Daily press. [volume] (Newport News, Va.) 1896-current, 1909-09-11
EXCITED upsHooT OF PRICES
Kuhn, Loeb & Company and Other
Great interests Boom Prices BY An
nouncement That They Are Acting
in Unison in Union Affairs-Bears
Suffers Acutely.
(By Associated Press.J

NEN 1OfNh., sept ". NJ 49,
mails of the New York Stock Exchange
show no parallel for the action OF
the market today following the death
of f.. II. Hartman. There have been
instances where due preparation IN
anticipation of the death of an I'M
portant capitalist has absorbed the
shock so far as to minimize its bad
effects on the stock market while
in other cases Generalization has fol
lowed, as on the sudden death OF the
late Ex-Governor Flower in the midst
of his conduct of violent speeula-
ton. But for today's excited upshoot
Of prices there is no parallel.
The principal agents in the violent
advance in prices and the acute sur
ferers undoubtedly were those VINO
had presumed to sell stocks on the
assumption that holders OF shares IN
the Hartman properties would rush
them to sale at a sacrifice when MI
Harriman's death occurred.
These short sellers became convlnc-
ed before the first hour of the market
was over that the resistance shown by
prices was too strong to overcome
Their precipitate rush to buy stocks
had much to do with the rocket-llke
flight of the later price movement IN
Union Pacific. The discontinue OF
the bears in Union Pacific was mater
tally increased by the announcement
Of Kuhn, Loeb & Company, that they.
the National City Bank interests and
other leading interests are acting in
unison in Unicn Pacific affairs.
The inference went with the an
nouncement of an intention to carry
forward Mr.. Hartmann plans regard
ing the properties brought under his
control or influence. There was d
short time early today when American
securities showed some signs of de-
preston in the London market. This
was before the day had broken in
New YORK and long before trading
began on the New York Stock Elk
change American securities showed
substantial advances in London. The
resistance shown bv prices had the
effect of restoring to full play the
feeling of confidence in the good pros
pect fer general business.
II was felt that the removal of the
dread of a shock from this deplored
death would bring in investors who
had been dissuaded from taking Sc
curities bv the dread of its effect
An advance in the price OF steel
bars during the day bv the United
States Steel Corporation which
brought it back to the level of before
the February cut. was factor in the
rise in that stock to new record
price.
The market maintained Its aggres-
sive strength up to the end Gains OF
2 to over points were quit general
and Union Pacifisc ended the day
12Iz points higher than last night.
Bonds were strong. Total sales
par value s7.O33, 900. United States
bonds we're unchanged on call. Total
sales for the day were 1.542 300, in
GLIDING: A. c. P. $4,000: Sugar, 300
Tobacco. 1880: Atchison. 800; A. c
L., 500: c. Il O.. II. 900; L. & N 500;
y. & w. 1900: Reading, 221.f00;
SIcss Sheffield. 200: Southern Pacific
500: Southern Railway. 200: pfd
200: Union Pacific. 293.5O0: pfd, ~.
100: United States Steel, 319,600; Vir-
GINA Carolina Chemical. geo.