The Washington herald., 1908-04-12
WALL STREET NOTES
Hartman Now Not Expected
to Go Into Erie.
NO "READJUsTMENT" NEEDED
Question Not Same as In the Alton
RaiIroad-UniOn PacfHc's Position
Not Favorable from Standpoint Of
Traders-niII Up on D. & o. Fails to
Make Good-Pennsy Advances.

New Aork, April u.-Iraders who had
spoken Of the report that Mr.. Hartman
intended to take the Erie and develop il
along the same lines as the Union Pacific
SIS strong bull argument on Friday,
scornfully. referred 10 it as claptTap To-
day.
There was really no change In their
view regarding the matter itself but
their sentiment on the market was diff
ferent. They knew all along that ii
would be utterly impossible to obtain the
hundreds of millions of capital necessary
TO develop Erie as Union Pacific had been
developed. They felt that a lucky ac-
cident. such as the enormously profitable
investment in the> Hill stocks, could
hardly be repeated and were not quite
sure that If the same policies were fol-
lowed and money could be raised, some
of the investments might not pan out as
indinerently as those made by Union
Pacific in Baltimore and Ohio, New York
Central. and some of the other stocks.
II probably will be long time until
Il viii be possible for any one in the
Erie TO totally disregard the opinions
OF engineering experts as Mr.. Hartman
Is said by his friends TO have done in
regard TO the building Of a cut.ofr
little distance west Of Omaha and build
1t regardless of the cost"
Those who talk Of 'Harrimanizing'' the
Erie seem 20 forget that In It's original
use, the word was applied to the Alton
readjustment" That is hardly the kind
of operation that Erie stands In need OF.
Little could be inferred from the an
OF transactions In Union Pa
ciflc, but that little was not favorable.
The tactics OF the preceding day, by
which the buying was made 10 appear
better than il really was. were aban-
doned, and nothing OF ar especially in
teresting nature could be seen on that
side. But with the selling. il was some
what different That appeared 10 be the
real thing. tt was unostentatious-al-
most apoiogetic- II was most carefully
executed-neveT, as far as could be
avoided, on the recessions, but accu-
rately measured to the markets capacity
during the periods of strength. Few of
the traders seemed to be aware of its
presence. As a rule. they talked OF the
total lack Of any pressure of stock. al
though there was an almost irresistible
pressure every time the price rose high
enough TO come in contact with 1t.
The bull tip on Baltimore and Ohio. /
widely circulated during the past few
days. has not yet made good. The traders
usually regard il as bad sign of the /
market when the tips OF an advance in /
individual stocks Of this class fail tol
bring results
Pennsylvania responded soon after theI
opening, TO the announcement that ouei
Of the tunnels had been bored through |
from this city to the open country in |
New Jersey, but the advance did not hold
and By the end of the first hour the stock
began to beJray heaviness.
People who argued when the Butte
mines we're put in fun operation that the
management of the Amalgamated Copper
Company would not have resumed funl
blast unless assured that the demand for
he metal would be large enough to takeI
are of the output, now seem to realize
hat it is more economical 10 operate a
1lant full blast than partially, and that
{ Is the easiest thing in the world to shut
Town again should mere be a heavy ac-
Of surplus product
The present way of looking at the mat
er has tended to reduce optimism on
Amalgamated stock, and with the decline
n the price Of the metal, fears are enter
aimed that Butte may again suffer de-
ided reduction in its activities