The Washington times., 1908-12-21
Slump ocBanker Call Rupture Between Hartman
NEW YORK STOCK MARKET DECLINES
or CALLING OF LOANS AND
BEAR PRESSURE.

NEW YORK, December 21.-After a
false start, IN which prices advanced
fTdCtiOnally. the leaders became weak
and sharp declines were sustained, es-
pecially in the Hartman stocks and in
the old regulars, the erstwhile 1avorites
before the advent of the boom in the
iOw-priced list. 1t did not seem just
right to find these low grade stocks
holding their own, while Reading,
Northern Pacific. Great Northern,
Southern Pacific, and Union Pacific
were settling down for over a point net
loss.
The bears were active, pounding the
list right and left, and the manner
In which It yielded encouraged increased
bear operations. The poor bank state
ment was made one Of the causes of
the bear movement, but there are other
and more important rumOrs ahoat.
Banks Call Loans.
II is said that the banks have called
a halt on speculation by refusing
further loans and calling many loans
This item was reduced by $4,000. 600 in
the last bank statement. Moreover. the
national banks Of New York city VIII
have to raise about Sc. 900 before
long to turn over to the trust com
panies, in accordance with the prov:
siOns of the new State law requiring the
trust companies To carry per cent
more reserves, 10 per cent in all. Then,
too, an enormous amount Of money will
have TO be distributed TO bond and
stock holders soon after the first of the
new year, at once. practically. and the
question Of the speedy return Of this
money to banks is, with respect TO much
Of it, at best problematic,
Hill-Harriman Row.
There is also a Tumor that the agree
ment between the Colorado and South
ern Railroad Company. and the Burling-
ton Railroad Company. for the sale Of
the former to the latter, CRATES and jars
on Mr.. Harriman's nerves. He doesn't
ike it Il little bit and may make fight
on Mr.. Hill for this invasion Of sacred
terrItOry-Harriman soil
CnQuestionably there is a Earring note
IN the usual harmony chorus and the
market is slated for further slides down
Perhaps IL is for the best. PERHAPS
Mr.. Hartman is willing that IL should
60. in the hope that the lower prices
may tempt the public TO come back into
the market, to buy stocks. on the de-
cline or on the next sustained rise
Hill Shares Slump.
the fact that the Hill stocks which
have held aIoOf from the rest OF the
market on the down grade-at least
during the last few days-ioincd the de-
cline. and quite severely. lent color TO
the reported disagreement between IFar-
riman and Hill. Moreover the minor
stocks, the low-Erade, low-priceI issues
turned soft and continued on the down
grade with the rest of the list
The declines varied to points on
Union Pacific, "a on It. Paul. on
Great Northern. 21S on Northern Pacific. !
j., on Reading, 8 Oh Steel cOmmon
% on Consolidated .fas, Us on Missouri
Pacific. while the whole list was weak
There were slight recoveries from the ,
low point in the noon hour but the
tone was still one of uncertainty with
the bears pressing for advantage and d
The bulls waiting for signs OF Hartman 4
buying.
These signs were not in evidence
SmelteI Firm.
SmeIJer was the strongest stock on (
the list. II held its own, perhaps a
little more. and that was more than ]
could have been expected but for the F..
immense short interest i'm the stock.
Mexican Central was another firm Sc +
CUrity on the statement that the final
steps for the organization of the Ma
tiOnal Railroad Company, Of Mexico. D
which is to finance the lines in Mexico, .
viii be completed in this city on We'd F.
nesday, when ". Clay Pierce will be F.
e lected chairman Of the board of nine
directors.