The Washington herald., 1907-10-16
Hartman Stocks Heavy, De-
pressing Whole Market.
ACTION BY Mr.. FISH FEARED
Effort to Prevent Voting Of Union
Pacific Holdings at Illinois Central
ment for Relating by Southern Pa
cific Also Topic OF Interest.

rumors OF trouble a most satisfactory
arrangement was given to-day. This was
not done by mere word of mouth. but
was far more effective than any assur-
ance that could come in that way The
best informed bankers had all along as
serted that there were no grounds for
the stories circulated both here and In
London of serious embarrassments in
Wall street. but these assertions were
aspersed by the bears, who, unwilling to
admit that their own reports were
groundless, tried by every means to Inn
pugn the motives of those who endeav-
ored TO restore confidence. Something
more than mere word-of-mOuth reassur-
ances were necessary, and this came in
the willingness with which the banks
loaned their money on call Of bankers
collateral.
The Hartman stocks held down the
market. their prominence being so great
that whatever characteristic they display
in some degree communicates itself TO
the rest OF the list. Union Pacific tied
with its low record of last week and
Southern Pacific dropped TO a lower level
than it had before sold at since It was
placed on a per cent basis last summer.
There were reasons for the weakness
OF these stocks, although Il seems prob
able that in placing the success OF Mr..
Fish in securing an injunction to pre-
vent the voting Of stock offered 10y Union
Pacific AT the Illinois Central meeting be-
low the evidence of rebating found
against Southern Pacific the traders re-
versed the relative positions of the two
factors in the order Of Importance.
The Injunction. If fully sustained,
might prove serious matter for the
Hartman interests If it enabled Stuy-
vesant Fish 10 turn their representatives
out OF the Illinois Central board, whereas
the evidence Of rebating on Southern Pa
cihc might be the means Of stopping an
evil and enabling the stockholders 10
come into their own.
That Wall street has no patience with
rebating Is evident to every one in touch
with sentiment in the financial district,
and If it could be shown that under con-
siderations where the roads could get
more business at regular tariff rates than
they could possibly handle. special IA
vors were granted to particular shippers.
bankers and brokers are the last class
from whom the party guilty Of granting
the concessions might expect 10 receive
sympathy. Jail sentences would be vel
coined.
Away back in the palmy days Of 1901
Detroit United Gas was quite an active
feature Of the market. and at that time
a large amount of the stock was bought
by Canadian investors and spectators.
About that time the stock was placed on
a dividend basis. the initial distribution
being at the rate Of 4 per cent a year.
and this rate continued until the summer
Of 1905. when It was raised to 6 per cent.
Now. dividend payments have not been
stopped, and the stock which on Monday
sold at so dropped to-day TO 80 on the
New York Stock Exchange, and as low
as o in Montreal. where it practically
demoralized the entire market How
ever. the stock rallied to the extent of a
few points before the close.
Bond houses reported an improvement
in the market for the best class Of un-
derlying bonds. and It was noticed that
the general run OF bond issues listed on
the stock exchange displayed more firm
ness than during either the March or
August decline in the stock market A
marked improvement in the bond market
would be a most encouraging symptom.
Utah Copper dropped to 16 1-S. a decline
of ALI points from the high of the pre-
ceding day and Of 5 SIS points from its
price Of week ago. This meant that a
quarter of the market value Of the stock
had disappeared in a week, and no one
would attempt to ascribe short selling as
reason FOR IT, Selling was probably
caused more by the necessities Of indi-
vidual holders than by anything that had
occurred in the copper trade.
It was said that the Amalgamated Cop
per dividend would be - for the quar-
ter, reducing the rate from S per cent to
per cent year, and some of the bears
wanted to know whether the payment
would be made in cash or in Copper
There appeared to be a liquidation in
the Hill stocks, especially in the subscrip-
ton warrants for the new issue of Great
Northern and the full paid stock Of this
road. The source Of the liquidation could
not be traced, but that the selling was
Of this character and not bear raid
there was every reason to believe.
United Copper emulated the example
OF the famous military trader, who
marched his soldiers up a hill and then
marched them down again, for with a
suddenness that was almost bewildering.
it rushed up from SO to 50. and then rushed
down to 80. Nobody thought of asking
why. though there probably was some
one who had at least some sort Of a
hazy idea as 10 what it all meant.
MINING STOCKS.