New-York tribune., 1908-09-16
FINANCIAL AFFAIRS
STOCK PRICES LOWER
Manipulation in Hartman Shares
and Reading Induces Professional
.Seling-Time Money Frmer.

Indications OF active manipulation in Reading
and the Hartman shares in yesterdays STOCK
market were IN part responsible for aggressive
operations by many professional traders for
lower prices, and a result Of these transac-
tions and general selling quotations developed
great irregularity. with decided weakness at the
close The fact that prices did not respond TO
the operations in Reading and the Hartman
Stocks caused miscellaneous sales, which in the
afternoon dealings reached volume that car
ried values from l 10 points under the closing
of the preceding day. the movement extending
to the chief market leaders. including Union
Pacific Reading and Southern Pacific. from
which inside support apparently was withdrawn
in the last hour OF business. The Hill shares
were notably weak, and excuse for the selling
was found In the rumor that the dividend on
Great Northern would be reduced at the next
meeting OF the directors for dividend action. In
addition to the reports on the Hill shares there
were other rumors that were not calculated 10
help market values as. for instance. gossip that
a big Wall Street house was in trouble; but
perhaps the most influential factor in the de-
cline was the refusal of Mr Hartman to con-
firm the various recent fairy tales regarding al
legged financial plans affecting the Union Pacific.
the Southern Pacific, the Central Pacific and
the Erie.
Mr. Hartman is strengthening his properties,
but he is not contemplating sensational plans
for their development. He is a builder OF rail-
roads ideas that bring results, and stoSk-
holders may rest satisfied that the future OF
the properties that included in the
Hartman control will be mapped out on lines
that will conserve the best interests Of the
owners Of the companies. Traders reported
that the market full of stocks at the close
and that some OF the selling in the day had been
due to the election results in Maine. Wall Street
need not worry about Maine The election in
that state was fought out on local lines. Wall
Street would better base its operations On the
Vermont election. The fairly heavy selling for
foreign account of Erie and United States Steel
| common doubtless had some effect upon specu-
| lative sentiment, while the foolish talk OF
| trouble between the Morgan-HIl interests and
| the Hartman party also may have been respon-
| sible for part of the days selling. From a
wholly speculative point of view the decline was
warranted by technical market conditions.
| Among the few strong features were the Colo
| rado Southern issues II is understood that at
| no distant time dividend will be declared on
| the common stock OF this company, earnings
| for considerable period have been in excess
| of per the issue.
In the last few days 100000 has been trans
| ferred for the account of local banks to New
Orleans through the machinery of the Sub
Treasury, and according to current indications
/ the movement Of money to that point IN the
| course OF the next two months will be heavy as
| a result of the large cotton crop requirements
| in the South and Southwest. Exchange at
Western and Southwestern cities New York
| is moving against the latter centre and. while
the direct movement of currency from this city
| is not yet heavy, the outlook favors increasing
shipments throughout the autumn in connection
| with the financing of the harvests and i'm
| proving mercantile demand for accommodation.
There is q better inquiry for commercial paper
| liz the local market. time money shows a frmer
tendency and call rates, though still at a low
| level, are beginning TO reflect more active
use Of funds. Sterling exchange here strong
yesterday, but in foreign banking circles ii was
not thought likely gold exports would be made
indeed it was pointed out that the general
course of the market in the fall months would
| without doubt be in the direction Of level al
| which imports Of the metal from Europe could
| be brought about if the requirements of the
! local money situation should become urgent
| enough TO demand assistance from London OF
Paris.
from Australia. and though this movement IS
| that must at NO remote period develop in favor
the present week the New York banks have lost
on their operations with the Sub-Treasury up
ward of 81. 100000 in cash, the movement sep
/ resenting in great part the payment by interior
banks Of Obligations due the government fol
customs and internal revenue by drafts on thei
New York correspondents. This is another in.
dication of the growing demand at out-of-towr
points for money in connection with the crops
the interior banks using their balances here fol
government payments and providing home de-
mands for their balances on hand.
EYpnRTS OF MERCHANDISE