The Washington herald., 1909-06-22
WALL STREET NEWS
Sharp Break in Wabash Car
rieS the Others Down.
HARTMAN IS REPORTED DEAD
Violent Downward Movement Ac-
eOmP@nied by RumOr Regarding
Union Pacific MaEnate-Chesapeal
and Ohio Stronger and More Ac-
tive Than It Has Been Recently.

New York. June u.-In the first hour
and a half of stock exchange business
to-day the security market. although
very dull and possessing little feature,
seemed to be tending. If at al, In an
upward direction. The Atchison common
shares were particularly strong because
OF the broadening Of impression in Wall
street that there are, at least. strong
possibilities that within short time the
stock viii be placed upon a per cent
annual dividend paying basis. with the
distribution made quarterly.
The American Locomotive and other
railway equipment stocks rose because
Of the current highly favorable prospects
OF al these companies.
Chesapeake and Ohio stock was strong
er and relatively more active than it has
been recently upon reports having a sub
stantial basis that the company is now
making an exceedingly large increase In
earnings.
Strong in Early Hours.
Therefore. although the leading stocks
IN the market remained in the early por-
ton Of the day in a state approximating
torpor, the advances made IN the stocks
named, as well assin other quarters, gave
a hard undertonesto the general trading.
But near midday the character OF the
market changed.
A violent break suddenly occurred IN
all the Wabash issues. the reason for
which. as commonly ascribed. was the
maturity OF a stock exchange suspicion
that has for some time been developing,
that the recent advance in these securi-
ties has been largely OF a speculative
nature. and that there has been little or
no foundation for stories as to the sup
posed acquisition Of the Wabash by an
other company.
With the decline in the Wabash stocks
and bonds the market as a whole SYM
pathized to an extent that surprised many
people. in view OF the exceeding hrmness
previously exhibited; and It was obvious
that support that had before been given
10 various prominent stocks had been
Withdrawn.
From then on during the rest Of the
day the market was continuously, and, at
times, notably weak. The usual volume
OF stop loss orders was accepted; little
rallying power was shown. and prices
closed at large reCesslOns. Declines OF
over three points took place in the Anal
gamated Copper. Reading, Rock Island
preferred, and Union Pacific, and from
one to three points in practically all the
other shares.
Hartman Reported Dead.
AS was inevitably. to be expected the
violence Of the downward movement
late this afternoon was accompanied by
r runor that Z. H Hartman was dead.
The rumor was, of course. a fiction ans
received prompt denial 1t must be ad
mitted. however, that with conditions as
they are the health of Mr.. Hartman is
becoming a speculative stock market fac
tor, and it may be predicted with GER
tainty that until there Is a change in
this respect every drop in the security
market viii provoke tales that the fall Is
due 70 Mr.. Harriman's taking off, or 70
the fact that his illness has assumed a
grave turn.
The truth about the present stock
market is that such a reaction as has oc-
Cured has been perfectly natural from
technical causes apd that moreover. such
declines put the market in the best pos
sibIe shape for the safe resumption OF a
larger advance later on. All the actual
news to-day was OF the best sort