Daily Arizona silver belt., 1908-08-28
HARTMAN AND ROCK ISLAND FORCES ARE ENGAGED IN
 BATTLE ROYAL.
VIOLENT FLUCTUATIONS MAKE MARKET DANGEROUS FOR ALL
 SEASONED OPERATORS.
Conservative Houses Advise Caution in Dealings Until More Stable Con- ditions Are Restored-Politics Growing Factor in Speculation.
(From the New York World.)

The irregularity which stock values have displayed during the week has been due to the hostility that has de- veloped between two factions in the market. This conflict had its beginning in the Chicago & Alton disclosures made in the interstate commerce in- vestigation of the Hartman manage ment of that property and the attitude assumed by the Rock Island interests, who subsequently, acquired control of the road. It is generally believed that these interests aided the commission in
 it's search for evidence and, as a result, incurred the enmity of the Hartman forces. At any rate, the breach be- tween the two big factions has been constantly widening, and their rela- tions have not been rendered more amicable by the recent refusal of the Wells Fargo company to extend loan to the St. Louis & San Francisco. The market position of the Rock Island crowd during the last two weeks is thus explained. For several months Mr. Hartman and his Standard Oil allies have been committed to the bull side of stocks. They had practically no opposition to their campaign until, about fortnight ago, the Rock Island faction appeared as aggressive sellers, using their own property as a club to beat down values throughout the list. The result has been a series of ad- vances and recessions- which have dis. turbed the whole market and rendered it extremely dangerous to the small speeulator. The advertising campaign of Boston operator had been still more disturbing, and the result has been that the commission houses have been advising their clients to be ex- tremely conservative.
 That the Hartman interests have by no means abandoned their bull pro- gram has been shown by their dem- onstration in Southern Pacific. About week ago the tip was industriously spread through the usual agencies that Southern Pacific would cross par with in a few days. This prophecy was full filed on Friday, when the stock ad- vanced to l00A, the highest price it has ever sold. To justify this advance the argument has been used that the com. pany has shown its ability to earn it's full dividend and comfortable surplus besides during the greatest depression the country has known in recent years, and that, as general business is show ing slow but sure improvement, there can be no question but the present rate of disbursements to stockholders can be continued indefinitely. The claim is made that as a 6 per cent stock South ern Pacific should sell on much high ser basis. The same arugment is used in connection with Union Pacific. The bears, on the other hand, maintain that the market has more than dis counted any improvement in business that is possible this year, and that the present presidential campaign is sure later on to develop periods of doubt and uneasiness.
 As matter of fact, the campaign up to this time has not been given much consideration by the speculators Wall street has displayed an air of quiet confidence in the elections outcome, and the powerful interests have given it to understand that there is no ground for apprehension. Indeed, the recent upward movement is believed to have been supported by leading finan- ciers, largely for the purpose of stimu. lating general good feeling. Recent developments, however, have not been altogether satisfactory to those who profess to look with equanimity on the outcome of the canvass. Advices re- ceived from the northwest have been somewhat disconcerting, while the apathy that prevails in the strongholds of the dominant party has become q growing cause for concern. It would surprise no one if full-fedged elec- tion scare should develop in Wall street during September, particularly as that it the month when the campaign col lector begins to make his rounds. The Maine elections will, therefore, be watched with great interest, and any falling off in the normal republican pluralities in that state it is believed would have a violent effect on prices, particularly on those of the tariff pro- tected industrials.
 
 Canvaa awninOs-Ilohe Paint Co