The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-07-30
WALL STREET NOTES
Break in Stocks Follows Report
of William K. Wander
bits Death.
RALLIES AFTER DENIAL
Position OF Gould Lines Comes In for
Much Discussion---United States
Steeps Stand.

DtuChs duNhHCcu iHOutTultly DIT tHt
start. with the copper issues leading.
q. new high prices for the year, This
brought In fresh liquidation and
around IL o'clock the market was
breaking sharply. with Union Pacific
and Reading particularly weak. The
declines extended to 1 and points.
Around midday the selling pressure
was smaller. and an irregular recov-
cry set in. Around / o'clock the re-
bound had been IL point or more, but
the market was very dnull. 1t looked
as If influential interests were con-
tent with a smaller market. During
most of the afternoon stocks re-
manned very quiet, with alternate
rallies and recessions, which We're de-
void of meaning. In the last half
hour there was moderate rally. nut
1t did not induce any fresh buying OF
stocks The late features were Wa
bash and Wheeling and Lake Erie
shares, which moved up rather sharp
ly. on benefits expected to accrue from
the readJustment of the affairs of the
Pittsburgh Terminal. Wheeling and
Lake Erie, and other Eastern Could
properties, about which there was a
conference yesterday. Baltimore and
Ohio and Pennsylvania were firm on
satisfaction at the early clearing up
Of the above tangled problem.
Although Erie has made blooming
and beautiful progress recently. and
has been favored with q. chonce varie-
ty Of bull talk and the promise--un-
officially--of Hartman assimilation,
with all that that implies. a note of
caution has been sounded which may
not be allowed to die out before 1t
reaches the ears of those for whom
1t Is intended. 1t is to the effect that
while overlooked in the general hustle
attending the strength of the stocks,
Erie still has important financial
problems to solve. Now. the solution
of these may mean much or little to
holders of the company's securities,
but whatever 1t means can hardly he
ms bullish as the solution of melon
cutting problem. Without prejudice,
the advice is given to think 1t over.
The report that William X. Wander
bilt had been killed In an automobile
accident near Paris had as much as
anything to do with the break in
stocks. The rally began Immediately
after it was denied that he was in an
accident at all. New York Central
had sold down sharply with other
stocks. Mr.. Vanderbilt since the
death Of Cornelius Vanderbilt has
had chief control of the so-called
Vanderbilt lines.
The position of the Could lines
came in for great deal of discussion
That Mr. Hartman will be an import
ant factor in the control of the Gould
properties entering Pittsburg and east
of that point. was the accepted opin-
ion. Some contended that Mr. Gould
had capitulated TO his old rival But
the matter which most concerned the
financial district was the possibility Of
dissenslon. II was understood that
chances of trouble have gone by; that
all hands will smoke the pipe of peace
together and that the outlook Is mod
erately roseate. Any realignment of
the railroad connections In the East,
1t was asserted. could not but Inn
prove the situation The Erie, 1t was
thought, would certainly get an en-
trance into Plttsburg over the Gould
lines and Mr.. Hartman, who Is now
the chief spirit In the Erie manage
ment will be able to accomplish much
which will benefit ill-starred property.
This accounts for the sharp rebound
In Erie stocks.
Numerous persons could not resist
the temptation to sell United States
Steel stock on Tuesdays quarterly re-
port. Accepting it as good. so far as
the current business Is concerned,
with new orders coming in at the rate
OF $4,000 tons a day, or 70 per cent.
OF the company's apacity--traders
said. Sell on the good news" It was
evidently this condition of things that
was used to put the stock up from
under 40 near July TO as rs this
week The presumption Is that some
Of the men close to insiders took prof
its before the news came out. Efforts
were made yesterday to belittle the
character of the new business. Many
oe these orders, It was oontended are
nothing more than options, subject to
cancellation. To this It was replied
that during the last two years the
company shas handled only Fixed
Street as a whole was well pleased
with the showing Of earnings Of the
big company. Brokers received q good
many small buying orders for both
common and preferred stock from
various parts Of the country.