Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-09-17
AND
COMMERCE
Wall Stree.

New York, Sept. 16.-All that +. II.
Hartman had to impart concerning
The properties in which he is interest
cd fell far snort of Enat thr specula-
tive Imagination had been led to eX-
meet during weeks of buying of the
stocks at steadily advancing prices. IT
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
foo weak before" the weakness today
might be accounted with equal jus
flee as due to stocks having become
TOO strong. The realization that there
was to be no Union Pacific holding
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
o~ctuaIity 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 speeula-
tion. The action of the market gave
warming also, hat 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-
ton 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 ShrinkaGc i'm railroad
earnings coupled with the heavy adj
ditions to share capital which is to
divide claims to earnings hereafter
made the great tranScontinental lines
vulnerable to this consideration Great
Northern preferred, Northern Pacific,
st. Paul and Canadian Pacific all
were acutely affected. The liquida-
ton sought for substantial spec
ulative lines Of stocks was considered
certain from the action Of tho mar
ket. Tho motives prompting the liz
were not so commonly agreed
upon. Political scare was one motive
advanced by some Of the most dem
o%nstrativc of the sellers. Tho course
of the market was not an entire SUE
to observers less CLOSELY con
cerned in the speculation. The eX-
tent of the rise i'm itself has suggested
the approach of reaction. The m0der-
ate pace of the Improvement had in
the oven d|iscounting of this
in the securities market, The reliance !
placed on the plethoric money market
q continue the movements loses part
If its basis with the normal period of
depletion Of central reserves arrived,
though the rate Of depletion is
unusually belated and slow this year.
The effort at liquidation finds little
descriptive demand to meet it. as the
general public interest in the sDecula-
ion has been at no time great. The
active selling pressure continued up
o the close, which was weak and at
he lowest prices. Closing stocks:
Amalgamated Copper ,........ 1855
Amer. Car and Foundry ...... $3.50
>merican Cotton Oil ......... S4A
Amer. Hide and Leather pfd e.. 10