Los Angeles herald., 1907-07-27
MARKET FOR
STOCKS DULL
HARTMAN SECURITIES DROP
FROM LEADERSHIP
SUBSTITUTION OF OTHERS NOT
SUCCESSFUL
Struggle Over Low Passenger Fare
Law Has Depressing Effect on
Erie and Southern Railway
Stocks
BY Associated Press.

BY Associated Press.
NEW YORK, July 26.-There was marked
shrinkage of speculative interest in the days
stock market, which was distinctly dull.
The fault lay very largely with the Harri-
man stocks which dropped out of their posi-
ton of activity and strength.
Efforts were made to substitute other stocks
In the leadership, but without success.
me animation Of the dealings in the two
STOCKS gone and the suppositon that the
tlon of the head of the system in taking the
public into his confidence as to the contenl-
plated dividends was intended to this end
ruts the market leadership into a quandary
The following of the present movement for
rise in prices have had faith that they have
been following a movement designed or ia
vcred by Union Pacific insiders.
The supposed motive of the movement was to
afford favorable market for the Union Pa
enc convertible bonds. of which s71,OOO,OOO of
the $f5WO,0OO issue fell to the underwriting
syndicate.
The recent surmises which have found most
favor among the speculative element in Wall
street as to the sponsors for the movement
initiated in the market have dealt with the
names of Hartman and the Standard Oil
gloup.
present situation and the present conjecture is
with the possibility that the head of the Har-
itman system has sought to put stop to the
use of his name and prestige by speculative
;nanpuators
The abortlve campaign of 1903 in Southern
Pacific, the efforts through the courts to en-
the part played by Mr.. Harrisan in thwart-
ing the attempt matters of history
and were canvassed with interest in the dis
oussion of present conditions today.
This situation given the principal credit
for the drop in the rate of market activity
Some effect of depression was excited by the
renewed weakness of market activity.
This situation was given the principal credit
for the drop in the rate OF market activity
Some S9ect Of depression was eXerted by the
renewed weakness in the Eries and by drop
OF q in Southern Railway preferred.
The latter was attributed to the dread of
the expenses in tie struggle the 2h cent
passenger fare law and the aggressive meas
ures of the North Carolina authorities in the
matter.
The market had the promise of a favorable
bank return.
The usual authorities are in close agreement
in the neighborhood of S6,500,000 the figure
for the accretion to cash reserves during the
week.
AS s4,699, 900 of this is derived from the ope-
rations of the subtreasury with the banks Il
Is that the movement of currency with
the interior is still considerably in favor of
this center OF balance. Money on call con-
tinued easy.
The London copper market was weak again
today but the strength of the United States
Steel upon the reported breaking of the strike
az tN Lake Superior iron mines was sustain
ing factor in the metal group Prices fuctu-
ated with much uncertainty all day but were
a high level at the last.
Bonds were irregular. Total sales, par value,
81. sos 900.
United States IS advanced 4 per cent on
call.