Norwich bulletin., 1909-08-31
FINANCIAL AND COMMERCIAL.
SCRAMBLE FOR STOCKS.
Whole List Buoyant Over News o
Harriman's Improvement.

New York, Aug. 30.-The clearing up
of the atmosphere Of gloomy apprehen-
sion regarding the condition of health.
of f. H Hartman was manifested in
financial circles well in advance of the
opening Of the stock market today. In
fact, the fright which seized the stock
MARKET community on Saturday might
have been dissipated before the market
closed had the session extended to the
Afternoon hour usual on weekdays. AS
it was the afternoon period on sat
urday and the Sunday interval saw
steady growth of confidence that the
danger of Mr.. Harriman's condition
had been exaggerated. The frankness
of friends and members of the family
of the financier, in contrast with the
mystery which had been wrapped about
the subject since the return from Eu-
rope, and the disappearance from pup
lie view took the ground from under
the feet of the alarmists and rumor-
mongers. The consequence to the
overextended short interest was rather
serious, as the first prices quoted at
the stock exchange this morning show
ed an instantaneous cancellation OF
great part of the heavy losses suffered
in the sharp decline of Saturday. The
shorts themselves contributed to this
showing by their scramble to secure
stocks, warned by the tenor of the
news from Arden and the preliminary
advances established in the London
market before trading had been re-
sumed in New York The Hartman
| stocks were naturally most affected.
| but the buoyant tone was common TO
/ the whole list. Opening gains of one
| to over three points over the closing
| prices of Saturday were general
| throughout The number of brokers
1 111fa 1ar
| opening was estimated at $50 to zoo
and il was asserted that many of these
| orders were for small accounts. These
| small orders were attributed to invest
| ment demand from would-be investors
/ who have been watching for a SHARP
decline to come into the market. The
| time of the execution of the first 12,O0t
| shares of selling orders was undlstin-
guishable and simultaneous prices were
| quoted of 200 and 200 rs. The move
| ment in Union Pacific was q dominat-
ing influence on the whole market fol
the whole day. Its occasional reactions
on profit taking were brought to
pause in the general movement anC
| when its advance was renewed aggres
| sively the whole list responded. al
though in much less degree than in tn
premier Hartman security. The pric
! touched 202 "a and closed only Is be
| United States Steel completed the re
assurance of speculative sentiment
There was no new feature in the new
to explain the recovery in prices asid
7 from the changed view of E. H. Har
riman's physical condition. Eve
while prices were tumbling last week
there was no claim Of any unfavorabl
factor in the general business an
financial conditions. Rains in the cor
belt over Sunday corrected Nae Of tn
few unfavorable factors poirfed to las
week from drouthy conditidhs> Rail
road traffic officials maintain aan ell
thusiastic view of the prospects, an
the rapid decrease in the surplus idl
car total in the past two weeks bear
out their views. With the covering {
large lines of shorts the keenness {
the later demand abated considerabi!
hut the appearance of Mr.. Hartman
dictated statement was coincident VIII
final rally to strong closing. Con
lvertible and speculative bonds wer
strong, but the general tone was irree
ular Total sales, par value, $S,25V0O
United States bonds were unchange
on call.