inference that Bp! the supposedly capitalists wero In reality J taking advantage of the unseitlcmenl of J values to carry out another Reading ex- plolt. The rumor alleged with posltlve- l ness that certain large centralized hold- l Ings of Reading had been taken over by l Mr. J-Iarriman, securing his control of tlue V property. The heavy liquidation of yes- 1 terday in Atchison was alleged to be of H Union Pacific holdings to provide re- V sources for the Heading operation. The bears in Heading were thrown into a V panic and there was a scramble to cover j nil through the list.- The report was Impossible of verification, and its platis-j platis-j Ible and likely features were so mixed J us to leave the opinion at sea. The bears were iirdmldated and were J disinclined to pursue their attacks on rlees of other stocks. The Heading ru-BSJ ru-BSJ mor came into the market In tho midst ( of a drastic liquidating movement In Ca-MSJ Ca-MSJ nadlan Pacific, which had forced that stock down over 7 points below yester- day's closing level. This had much tho BSJ sane-effect as the violent slump in Atchl- J son yesterday and had served to break J l!ie whole market The reversal of the KSJ movement was all the more abrupt and J violent on that account. There also was MSJ very heavy liquidation in Pennsylvania. Amalgamated Copper and l.'nlon Pacific H The absorption of the I Mil stocks and of BVj Heading, however, was constant throngh- J out the day. Atchison also met no such selling pressure as that of yesterday. J Those evidences of resistance' In t lie. BBJ market already had divided specuiativo J sentiment and tho Heading incident J . turned prices decisively upward. No at- J tentlon was paid to news concerning gon- oral conditions. The last prices were J generally the best of tho day, and an I active buying movement was in force I ' Bonds were Irregular. Total sales, par Value. SJL.730.000. ' 1 l l."nlted Slates .la advanced i per cent on New York Bonds. . U S ref 2s, reg..JL0 I do -ljs. cer( . . sns ' ,(' J?"P 105i do cert 2nd s SS7 H & 3s, reg.... 10311-rapan -Is ctf" l H do coup ... . jo.ij JtNunl Is. ! jnn; i' .s old Is. reg. long Man con g- -is no ,.(1c? ;"P 129 Mpx Cent -Is. Ti BBJ f now 4s, reg J 20 do 1st Inc - J do coup .... -30 M & Si l )"' no BBj Ain Ton Is .... ?21 M. IC & r gs, BBBJ do Ca lOSil do 2nds ... r. 1 BBBJ Al-.li gen Is ... 105E KHR of M c 'is Rfii BH ttlCJJ. ,s 95 1 J C gen Ss;. j-5 b & o 4s inoi x p is joni do .lis OUj do Hs ... 705 BBBJ C of Ga Sp .... 103 O S X. ref -fs . i'. BBBJ rto 1st I"c off. 00 Pennn cv ,'!is. j BBBJ '1 2nd inc off 75 Rdg gen At. iifiZ BBJ ao 3rd inc ofr c,c, sti, & i m i:o nP u"i BBBJ C ,fc A :iis .... 711 StI. jfe KF fg is so BBBJ C. B & Q n Is. D.IJ St I'j SW coii Is 7S BBBJ c.ri .;- p -is. 7 s a i. is ; sbfi BBBJ do col s .... 81 S P 4s S7 BBJ C.C.C S: SL g Is lnl? do 1st Is cert. fl.TS BBj Colo In 5s. s A. fi62 S rtwy 5s 1038 BBBJ Colo Mid -is ... 70; Tex I p lst,.. 117? BBJ . Colo & S Is- ... r.0J T. St . & V 4s SI I BBB I Cuba 5s 100JIU P Is 100 BBBJ D & H G Is ... 94 . do 0 is 1001 BBB Bis Sec Hs S7JIU S K 2nd r.s.. !179 BBB Erie pr Hen 13 fiGJlWabash Ists 11U BBB do gen 4s ... 81 Vcst M1 Is ... 81) BBB I J lock Val lis-.. 043 V ft j K Is ... Sll BBBJf Japan fis 933: Wis Cent Is .- 87 BH I do 2nd nor... 90& 1 New York Money. NEW' YORK. March (1 Close: Prime BBBJ mercantile paper, fiJG per cent: sterling BBBJ exchange, heavy, with acuta! business In BBBJ bankers' bills at ? I.? I. lTi' 1.8 1.50 for dc- BBBJ maud and at ?4.80.P.04.$0.n5 for slxtv- BBBJI day bills: posted rates. ?4 Sli and 5(.S5i; BBBJ commercial bills, l.Sfrl.SOi. BBm Mexican dollars. f::r. BBJ Government bonds, firm; railroad bonds, BBBJ irregular. BBJ Money on coll firm, HJ per cent: ruling BBBJ rate. 5 per cent; closing bid. 5 per cent: BBBJ olfcrcii at ." per cent. BBJ T-..ic loans, steady; sixty davs, 1; per BBBJ cent ; ninety days, 5? per cent; six months, BBJ 5i5 per cent. Treasury Statement. WASHINGTON, March C Todav's BBBJ -Ftaiement of the treasury balances BBBJ shows: BBBJ Available cash balance. S25l.0S6.013, BBBJ Gold coin and bullion. $117,115,689. BBJ Gold certificates. $1(7,054,700. New York Sugar, NEW YORK, March II. Sugar Raw BBBJ 1 .steady: fair refining. 2 J5-lTc; centrifugal' BBBJ -fO test. 3 7-16c; molasses sugar, 2 11-fnc BBBJ refined, stendy: crushed. ?5 10; powdered BBJ $ S.S0; granulated. $1.70. BBBJ BBBJ . Now York Produce, ' . NEW YORK, March C Butler steady. J unchanged. BBBJj Eggs, rtrm: Western firsls, lSic; sec- BBfl omls, lSfilSlc. St, Louis Wool. ST. I..OL-IS. March 6. Wool, steady; BBS Uli'o'"1- .T06; combing and clothing. BBJ 74.Tc: n5ht ,1nc' 20fii.23c: 'licavy flno. BBJ lOlSc; tub-washed, 303Sc. BBJ |
