The Washington herald., 1907-10-20
PACIFICS WAY DOWN
New Low Levels Reached by
the Hartman Issues.
SUPPORT IS BUT SHORT-LIVED
Wall street in "A Mood 20 Crittcise
Head OF Union Pacific for Rash
Utterances on Rebating-Late Pres
ident Cassatt "A Victim TO the In
discrete Acts of His SubOrdinates.

New York Oct 1s-There was an ap-
pearance OF support in Union Pacific
in the first hour to-day, but whether
this represented anything more than the
buying in of stock put out on a higher
level by people who did not own what
they sold could not be determined with
any idea of accuracy.
Opinions differed on the subject, and
it was an encouraging sign that most
OF the traders regarded the buying as of
a significant kind. Many rumors as to its
origin were circulated. ore of the most
interesting being that L. Il. Hartman
while on his way from Chicago 10 this
city had telegraphed supporting orders of
a large size 10 be executed on a scale
down
Another was that house which on
Friday had called loans in which Anal
gamated Copper and American Smelt-
ing and Refining had figured as collateral
was putting the money released into the
Hartman issues. these whole operations
being conducted for Standard oil inter
ests. An this, of course. was guesswork,
merely. but that the graders were in
clined to guess in that way was a fairly
good Indication Of an Improvement in
sentiment.
Gets Wall Streets Opinion.
II might interest Mr. Hartman on his
return from Chicago 10 hear how Wall
street has begun 20 talk of him. lie
would probably be surprised to hear
conservative brokers express the opinion
that the present state Of nervousness viii
never entirely depart as long as Mr.. Har-
rim8n continues 20 dominate the Union
Pacific System and its allied interests
Yet there are many OF them who feel
that way.
This marks a distinct change In sen
timent within short time, not as a re-
suit Of a new presentation Of old mat
tiers, but on account of Mr. Hartman
recent tactless utterances. Mr.. Harri-
mans apology Tor rebating on Southern
Pacific IS IN nearly all quarters regarded
as a most serious mistake and Wall
street feels that the man who would at
tempt 90 condone such an evil is wholly
incompetent 70 occupy a prominent posi-
tion In the railroad world.
There is no railroad question on which
the opinion of the financial community
is so completely united to-day as that of
the iuiquity Of rebating, and even a
greater man than Mr. Hartman would
rather have to 60 with the current OF be
overwhelmed by il.
The late Mr. Cassatt heard Of the
granting of special privileges to shippers
by employees Of the operating department
of the Pennsylvania when in Paris, and
hurried home To stop the evil He stop
ped H. Mr.. Hartman has heard of the
granting Of special favorS by the South
ern Pacific and gayly trlnes with the
subject The revelations in Pennsylvania
are said 10 have FASTENED the death Of
Mr.. Cassatt The revelations I'm South
ern Pacific may end the railroad career
OF Mr. Hartman.
Pennsylvania Has support.
The difference in the degree Of public
approval for the policies Of the two men
is indicated that whereas Union Pacihc
is one Of the weakest stocks on the rail
road list Pennsylvania is almost without
exception the strongest member Of that
group.
Whatever might have been the nature
Of the support in Union Pacific it failed
utterly TO hold the price at the end of
the session and the stock dropped 10 a
new low level for the year closing prac-
tiCally at the lowest Southern Pacific
shared the fate Of the stock Of the parent
company, dropping not only 10 q lower
level than il had been sold at since il
has been on a 6 per cent basis, but below
the low point Of March Il, which had
before been the low record for the year.
The decline In these two stocks proved
a decidedly unsettling factor In the gen
eral market reversing completely the
tendency toward a rally that had been
fairly marked at the end Of the first hour.