Norwich bulletin., 1909-08-26
FINANCIAL AND COMMERCIAL.
ALL ACTIVE STOCKS OFF From 2 1-2 to 5 Points - Hartman Group the Greatest Losers.

New York. Aug. 25.-With the re- turn of MT. E. H. Hartman and his positive avowal that no immediate dis tribution of melons" to holders Of Union PacificvSouthern Pacific securi- ties is contemplated, change seemed to come over the spirit of Wall streets speculative dreams today. It would be puerile to deny that many in the financial district were prepared for other news than that given out by the magnate. While his bullish views on the country and his plans for new construction, development and expan- sion find hearty echo in conservative quarters, there is nevertheless keen disappointment largely among the pro- fessional clement that the chief in centive for forcing the Hartman stocks to higher prices has gone, for time at least. It eliminates the most important features which have accom- panied when they have not actually propelled, the recent outbursts Of en- thusiasm. It is believed that MT. liar riman's earnest faith in the eountry's future will largely neutralize the dis appointment felt in regard to his finan- cial policies. Quite as important as Mr. Harrifnans return to the scene Of his greatest activities is the victory gained yesterday by the western rail- roads over the interstate commerce commission in the Missouri rate case. The commission is permanently enjoin- ed from enforcing it's through and sea- board rates, and if the opinion of the court is sustained by higher tribunal it will greatly curtail the power of the commission over the transportation companies. Meanwhile immediate ben eft will accrue to many manufacturers and producers at such important points as Pittsburg. Buffalo and Parkersburg in the east and the Mississippi section in the west As the matter stands to- day the power to make rates remains with the railroads. Opening sales of stocks reflected nervous and unsettled conditions the greatest losses being incurred by the Hartman group. Ex- cept for Union Pacific, which came out in an initial block of $500 shares trad ing was not in especially large VOL ume. though the first hours business exceeded 300, ,000 shares. Losses at the outset ranged from two points in Un- ion Pacific to one in all the speculative favorites. First declines gave place to some frmness before the end of the first hour. only to be followed by an- other dip which sent the list lower than before. The market then took another breathing spell, but by noon substan- tially all active stocks were off two and one-half to five points. Much of the liauidation was obviously for long account. but in the main it represented hear selling directed against Union Pacific. Southern Pacific and other stocks with Hartman interests. Tow ards the final hour sudden squirt brought substantial betterment all around. but renewed pressure upon Union Pacific resulted in an irregular close. London's net operations here were estimated at about 15.0O0 shares, chiefly purchases Monetary conditions worked easier today with reduced demand for practically all accommo- dations The bond market was heavy ] throughout. Total sales par value, $3,- 3S,OOO No change in United States government bonds.