Omaha daily bee., 1909-09-06
QUIET WEEK IN WALL STREET
Market Dormant Since Hsrrimsn's
Illness Ceases to Be Factor.
MANY SHORT SALES UNCOVERED
Panicky Buying for These Accounts
Has Effect ON VaIues-RIse
in United states steel
90 Record Level.


NEW YORK. Sept. 5.-when business
began in the stock market last week evil
dence had been Accomplishing over Sum
day which served to dissipate the anxieties
which had been keeping the market unset
tied and excited. More exact Information
of r. II. Harriman's state OF health
quoted the hysterical alarm on that sub
iect which had been felt ever since the
seclusion into which the financier had re-
tired on his excursion from abroad and
the entil reticence observed by all having
knowledge OF his real condition. A per-
sonal statement from Mr.. Hartman him
self late on Monday confirmed the more
rational impression of his health and the
subject thereafter dropped almost into OBJ
security and did not figure more than
casually In stock market consideration.
This retirement of the subject from
prominent consideration by no means ended
its Influence as a factor on prices, as
there was a residue of uncovered short
sales of stocks based on the expected i'll
effects Of the declining strength Of the
president Of the Union Pacific and the
interruption to be caused to the vast
financial projects which he is supposed
to be pursuing. The short interest In the
market was a substantial influence
throughout the week even after the urgent
and almost panicky buying for that ac-
count at the opening of the week.
Contracts Closed Up.
The approach Of a holiday Of three days
at the end of a week intensified the dis
position to close up speculative contracts
and increased the demand from the short
interest. with the clearing away of the
anxieties caused by Mr.. Harriman's illness
the way was opened for resumption of in
fluence by the very favorable factors in
the general situation. OF these primary
Importance was accorded the iron and steel
trade situation, as was seen by the ag-
gressive leadership of United States Steel
In the recovery of prices. This was suf-
ficient to place the price of that stock
at a new record level. Trade advices all
pointed to the expanding demand for iron
and the extraordinary activity in all lines
Of finished steel products. Various trade
and financial authorities gave extremely
sanguine estimations of the probably I'M
precedented volume Of the production next
year.
The influence Of the steel trade advices
was not supplemented effectually from the
copper trade, owing principally to the sta
tistical position of that metal. Re-sales
of copper metal and a further accumula-
ton of stocks in European warehouses
suggested the inference that speculative
buying had been a large factor in such in
crease in demand as had occurred, while
the sustained rate of production argued
difficulty in sustaining the price for the
metal.
Crops Cause Anxiety.
The agricultural prospect suggested some
causes for anxiety. The government re-
port of the cotton condition showed so
percentage lower than ever at this season.
1t needed full allowance for the compen-
sating Influence of the enlarged acreage
for the crop and the heavy reserves implied
by the showing of last years unprece-
denied crop to mitigate the bad effect Of
this showing. The lack of moisture for
the corn crop and the conviction that it
was going back had also to be faced.
Some warning notes were heard also from
sources which estimation Of the
wheat crop itself.
Money Market ScrutinIzed.
The money market is subject to close
scrutiny, owing to the known factors at
work there to effect the future, but the
actual effect on Rates has not been suffi-
cient yet to become an active influence in
the speculation. The interior is drawing
funds from New York for seasonable use,
The prospect of government borrowing
at an early date becomes clearly defined.
Several large railroad loans are to be fl
nanceG, The foreign exchange outlook is
unusually pe%rplexing, with the complica-
ton of enormous Indebtedness to be met
on account Of bankers, borrowing and the
problem of the effect Of the new tariff
law on merchandise imports and of a short
cotton crop on exports.