The Birmingham age-herald., 1909-09-06
Scare Over Hartman Has Been
 Finally Dissipated
STOCKS NOW ADVANCING
New Records Are Made For Several Stocks But Crop Reports Have Effect of Holding Market
 Down Considerably.

New York, September 5.-When business denoe had been accommodating over Sun day which served to dissipate the anxie- ties which had been keeping the market unsettled and excited. More exact infor- nation of E. L. Harrimans state of health quieted the alarm on that sub Ject, which had been felt ever since the seclusfon into which the financier had re- tired on his return from abroad and the entire reticence observed by all having knowledge of his real condition. A per- sonal statement from MT. Hartman him self late on Monday confirmed the more rational impression of his health and the subject thereafter dropped almost into obscurity and did not figure more than casually in stock market consideration.
 This retirement of the subject from prominent consideration by no means ended it's influence as factor on prices as there was a residue of uncovered short sales of stocks based on the expected i'll effects of the declining strength of the president of the Union Pacific and the n- terruption to be caused to the vast finan- cial projects which he Is supposed to be pursuing
 The short interest in the market was a substantial influence throughout the week, even after the urgent and almost panicky buying for that account at the opening of the week.
 Holiday Interval.
 The approach of a holiday interval of three days at the end of the week inten- sified the disposition to close up specula- i tive contracts and increased the demand for the short interest. With the clearing away of the anxieties caused by MT liar rimans Illness the way was opened for re- l sumption uf influence by the very favor able factors in the general situation. Of these primary importance was accorded the iron and steel trade situation. as was seen by the aggressive leadership of , United States Steel In the recovery of prices. This was sufficient to place the, price of that stock at new record level. Trade advfces all pointed to the expand ing demand for iron and the extraordi- nary activity in all lines of finished steel products. Various trade and financial au- thorties gave extremely sanguine esti- mates of the probably unprecedented vol ume of the production next year.
 The influence of the steel trade advices was not supplemented efrectuaIly from the copper trade, owing principally to the, statistical, position of that metal Re- sales of copper metal and a further &C., emulation of stocks in European ware houses suggested the inference that spec ioff fta htIyY yYjy1o ho1 hna lo in such increase in demand as had oc- cured, while the sustained rate of pro- duction argued a difficulty in sustain ing the price for the metal.
 Cause For Anxiety.
 The agricultural prospect suggested some cause for anxiety. The government report of the cotton condition showed so heavy a deterioration as to bring 1t to percentage lower than ever before at this season. It needed full allowance for the compensat1ng influence of the enlarged acreage for the crop and the heavy re- serves implied by the showing of last years unprecedented crop to mitigate the bad effect of this showing. The lack of moisture for the corn crop and the convic- ton that it was going back had also to be faced. Some warning notes were heard also from sources which command respect in the financial community of danger of over-estimates of the wheat crop itself
 The money market is subject to close scrutiny. owing to the known factors at work there to affect the future. but the actual effect on rates has not been suf- ficient yet to become an active influence in the speculation. The interior is draw ing funds from New York for seasonable use. The prospect of the government bor- rowing at an early date becomes clearly defined. Several large railroad loans are to be financed. The foreign exchange out look is unusually perplexing. with the complication of enormous indebtedness to be met on account of bankers borrow ings and the problem of the effect of the new tarik law on merchandise imports and of a short cotton crop on exports.