Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-09-09
AND
COMMERCE
Wall Street.

New York, Sept. S.-Undisturbed
ease in the money market and ag-
gressive strength in the Hartman
stocks were the sustaining influences
in today's stock market. The infu-
ence was moderate in its effect, an
overwhelming proportion of the days
business being IN the Harrimans
themselves or in stocks in some way
affiliated with hat name. United
states Steel was the only addition of
FIRST class importance to that list.
Dealings elsewhere were duh and the
price movement narrow. The Harri-
man stocks failed to exert any pro-
nounced sympathetic effect even in
the groups in which similarity of con-
ditions would place them. III the
transcontinental group there was an
early advance in the Hill stocks, but
even this was ascribed to the assur-
ances offered by Mr.. Hartman in the
interviews reported with him that mu-
tualIy helpful intentions 10Y ruled
between the two controlling railroad
powers thus represented.
Atchison and st. Paul, usually in
close sympathy with the group, were
comparatively neglected. In the trunk
line group the same popularity was
manifest. The rise in Erie and BaIti-
more and ohio was frankly attributed
10 the Hartman dominance in those
properties and other stocks in the
trunk line group were sluggish and
dull. The c%oalers, which are affiliat-
ed with those two stocks in another,
were apparently indifferent, the activ-
ity in Reading being at some ex-
pense to its price. Pennsylvania and
New York Central scarcely moved.
Illinois Central was strong without
the usual response in other southern
trunk line stock. Atlantic Coast Line
was, in fact sharply depressed, Louis
vile and Nashville moved narrowly,
and there We're only a few isolated
transactions in Norfolk and Western
and Southern Railway. The immediate
new development affecting the Harri-
mans was the confident and cheerful
tone voiced by the head of the sys-
tenn in public outgivings on his way
home from his vacation.
limitations that Southern Pacific
has some financing in prospect seem
ed to be of as good effect on that
stock as was the assertion hat Union
Pacifc's needs had been supplied in
its effect on that. Material develop
ments affecting values of securities
We're lacking after the lapse Of three
days since the preceding dealings on
the stock exchange. The decline in
the surplus reserves of the banks,
gIpYrn h, Cot,,sluNytG hg,Ir. efa Lament
was not considered important, in view
of the large proportion of reserves
still held. New York exchange at
Chicago today was reported at forty
cents premium per $1,000, which Is
sufficient TO influence shipments of
currency to this center. The harden
ing of foreign money markets, while
il pulled up the rate of foreign eX-
change in this market, was without
apparent influence on our money mar
ket. London buying of stocks wa.
said to play a part in the strength
of some of the low priced railroad
stocks. The strength in the exchange
market, however, is attributed by
exchange experts to remittances for
American securities sold by foreigners
on account of frmer money rates
abroad. The government report OF
the condition of the grain crops was
not liked. The condition figure for
corn was not accepted. as threaten
ing any disastrous outcome Of that
crop. but a revision Of earlier and
more hopeful views was impressed as
as a necessity. The spring wheat
figures helped to the chilling effect
- .aasalR