Omaha daily bee., 1909-09-11
NEW YORK STOCKS AND BONDS
Market Rises Sharply on Buying by
Shorts Who 0~verplayed Situation.
UNION PACIFIC MAKES BIG GAIN
bankers who Have Been BeekinE the
Road Say They viii Act IS Unit
in Carrying Out Hsrri-
mans Plans.

NEW YORK, Sept. lO.-The annals Of the
New York stock exchange show no paral-
lei for the action of the market today, fol-
lowing the death Of T.. IA. hartman.
There have been Instances where due
preparation In anticipation OF, the deatn
OF an important capitalist has absorbed
we shoek so Tar as to minimize It's PAD
effects on the stock market, while in other
cases generalization has followed, as on
the sudden death Of the late Ex-Governor
Flower IN the midst OF his conduct OF =
violent speculation. But for today's ex-
cited upsnoot OF prices there is no parallel
Some Of the principal reasons for me
movement are not obscure, although the
observers yesterday who predicted a rise
In prices today were frankly regarded as
The principal agents IN the
violent advance in prices and the acutest
presumed to sell stocks short on the as
sumption that holders Of shares in the
Hartman properties would rush them 70
sale at a sacrifice at Mr.. hartman !
death. The short sellers became convinced
before the first hour OF the market was
over that the resistance shown by prices
was too strong 70 overcome. IhelF pre-
cipitate rush to buy stocks had much 10
do with the rocket-like flight Of the later
price movement in Union PaclfLc. Inc
cifc was materially increased by the an
nOuncement OF Kuhn Loeb y Co. tne
recognised bankers OF the Union Paeltlc
company, that they, the National CITY
bank interests and others were acting ~
unison IN Union Pacific affairs. me deep
Influence OF the announcement In senti-
ment must find It's explanation In sinister
rumors which nav been circulated ever
since the severer stages OF Mr.. Hartman 3
illness, that his properties were Delns
raided and that a breach was threateneu
amongst the controlling powers IN tne
property which might have widespread el-
fects throughout the financial fabric. The
short announcement from the bankers Was
accepted as a proclamation OF baselessness
OF these suppositions and an assurance
that il any breach was ever threatened
the differences had been healed. The IN.
ference went with the announcement OF
an intention to carry forward Mr.. Harrl-
brought under his control or intiuehce,
The plans are so extensive, inyolve so
large a list of properties, which, more
over. have been the subject OF active
speculation on the strength OF these plans,
that a marked revulsion OF feellhs nau
me consequence of quieting the feart
caused by Mr.. Harriman's decline In health
mat the plans would be abandoned.
American securities showed a good al
vance In London. 1t happened, therefore,
mat ARRANGEMENTS to uppor the marker
here in the event of weakness proved un-
touched the price levels at which thest
| conditional buying orders were placed.
An advance in the price OF steel Dar'
during the day by the United states Stee
Corporation, which brought II back TO TINS
level OF before the February cut, was :
factor in the rise in that stock to 9
new record price. The stock market maln,
tained its aggressive strength up 10 th'
end Gains OF 2 to over 3 points ,WeI'
quite general and Union Pacific ended tn'
dsy 15b points higher than last night.
Bonds were strong. Total safes Pc
value. S7,OS3,OOO. United States oohas "el'
unchanged on call.
Nynroher NJ sales and leading quotations