The sun., 1908-05-17

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Upien paclGc lsd tht market again yestsr.
dny. In the laug0ags OF = broker hiirrying
from the board room 70 Belmont Park. n
beat the bsssiet. took d commanding lead
md carns down through tho strstch 70 the
nnish lika, a. horse crazy with DOPE The
purport Of this raoetraok pafiance was the
substance OF many other comments made at
the close of the weeks buainesg. Il was "a
very general remark. IN stbstance. that Union
Paoiac was going aicng under the excitement
OF great deal Of artificial aid and that other
stoolrs wsro also rinnin6 ahoye their form.
That Union was tho best doped horse In
well dopcd Faoe was tho final expression Of
the broker Who brought out the racetraok
comparison. igar GS
An interview given out by Mr.. Harriman
In Washington In which reassurinR N not
optimistic views were Expressed accompanied
the advance In Union Pacific. But before
the publication OF the interview opening
Gales had been made. and In thess TRANSACT
ttons Union was bid for 30 insistsntly that
the tape gave the price at i4s1sto i4s, as COM
pared with i44T, the closing on Friday Mr..
Hartman statements undoubtedly strength
ened tho hands Of those who were thsn work
ing tho stock for higher prices. but at the
end. ~ In the beginning. the impetus was
money In the hands Of highly speculative
coterie with which. however accidentally.
the Union Pacific party seems now to be Ia
accord. u IL '.fN
Men representing conservative and. impor-
tant brokerage and banl1lns houses said that
notwithstanding surface Indications, they saw
few signs Of any heavy speculation on tho
part Of the Hartman party They had the
information coming from their own experi-
enoe. that Of wen informed noor traders and
that q very good outside connections 20 CON-
vince them OF lack OF participation on the
part Of bankers and brokers who In the past
have been connected with Hartman move.
ments. In their opinion the Hartman party
is not very heavily interested in the market
unless that party has ma dc some entirely
new brokerage connections and is conoealing
its movements an seoretively al ever did
,James X, Keene, or Ii encouraging the
plungers for tho gentle purpose OF trans
ferring to them stocks bought at much
lower level. Other people based the same
opinion on the prevalent belief that the bulk
OF the buying has been by houses which have
done business for most Of the big plungers
OF the last year. The source OF the trading
convinced all these interest ed parties that tho
continuation Of the upward movement was
speculative venture rather than q market
movement supported by strong and sub-
stantisl banking interests. ,
II there is to be q market leader Union
Pacific 10 the natural commander at this
time. It's stocks and bonds are held by people
with great cSedit and abundant cash. What
ever the sonrce Of an advancing movement
In the stock these people could hardly find
It to their advantage to oppose It. good
market for the stock iB advantageous to
all the insiders. of course. because Of the help
1t viii render TO the forthcoming mortgage
bond issue. In addition they and many
others besides have long hoped for the time
when the stock would cross 1B4 and they might
dispose to advantage Of the convertible bonds
cxohanseable for stock at this pasity. One
Of the most active and determined upward
movements Of last year was conducted for
the purpose Of distributing these oonvertibies.
lt advanced the stock from below 100 to
l45,sbut there lost It's momentum. and the
decline was much more rapid than had been
the advance. The oonvertlbles are still
held by much the same interests as those
behind the movement culmlnating early
In August last and q market for the bonds
would be welcome to them. Professional
speculative operations on the bull side, II
not prompted by the Union Pacific party.
could not accordingly be calculated to attract
opposition from this powerful contingent
aud would be certain to attract support from
houses carrying allotments OF the conyertibles
and on the outer fringe ~ the Union Pacific
circle. ~
The only bullish argument to which general
expression is given was put forth In one such
house yesterday substantially as follows:
Upward OF q year ago and thereafter for
several months the market was breaking
sharply and the entire interior Of the country
was deolaiming that the panic or business de-
preston was simply Wall Street depression.
From the so-calied silent panic Id March to
the real. sure enough panic In October in
terror politicians and bankers and business
men were rather gloating over the idaa that
this was Wall Street panic. and Wal Street
panic entirely. All thie time the Street was
In bad surface condition comparatively.
but II was In better shape than all the rest Of
the country combined because 1t was liqui-
dating and the rest OF the country was not.
II forecast and discounted as much as pos
sible the panic that was coming. The situa-
'tion 10 now reversed. With business at
stAndstill In the interior, the Street. as its
opinions are expressed by market quotations,
is forecsstinE and discpunting the improve
ment sure to come In the future. A, great
many people waited too long before selinS,
their stocks In 1907; great many are waiting
too long before buying them in 1905"
The bear retort to this argument is that the
bulls are discounting the dim and distant
future. that the advance Is not warranted by
any recovery that can reasonably be pre-
uicteo LOT the current year
The Gould financing has brought about some
activity In the stocks OF various Gould roads.
These were rather lively yesterday. but on
the average registered very little advance.
To MI an order In any Of the stocks It was not
necessary to bid above the last quotation.
The opinion is widely expressed that the
Gould roads will oome out of the panic with
all financing taken care OF. At the same time
II IL fealtEed that much Of the financing will
be on expensive terms and that equities In the
stocks will not be increased In the near future.
Z Two well known operators who have hgured
great deal In the papers are reported to be
heavy losers by the recent advance. The
case Of one OF them 10 not surprising. for he
had 3 press agent celebrating his winnings
on the short aide last year and every one has
known that the market would take back his
winnings sooner or later. The other, who
like the former 10 q Western product. has
never before been known as anything but
wild. aggressive bull. He was bull last
year when(it didn't Day to be q bull. but re-
gently. aoSorsilnz TO very good reports, he has
been most obstinate. baking bear. There
are reasons to believe that the civil courts
will give the details Of the story.
FINANCIAL NOTES,
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Cable advicss received from London say