Los Angeles herald., 1909-08-31
MARKET AGAIN
NEARS NORMAL
IHARRlMAN'S CONDITION HAS
CLARIFYING INFLUENCE
SHORTS CONTRIBUTE LARGELY
TO LOSSES FROM SLUMP
S. p. and U. p, as Well as other ln-
terests Affected by Magnate's
illness, Take on Buoy
ant Tone
[By Associated Press. ]

NEW YORK. Aug. SO-The clearing up
of the atmosphere Of gloomy apprehension
regarding the condition of E. H. Hartman
was manifest in financial circles well in
advance of the opening of the stock market
today.
The fright which seized the stock market
community Friday night would have been
dIsslpated before the market closed satur-
day had the session extended to the after
noon hour usual week days. As 1t was
the afternoon period on Saturday and the
Sunday interval steady growth or
confidence that the danger of Mr. Harrl-
mans condition had been exaggerated.
The frankness of friends and members OF
the family of the lnancler in contrast
with the mystery which had been wrapped
about the subject since his return from
Europe, and disappearance from pubAc
Wow, took the ground from under the rect
OF the alarmists and rumor mongers
The oYer-eXtended short interest was
rather serious tho first prices quoted at
the stock exchange this morning showed an
instantaneous cancellation Of a great part
of the heavy losses suffered Saturday in
the sharp selling decline. Shorts them
selves contributed to this showing by their
scramble to obtain stocks warned by tho
tenor of the news from Arden. and the
preliminary advances established in the
London market before trading had been
resumed in New York.
The Hartman stocks were naturally most
affected but the buoyant tone was common
to the whole list.
Opening gains of to more than 3 points
over the closing prices OF Saturday were
general throughout.
II was asserted that many OF the orders
executed at the opening we're for small ac-
counts of would-be investors who had been
watching for a sharp decline to como into
the market.
The sale of the first 1900 shares OF
I Union Pacific were at zoo to 200A. Union
Pacific a dominant influence on the
market throughout the day, Its occasional
reactions on pront-taking brought pause
in athe general movement, and when the ad-
L&ance was renewed aggressively the whole
z list responded, although in lesser degree.
4 Union Pacific touched 2O2A and closed
only Is below that.
The sustained strength Of steel completed
the reinsurance OF speculative sentiment.
The large part played by that stock a
sustaining force in last weeks weak mar
ket left an apprehension that there would
be an after distribution to be met OF stocks
accumulated in the course Of the supporting
operations
The fresh strength shown by Steel and its
late advance to within point OF the top
price of record quieted this apprehension
and left the advancing tendency without a
single material obstacle
There was no new feature in the news to
explain the recovery in prices, aside from
the changed view OF E. H. Harriman's ply
steal condition. Rains In the corn belt
over Sunday corrected the few unfayorable
factors pointed to last week. Some OF the
eastern railroad officials advanced the sug-
Restion that two weeks more of the rate OF
expansion of the freight movement In the
last fortnight will see shortage of cars
on their lines.
- The seasonable tightening of the money
. market, which continues, and the unstable
level TO which prices had advanced, are
fiyen their due influence in the reaction.
u With hte covering of large lines of shorts
the keenness of the latter demand abated
considerably and the appearance OF Mr.
Harriman's dictated statement was coinci-
dent with final rally TO a strong uprising
Convertible and speculative bonds were
aTs.a n
United States bonds were unchanged on
coll.