Albuquerque morning journal., 1908-09-17
FINANCE AND
COMMERCE

WAL StFcet.
New York, Sept. 16.-All that E. H.
Hartman had TO iripart concerning
the properties in which he is interest
ed fell far short OF what the specula-
tive imagination had been led to ex-
pect during weeks of buying of the
stocks at steadily advancing prices. 1t
was the disappointment on this score
that caused the crumbling of prices
today more than any other factor. Mr..
Harriman's terse reason for the great
strength in the stocks of his railroads
was that ii was Because they were
too weak before" the weakness today
might be accounted with equal JUS
tice as due to stocks having become
too strong. The realization that there
was to be no Union Pacific holding
company and distribution of treasury
assets, no immediate valuable rights
on Southern Pacific in connection with
new financing, no extra disbursement
on Northern Pacific and, in fact, no
actuality on which to base numerous
other rumors which have kept alive
speculative enthusiasm for some time
past, left holders of stocks with the
dread that they had been pursuing
phantoms and OVERRIDING the specula
tion. The action of the market gave
warning also. that measures of con-
troll and support for prices were not
to be enforced with the same deter
mination as lately. The vigorous re-
sistance shown by prices to selling
pressure for some time past has quiet
ed all apprehensions which might
arise on the part of the purchasers of
stocks for an advance. The convic-
tion thus fostered that a powerful
combination of capitalists, equipped
with hundreds of millions of dollars
In loans on call, had set themselves to
hold and advance prices, was shaken
by the Evidence of distribution of
holdings whenever the market was
strong enough to absorb them. Read-
ing served as the instrument for sup
port of the market was the case yes
terday. The stock was about the only
one TO show positive strength at any
time. New York Central advanced a
point temporarily when it became
known that the regular division had
been declared The relief from fears
of a reduction in that dividend did
not avail to reassure misgivings over
dividend maintenance at other points
The continued shrinSage in railroad
ditions to share capital which is to
divide claims TO earnings hereafter
made the great transcontlnental lines
vulnerable to this consideration, Great
Northern preferred, Northern Pacific,
St.gPaul and Canadian Pacific all
.Wefe acutely affected. The liquida-
tion sought for substantial spec
ulative lines of stocks was considered
certain from the action nf the mar
ketN The motives prompting the liq-
lIidation We're not so commonly agreed
upon Political scare was one motive
advanced by some of the most dem
Onstrative of the sellers. The course
of the market was not an entire sur
prise to observers less CLOSELY con-
eerned in the speculation. The ex-
tnnt Of the rise in itself has suggested
the approach of reaction. The moder-
ate pace of the Improvement had in
dicated the even discounting of this
in the securities market. The reliance
placed on the plethoric money market
to continue the movements loses part
of its basis with the normal period OF
depletion of central reserves arrived
even Though the rate of depletion is
unusually belated and slow this year
The effort at liquidation finds little
absorptive demand to meet it, as the
general public interest in the specula-
tion has been at no time great The
active selling pressure continued up
to the close, which was weak and at
the lowest prices. Closing stocks:
Amalgamated Copper ....... 75%
Amer. Car and Foundry ...... 1895
do pfd ....t...-.4.....-.- luz
American Cotton Oil ....... 34A