The morning journal-courier., 1908-12-03
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WALL STREET NOTES Recklessness of Manipulation Disgusts Conservatives
 in Market.
  HARTMAN EARNINGS OUT  Gold Exports igniticance--Iack Of Trading in Bank and Trust
 Company Stocks.
HARTMAN EARNINGS OUT

Trading In Bank and Trust
 Company Stocks,
 Except for sensational opening in Rock Island preferred, there was little feature to the first transactions. Ms sauri Pacific opened 3f higher, Illinois Central and Pacific Mall point high CT, both of them, with Rock Island continuing to advance during the first hour. st. Paul opened I-S above the day before, Union Pacific Steel and southern Pacific were little changed frnm Tuesday. The opening in Rock ls- land preferred, was an illustration of tba sort or thing which has dsgusted an conservative people with the exist ing market The stock closed Tuesday q 5S after net advance of l-2 roints When it opened 1000 shares were sold simultaneously at prices ranging from 58 7-S to SO, On an ab- slrdly large volume of trading, the price was put up to 6l S-4 in the first hour during which period sales of Rock Island preferred stood for s4,00O shares out of 365.000 dealt in on the whole stock market. On the tape, dur ing this interval transactions in Rock Island preferred came out In long strings. some of them foot long One of these from 50 14 up to 6i 1-S, made total of 9o00 shares; another, from so S-4 to 6l 3-i and back to 6l 5-3, to- tailed lj,000 At midday the trading this stock fell away abruptly and in- cientaly the price had sagged back to the neishborhood of 6O It was held rear that figure during the break of ether stocks. The heavy break of the closing hour was apparently due to sol,ing by professional operators, who recognized that the market had reach ed precarious position as a result of tI" reckless manipulation of the past o''. and who saw evidences that tho
 ping power. both of the short st and of the manlpulative pools" la, approached or reached it's limit Naturally, the decline which followed touched long series of stop orders thus increasing the volume Of stock forced on the market.
 London sold about 10000 shares at h. oren'ng of the market the purchases teing pretty well divided among the a,tive internationals
 Tho Hartman earnings yesterday were favorable enough; both gross and not were slightly larger for october, on the two roads. than they were in Sep tember But they made a considerably less brilliant comparison with 1907, and that is perhaps the real test. Union Pacific. for instance. reported for Sep tember an increase of s464. 900 in gross and of t,it600o in not; today's figures for october show decrease of sll4,n00 in gross, though with S9t4000 Increase In net This difference in comparisons with last year may have been affected by the grain traffic. Tn September, grain deliveries at the primary mar kcts" were 100000 bushels ahead of 1G01: in October. they were 6,O00,00O bushels less, Tho decrease in Union rncincs October gross is larger than that of August, when such receipts were only s23,O GOO under 1907, The mys- tcry of tho slashing of operating OK penscs, in all three months. is not colv- cd by yesterdays figures
 While there is activity in a wide range of securities. from low priced socks to nigh priced bonds. in securi- ties listed and unlisted on the st3cI, exchange. brokers making a speciality cr such issues say there Is nothing do- ing in the stocks of banks or trust companies,
 Jt is expected that the trustees Ot the Great Northern ore properties will in the early part of January, declare di- yidcud of Sl50 per share Two diVi- dends have already been declared since the formation of the trust, namely Sl sl on September, 1907, and sl In March, 1908.
 further break of 1-4 cent an ounce fin the price of silver was again a dis turbing factor In the metal group O stocks, Both on the exchange and or the curb they staged off sharply and were heavily sold,
 one might almost think that the prospects for gold exports were thu signal for general rejoicing Bankers are said to view the outlook for ship ments of s15.Ooooo0 to s2o,OoO,OoO before the end of the year with complacenc! bank reserves being so large, while Wall street generally, in It's presen