Norwich bulletin., 1909-08-24
FINANCIAL AND COMMERCIAL,
HEALTH OF HARTMAN
Keeps Market in Highly Sensitive Stat,
 Sharp Rebound at Close.

New York, Aug. 23-From the ir- regular and reacti0nary course of prices today it is very clear that the stock market is still in a highly sensi- tive state and dependent largely upon developments of the next few days. Foremost among these is the health of E. H. Hartman concerning which the usual conflicting rumors and state ments were again current, but of which more definite knowledge soon ought to be obtained. The day brought the usual grist of over Sunday news which told of the progress of the harvests and conveyed broad intimations that recent reports regarding the damage to corn might now be accepted with some reservation. All reports agree, however, that the cotton crop continues to suffer from lack of rain. Traffic of ficials of the leading railway systems of the middle west are virtually unani- nous in their declarations that busi- ness is steadily mounting higher, in some instances beyond all expectations, with an especially large movement in merchandise. As for industrial condi- tions, the demand for finished products is so keen at Pittsburg that premiums are being offered for quick delivery. Foreign adviceS were cheerful in the main, though at London consols and other high class securities were heavy on ledTS or BOlO eXpOTLS, pTeSuIndDly to Paris. Contrariwise, Berlin cables were most optimistic, with reported steady betterment in Germany's indus trial condition. Taking its cue from London, where Americans, especially Union Pacific, were very active and strong, our market began operations in much the same fashion. The advan- tage was feeting, however vigorous selling of the Hartman issues soon xr-fTa aI1 nd hxr prices of Union Pacific and Southern Pacific were under last Saturdays lowest quotations, while strong pres sure was being eXerted upon Reading and United States Steel. Concident with the decline in the Hartman is sues was a statement that no changes would occur in the dividends of Union Pacific and Southern Pacific at the di- rectors' meeting tomorrow In sharp contrast to the other railway shares was the strength of the Gould issues Texas and Pacific. Wabash and Dem yer and Rio Grande all displaying firm ness Business on the exchange fell off in the afternoon session, the vol ume of transactions up to 2 o'clock barely reaching the average of the first two hours of trading on several days of the past week. Prices rallied somewhat before the last hour. when the street" received word that MT Hartman had sent asurances to his associates from the ship now bringing him to port of his good condition" For brief while this news was with out effect, but in the final trading there were sharp rebounds in Union Pacific, Southern Pacific and United States Steel which carried them well above the previous high prices of the day. The rally was in progress when the market closed. The money mar ket developed no new feature. The recent tendency toward higher rates has been changed by last weeks heavy liquidations in stocks, a majority of the leading banks with Wall street af- filiations showing reductions in their loan accounts The bond market was easy with only moderate trading in the better known issues. Total sales. par valua amounted to $3.2S5, 900. United States government threes advanced 1-2 per cent. and the registered fours IA per Sent. on call.