Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-11
With Heavy Trading, Fol-
lows Harrinan's Death.
Two-thirds Of Dealings Are.
In Hartman Stocks.
Bears DsmoraIized when Prices
Go kItlng...Many Rlmors.

New York, Sept. 10.--Wall Streets
responses today to the death OF Z. H.
Hartman was buoyantly strong
market IN which securities made SEN
sational gains and held them to the
very end. The volume of business was
encrmous-well over 100000 shares
and to this vast amount the better
known Hartman stocks, namely, I'm
ion Pacific common and preferred and
Southern Pacific. alone contributed
over Gne-third, while other properties
in which the late magnate was more
remotely interested added probably as
much more to the sum total
The day resulted in complete rout
OF the short interest, which was prob
ably more extensive than even the bes,
informed had imagined. Even before
the opening here it was evident from
the tone of American securities IA,
London that the strongest support was
forthcoming and initial prices in New
York dispelled all doubt with advances
in practical issues though the Harri-
man stocks We're the leaders.
The Union Pacific and Southern Pa
cific trading posts We're the center OF
attraction and the enormous buying or
both stocks caused a hurried scramble
to cover. There was brief recession
from opening prices, but before the
end of the first hour semi-oflicial an
nouncement was made that the Kuhn,
Loeb-City Bank interests were acting
in unison" and this gave the mar
ket another uplift to level we'll above
opening prices.
BY this time the bears were in 4
state of utter decentralization and tlier>
was talk later in the day that num-
Der of private settlements had been
made by over-eXtended shorts
While the Hartman stocks were
soaring Wall Street was teeming with
rumors. some of which limited at a
contest for control of the Union Pa
cific road. None took these rumors
very seriously, but considerably more
attention was naid to persistent re-
ports that J. P. Morgan & Co. were
buying heavily of Union Pacific shares
and that arrangements for taking a
member of the Morgan firm into the
Union Pacific executive committee
We're already completed. None Of
these stories were either denied or con-
firmed in authoritative quarters.
The markets rapid pace was main
tanned to the end and at the close the
extent of the short covering was es-
timated all the way from 100000 to
100000 shares. There is little doubt,
however, that no small part of the
days operations represented buying OF
an investment character.
No official statement was issued by
the Hartman officials during the day
relative to the future policy of those
properties, but banking interests in
touch with the situation were authori-
ty for the statement that Mr.. Harrf-
mans plans of construction and devei-
opment would go steadily forward.
Meetings of the Union Pacific and
Southern Pacific boards of directors
will probably he held next Monday,
and it is believed that something more
than the expressions of regret at tine
passing away of Mr.. Hartman will
then engage the attention of the d.
rectors.
A noteworthy event of the day in the
stock market was a new high record
for United States steel common. which
touched S0ss. Ii above it's best previous
figure. Transactions in that stock
were very heavy. The more important
gains of the day follow: IA,
Union Pacific, 12s4 points; Union
Pacific preferred. Z; Southern Pacific,
5; st. Paul, 81; Reading. 5; New YORK
Central, 3K; Louisville and Nashville
Atchison, Missouri Pacific, United
states Steel common, Western Union
ard International Pump, or more.
with numerous advances ranging from,
/ to pig points. The bond market was
very strong with special activity in the
Union Pacific convertible As and West