The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-27

market has recovered materially from
the low point Of the noon hour but is
now about y point from the high Of the
session. with Union Pacific. which had
touched 201. back TO 200ss. Southern Pa
cific IS lbs and steel common is back
TO IS. The whole list shows a reassur-
ring tone and there are some indica-
tons OF support here and there The
shorts are acting energetcally In cover
ing and are decidedly nervous.
NEW YORK, Aug. 27.-WaH Street
has accepted as truth the report that
+. II. Hartman sold stocks very freely
from the moment that the Kaiser VIII
helm II was within wireless cOmmuni-
eating distance of this city-either di-
rectly or with the assistance of land
wires. II has also accepted as true
that the return Of tie president Of the
Union Pacific was in advance OF his
intended homecoming In order to pre-
vent the directors Of the company from
cutting a slice OF the surplus. 1t is
a fact that the bull pool that was re-
sponsibls for the rise OF Union Pacific
from zoo 70 219 has received a serious
setback: also that the health OF Mr..
Hartman, while Of great Importance,
is secondary to an intent TO raid the
treasury in so far as the market has
been adversely sffected-the differ
ences Of opinion and plans creating
feeling that one of the disastrous diff
ferenCes OF wall Street might develop.
Judge Lovett IS stiu the arbitrator
on all questions IN connection with the
Hartman roadside logical successor
of the magnate IN the event OF his out
living his CHIEF
While prices have broken badly, they
are not SO far from where they We're
month ago- On July =. Union Pa
Cific closed at 1895, and other stocks
proportionaeely lever Southern Pa
cific closed on that day at 1897, New
York Central at 1876 Reading AT ko5es.
and St Paul at 1868. Steel common
was 71N, auc Illinois Central 156. Union
Pacific sold this morning at 20Sz 70
1881. Southern Pacific at 1261sQ12S. st.
paul at 1914 0l56, New York Central at
1SS TO 1861 Reading at 15524Q1515s, and
Illinois Central at 1898, while Steel
common was 20 TO lSs<- These figures
are interesting from the view Of COM
psrisoD and as showing the intervening
imitation 10 the high point of two weeks
ago.
Everything that has been said OF the
increased bank ciearings, the enlarge
ment IN business generally, the boom
in the steel and iron trade, and the
enormous crops is all true-nOt eXag-
Eerated. Prosperity is here. moving
with increasing strides with each sue
ceeding day. There Is but one smoke
less stack IN the great plants of the
United States Steel Corporation at Pitts
burg. The reports have not been false
only In so much as they proclaimed the
Hartman plans for the unidcati0n Of
roads, melon cutting, rights. and other
promises OF Something doing" The re-
turned ftnaucier has given the lie TO
these rumors-aH reports have been con-
firmatoTy OF the betterment stories
Of Of fail
there should be no excessive nervous
ness save on the part of spectators N
deep. This column has repeatedly
called attention 10 the high prices; the
TO pyramiding. The fact that stocks
have been held up by main force from
panic until pr0spertty's complete return
warranted the prevailing quotations
and for two weeks the reiterated advice
10 go slow has been aecentuated.
Tried To Break Away.
There was some disposition on the part
OF the general market, or the Hills.
Goulds. Hswleys. etc. TO break away
from the HarTimans influence. Many
OF the independent industrals made the
attempt successful and some Of rails
The whole list opened stronger on the
report that Mr.. Harr1man's condition
was 100 per cent improved. But the fact
lildA l4tlsAoA ulEHGQ stronger that
stocks generally were higher that Mr.
b Hartman Was reported better did not
quiet the feeling OF unrest and uneasi-
ness engendered by the severe reactions
Of tive last week. Some shorts covered
and bid up prices on themselves, while
there were ev5ceDces Of some little new
buying by investors and soid-out bulls
wise traders who got out two weeks
ag5-on the top While there were evl-
dences Of webbing and cratic prices.
+he trend was favorable and the lows
OF yesterday were not reached on but
few stocks The low points Of che first
three hours trading did not last long,
At that.
The Range.
The opening Of Union Pacific showed
y point gain followed by a further re-
covery OF a point 10 5005z as against 1875.
Thursdays close. There vas some sell
ing at the high and the market slowly
worked back TO 1851. recovering be-
tween the noon hour and 30 to 1s976
Southern Pacific, which had dropped to
lZ51z was back 10 l27K. and Steel com
mon hs,d moved up from 1874 whence il
had dropped from 75L TO 742t There
were ugi5 rumOTs at this time. but the
action Of The market seemed TO give
them the lie. With this recovery in the
leading rails and industrials the whole
list sympsthiZed, as shown by the an
pended quotations.