The sun., 1907-08-16

were not as violent in the others as in ANAL
gamntcd. hut the Hill stocks moved half
- point between sacs. and in most OF the
others the price changes were quite as pro-
nounCed between transactions IT. was
noteworthy that neither of the Hartman
stocks broke through the prices Of the March
decline. In the case Of Southern Pacific
explanation was found in the fact that IL
has since been made a n per cent stock At
s0u wss selling on a ~ per cent investment
Weld Union Pacific. which got down to
igOI,. :. of a point away from the March
low. nt that price was selling at better than
an \ uer cent. investment. Each, it was re-
marked. was low enough in all conscience.
lower in proportion TO investment yield than
other standard rails.
The decentralization was not permitted
to continue long. Almost as soon IA the
tape recorded the opening transactions
strong supporting orders were rushed to
the floor by banking representatives Of
various important interests. The support
arrived when the market was IA hollow
as possible but turned the course of the
trading instantly. II was obvious to every
reader "r the tape. Intentionally obvious
II looked and many. n broker said he had
never seen an instance when the fact that
was made So apparent. There was no con-
cerbed support. it was learned aftcrward.
hut various men took care Of the market
for the particular stocks in which they and
their following are most interested.
The character Of the trading in New York
Central was IA significant as any other.
II started with 900 shares at par There
followed 600 at aal5, 100 at 9ast. 100 at 981a.
200 at a9s. and then the largest block Of all.
400 AZ par The last looked like the ap-
pearance Of support. There were then = few
sales Of odd lots at fractions above par and
the price got down to 1905. The following
sale was block of 200 shares at par and H.
looked AZ il the main supporting army had
come up and meant to stay on the field.
Nothing more was heard throughout the
day Of Central selling below par. It was
guessed that the Vanderbilts had drawn n
limit for the decline in their favorite and
were there 10 hold il regardless of the lack
OF concern Of the Standard Oil party. for the
action of their specialties.
The support sustained the market very
well throughout the morning session. Frac-
tion hy fraction opening losses were re-
covered. Trading was on scale OF re-
rnarkable activity. which was furthered a
great deal by the short covering OF alert
bear- Much Of the first hour the tape ran
fully five minutes behind the market. Price
movements were irregular and fiuky as
natural consequence of the initial excite
Inent, but the general trend was steadily
upward
Increased assurance was taken at II o clock
from the welcome announcement that the
sheets had passed cleanly through the
Stock Exchange clearing house. That the
Stroot fould Withstand Snph n auccassiOn
of hard iolts and jabs was again a matter
of congratulation and encouragement, Fail
ure r,Imors still persisted-the most i'm
portant Of AL held on until the late trading
and it may he that they will persist for
several davs. for IL is believed that men
must be crippled just az in March men
were crippled. but held up until their affairs
coul he lipuidated in an orderly manner.
Al the worst, il was thought. there is a
possibility of some such development now
on a smaller scale. But it was everywhere
believed that the cripples IL unable TO re-
cover will be laid away peacefully and
that none will starte the market by a violent
and sensational collapse
There was nothing in the day to change
preconceived ideas on the general mer-
camille and industrial situation. Talk on
this line was in the same tenor, though not
as abundant as on the preceding day. On
the other hand the most disconcerting
rumor OF trouble in the financial district
subsidized with a statement. shortly before
the close. that large blocks of securities
had changed hands at fair price and that
everything in the particular quarter was
now all right. The securities were said TO
have been underlying bonds and stocks Of
underlying companies and bonds ,and stocks
Of the dOiniIant company IN big Corpor-
ate organization. II was dr1ied that the
transfer of securities was necessary, bur
there was no doubt that thr report of it
cleared the atmosphere.
With the appearance az noon Of very
strong statements regarding the Admins
tration and the Hartman lines substance
and strength we're injected into the market
10 a great degree. The trading from then
10 the close developed into the brOadest
and heslthest market thai has been seen
since the imposition of the STANDARD oil
fine. The closing was irregular, but in
most Of the active stocks there was dis
tinCt gain over the close on "Wednesday.
Practically all showed sharp recoveries
from the low Of the morning. The recovery
seemed all the more substantial from ap-
pearsnces that many Of the orders put in for
support in the morning were sold out in the
afternoon
Ama)gamated aud Smelters each recov-
cred the point loss of the early trading
and scored fractional gains for the day
Northwestern closed with net gain Of
~ points. ST. Paul showed gain of
points for the day. These other gains
over Wednesdays closing were notable:
Sugar. 2; Anaconda, ia; Atchison. -;
Great Northern. ~; mtcr-Met preferred,
~; Central. Is. Pennsylvania. /; Reading.
~; Union Pacific, ~, Steel coInmon. !;
Steel preferred ~,
The market remained bad one on which
to place generally inactive stocks or special
ties. There was enough to do yesterday
10 take care OF the active stocks on which.
for the most part the Streets loans are
carried. People who we're inpelled to seli
400 shares OF Grapby sustained loss Of
IS to $40 share. Denver common on
which bids were lacking on We'd edlesday,
-. 81, fk.l..