The Washington times., 1909-09-12
MARKET IS NERVOUS,
BUT SHOULD HOLD
Situation From Various
d. Standpoints- Conservative
Operations Urged.

NEW YORK, Sept. 2.-Conservative
security and financial interests would
welcome period Of inactivity in the
stock market. pending the new align
ment of forces and the assurances that
there would be no serious distuEba noes
therein-that conflict Of interests might
be avoided.
There is little chance for any steadinass
just at present There must be more ~
,less activity. the market cannot stand
still, IL must either go forward or back
ward. II has been demonstrated time
and again. that The bears, If given rope
will take liberties that will prove costly.
Also that Wall Street discounts events
and does not wait for them, unless Of an
overnight occurrence.
In the manner in which the bears were
whipped on Friday. the ferceness OF the
rally. there was an indication of the
power of the big interests when the
short line is overextended.
The table Of net changes shown else
where on this page viii surprise the
average Isyman in that 1t does not in
dicate any very radical gains or declines
during the week. probably the most
marked being the rise of AZ points in
Union Pacific. showing plainly the man.
ner in which the leader responded to the
efforts OF the bears to get under cover.
IN the vhirlwind rise Of Friday. In this
is also n reasonable assurance that a
like condition will result in the event OF
the bears being given their head and
extending their lines in the immediate
future.
There will. in time. be a successor n
the late Z. II. Hartman. IN the Offices
made vacant by his passing. But there
will probably never be q successor to
2. H. Hartman, the fearless manipu-
lator. the daring specUlator. the man Of
enormous expansion. the creature Of n
period of overexpansion. overcredit; Of
a time when the millions and millions
of cash and credit Of the Union Pacific
Railroad Company were at his disposal
and freely used in heavy speculation
with intent 70 secure a commanding in
fuence In other railroads.&c. ultimately for
the benefit Of the Union Pacific.
Three-Cornered Fight.
II was Hartman who led the fight
for control OF Great Northern against
Hi and Morgan in Roland disaster
followed. except 20 the few holders OF
Northern Pacific preferred. having stock
In New York city ready for delivery on
the 5000 a share market. IL was the
compromise holding corporation. the
Northern Securities Company that
In the panic the Harriman-Union Pa
cine losses on per were enormous, and
might have been serious but for the
quick recovery.
Again the Government and the heads
OF railroad properties. the stockholders
themselves, will not permit another TO
magnate-
It is possible that the passing of Har-
riman may lessen Union PaCific's in
huence on Erie and New York Central
probably checking the proposed change
OF control, unless. perChanCe the con-
troll OF the latter has been garnered in
by Union Pacific.
This Is Encouraging.
Experience thus comments on this
feature Of the situation:
In a broad sense these conditions
must be considered encouraging for rhe
future OF American securities. and
especially for the estimation in which
they are &c be held abroad II X highly
desirable that American railroad shares
shall represent properties and not men
that such properties shall be MANAGE
notfrom the Wall Street standpoint nor
from the necessities Of personal specula.
tons They should be managed for The
shareholders az whole and for the
development OF the country thew
traverse and serve. The elimination q,
the personal speculative element NAV
therefore be considered a favora bic stem
increasing as II promises to do the sun
ply Of sound investments for the future
The demise Of Mr.. Hartman means 4.
railroad map differing very widely from
what would have been printed had he
lived FEW years longer"
In the recoveries from the panic Mr.
hartman led the way assisted bv fbe
Eockefelier and Morgan -nifIione and
by the lesser financial lights This al
vance oUtdistanced the recovery i'm T,roe-
pellIg. nut prosperity has era dina In s,st
1sreo us position and has not hesita 81
tne crops are large and valuable. sum
Gent 70 maintain good times Tine
story OF business activity, of an enor-
nous steel and iron tonnage, OF BUILDING
OpeIatiOns ana activity in retail and
wholesale interests and in manufsctrir-
inS-are true, sound. and safe
Property Real and Solid.
The country is richer than ever The
billions taken out OF the soil the 70.
duction Of idle cars 10 nearly the min.
mum, the operation Of factories TO fun
and In many cases to extra CAPACITY. is
something tangible-something that can
not De injured by the passing Of any
one man. The liquidation OF personal
holdings OF the late Mr Hartman ID
not likely 10 be undertaken at the pres.
ent time--it's not the habit OF the rich
men or these days 70 depTeciate their
estate by forced liquidation Nor Will
he. rIrrHa To- .
tngs in other roads be rushed-if n is
finally decided upon as an advisable
measure.
Many Reasons For Conservatism.
There are many reasons at this time
Tor conservatism. The banks are feel
Ing the strain OF extended operations in
the market Ths surplus reserves are
dangerously low and the large loans
snow mat the holders of securitieS are
borrowers on them. There is little rea-
son 70 rear any stringency-pract ically
none. Millions Of emergency currenc \
are at command, but II IS not at an
proba bic that II will be needed The
West has millions yer unused bv rron
movement The realignment OF forces
Is the one urgent argument for con-
j. =. Morgan. jr., will enter the various
vacancies IN directories made vacant by
the death % T.. II. Hartman. Should
this develop into fact. IL would be a
good thing for the various properties.
and would insure peace in the stock
market.
steel shares are acting splendidlv Thu