The Washington times., 1909-09-07
CHECK SERIOUS
BREAKS IN MARKET
Bears on Hand Ready to
Sell at the Open
ing Bid.


NEW YORK. Sept 7.-Before the tap
OF the opening bell on the Stock Ex
change there was a wild crowd OF brok-
ers at the Union Pacific post. The news
from Arden was reason enough The
bears satisfied that conditions were turn
ing their way were on hand in great
! numbers ready 10 sell at the opening
bid.
0n the tap Of the bell $500 shares OF
Union Pacific was sold AZ prices vary
ing from 1915 to 1884. as compared with
2024. The closing figure OF last Friday,
the last previous session OF the ex-
change.
Southern Pacific opened at 1854. a 3ll
points decline, and New York Central,
a reputed Hartman stock dropped 20
points on the initial sales.
Always the Lowest.
In the Harrimahs as elsewhere in
the list the opening quotations were
nearly always the lowest Of the ses-
sion. Nor were the declines in the
general market at all serious, so that
the bears, instead OF making profits
were met with such deiuge Of buy
ing orders that they were routed and
their attempt at profits turned to losses.
To anyone familiar with the workings
OF the market In times of stress IL was
evident that the Standard Oil Company,
the United States Steel Corporation. md
probably the Union Pacific Railroad
Company, itself, with other friends OF
Hartman, were putting buying orders
into the market freely, the necessary
support being forthcoming IN such pro-
portions as 10 prove disastrous to the
plans OF the bears.
For an hour this support was extend
cd nd hf.S y
no necessity for it. 1t was at hand If
necessary, but the bears appeared 10
know IL and did not care TO 90 against
it.
Union Pacific Receivers.
The recovery in Union Pacific was 10
1881, and then II slid or 70 19s5s, a loss
OF as points In the first hour OF the
afternoon the stock broke again To- 1877
but rallied TO 1881
Southern Pacific recovered 10 1gysL
eased Off 20 1854 and rallied q OF a point
on support.
New York Central. now supposed TO be
Hartman stock. slumpcd 3A at the
opening, and recovered from 1854 70 l37
TO 1854
These stocks sustained the greatest
loss In the list Naturally the weakness
in the leaders was reflected I'm the gem
eral market. but the declines generally y
did not extend beyond couple of
points. in many cases not over a frac-
tional loss, while some shares were
actually higher than on Friday
The Hill stocks lost a point. pennsvI-
vanias net decline was q Nisso,1Ti
Pacific lost 3, and point breaks were
sustained in AtchisOn, Baltimore and
Ohio, Chesapeake and Ohio, LoufsyfIIe
and Nashville, Katy" Rock Island
Frisco and Lead st Paul decii9ed
y. Steel common broke ~ points ON
the initial sales and recovered 10 1891
Numerous y 90 IL points losses were
recorded.
The consensus OF opinion on the Ex
change Is decidedly conservative. ia
one looks for any further serious re-
cession in values. There are too many
investors looking for stocks at and
around present valuations.
While Mr.. Harrimau's illness has been
a severe shock TO the investment and
speculative world. this is no one man
market
Tho prosperity OF the United States
Is not on the wane. Il Is not near the
zenith, but 81 growing with each day
and on a good foundation.
Mr. Hartman has not held the reins
for weeks; he may never handle them
again bur they Will be handled, as they
are now. in a capable manner by the
assistants whom he has trained.
At o'clock there was a rally. but not
accompanied by any great activity.