Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-25
MARKET TONE HEAVY
Hartman Stocks Exerted
Dropping Tendencies
BUSINESS VOLUME LIGHT
Pronounced Weakness in Many OF
the Leaders.
NO CONSPICUOUS EXCEPTIONS
Most Extensive Loss Was Scored by
Union pacihc-Declines From
a Point and More.

NEW YORK, August 25.-Further evil
dence was given by the stock market to-
day of the extent to which the recent
bullish expectations of spectators III 1t
had been dominated by considerations as
to the plans, purposes and disposition OF
Mr. Hartman.
The fact is not worth quarreling with.
1t is a fact on the face of today's price
movements and those who do not like
70 believe in the possibility of lone
markets are at liberty to make the most
of it, London depressed for
American stocks by the local opening.
The initial dealings here were on an
active scale. with extensive weakness.
The prevailing influence was exerted by
the so-called Hartman stocks, and is
sues which have identified with their
movements lately. Union Pacific open
ed wide, down ! 81 to IA; Southern Pa
cific down 1 II to Il, and New York
last nights close.
The rest of the market sold off pro-
portionately. with pronounced weakness
In Reading, Canadian Pacific, the Fries,
Louisville and Nashville, United States
Steel. Consolidated Gas and General
Electric, declines in all of which ex-
tended to a point and more
From the early low levels there were
fuTtH0T dif-dTouHu TcteSSfOHS duTiHG ltiS
first hour, and, although business con-
tracted sharply until the market be-
came very dull. the tone was heavy and
prices tended to fall away with the de-
crease in business. Around midday the
list declined generally in a fit of activity,
but dizziness soon supervened without,
however. any disposition of recovery
manifest
An Average Decline.
In the early part of the afternoon the
market was but slightly above the low
est range of quotations and showed an
average decline of not far from two
points. The most extensive loss was
scored by Union Pacific, which declined
about 5ls points in the first three hours.
There were no conspicuous exceptions
to the dropping and declining tendencies.
The price movement was general, be-
,ause Of the chill administered to specula-
i've enthusiasm by the interview which
dr. Hartman was SO careful to give yes
erday
leen a diversion of speculative attention
o the question of Mr.. Harniman's physi-
al condition, This was not the original
question at all. That had to do with the
.eportS, conjecture and surmise about the
'nicn Pacif1c's capital plans, which ac-
companied the recent furious speculation
II the so-called Hartman stocks and re-
ated issues
mere was laSt week SllmC1ent reason
for believing that Mr.. Harrimans state
of mind was or not likely to be of
far more considerable speculative conse-
quence than his physical condition The
remarkable cable message describing his
debility which he transmitted on sailing
from the other side, and the circun-
stances which made ii so available for
publication attested to this and curiosity
was felt by the discerning as to what
its sequel would be on Mr.. Harriman's
arrival.
Sequel to Harriman's Statement.
Z. The stock market effect of the cable
message could be read in last week s
prices. The stock market effect of what
Mr.. Hartman had to say yesterday is
similarly set forth i'm today's transactions.
The speculative community was sharply
reminded Of the fact that what it origi-
1ally wanted to know was whether or not
MIR. Hartman had any plans which
would account for or warrant the specu-
lation which his stocks had been lead
ing. and what those plans were. Mr..
Hartman took particular pains to vouch-
safe the information that the segregation
of the Union Pacific's assets dividend in
creases, speculation i'm short, were not
on ms nina at, AL, and that what was on
his mind was the expenditure of money
for the development of lines which would
not pay for some time
+. This sufficiently disclosed Mr. Harri-
mans state of mind. and the effect was
the accumulation of commission houses
selling at the opening and the subsequent
liquidation from the same quarters for
the account of discouraged. disappointed
or disguised SPECTATORS, who refused tn
ask themselves II Mr.. Harriman's ex-
hihit of intentions was complete
In such market naturally very little
attention was paid to such favorable
factors as the United States circuit court
decision in Chicago affirming the rate
making power of the railroads or the dis
'tinctlv easier tone in the money market