Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-07
BREAKS At OPENING
Conditions on the New York
Exchange Today.
TRADING Is IRREGULAR
Bullish Confidence Regarded as Di-
minished by August. Events.
HARTMAN EPISODE ONCE MORE
Indefinite Statements Regarding
Condition of Sick Man at
Arden Have Effect.
HARTMAN EPISODE ONCE MORE
Special Dispatch to The Star.

Special IBIspdtCu 10 lut s,idl.
NEW YORK. September 7.-Appar-
emily the Hartman episode" of re
cent date and duration is not over SO
far as concerns the possibility of Sc
quels in the stock market. The sequels
however. judged by today's develop
ments, are not likely to partake of the
character of the episode itself.
The stock market broke violently this
morning in the opening dealings, and
the cause of the break is attributed to
the Hartman episode-at least no
cause was cited or discoverable save
the nature of reports concerning the
condition of Mr.. Hartman.
1t Is certain now that when the mar
ket declined so sharply last month Mr..
Harriman's illness had very little to dc
with it. What the stock market meas
ured today was unquestionably the eff
feet which an unfavorable turn in his
illness might have.
Before the local opening very much
depressed range of prices for American
stocks was sent over from London.
Accompanying these prices. both here
and on the other side. were exaggerated
rumors purporting to come from Arden
and at the opening quotations very close
" matched the London levels. Union
dtihC uCtiiutu 1fo polntS HI the Initial
dealings; Southern Pacific. 3ss: New York
Central, rs; United States Steel, liz, and
United States Steel preferred. ].
The whole market averaged more than
point loss, and for few minutes the
general list was under heavy pressure.
The period of greatest activity, combined
with weakness, did not last long, how
ever. and there was prompt rebound of
moderate proportions, which was wholly
natural. after such sharp depression:
tended to the market. but there was no
apparent aggressive buying of an i'm
portant sort
Price Movement Irregular.
In the subsequent trading the price
movement was irregular. but the tone
was heavy, and in the early afternoon the
whole list was at or below the opening
range of prices, and tending then to soft
ness.
There was a pronounced contraction in
the volume of business. the transactions
OF the second hour shrinking to one-third
the aggregate in the first hour. while
around midday the market was almost
Rtagnant.
One thing seemed rather clear from the
forenoon developments. This was that
the recent reaction had resulted in
cleaning out of accounts to an extent
which lett the market in rather sold
The opening break this morning failed
to start an active liquidation, and despite
the proportions Of the initial decline, the
present price level could hardly be said
10 be very sensitive to unfavorable news
What was also apparent, though. was
that buliiSh confidence has been decidedly
diminished by the events of August and
today'S initial dealings were hardly of a
sort calculable to administer a stimulant
TO this confidence.
Firm Features of Market.
Rather firm features of the market
were the local transactions, American
Locomotive, Anaconda, American Tele-
phone and Telegraph, American Agricul-
tural-Chemical, Amalgamated Copper,
National Lead. American Sugar Refining.
American Tobacco preferred, Pittsburg
Coal Pressed Steel Car and Western
Union.
These stocks held their own fairly well
and few even scored advances I'D to
the middle OF the afternoon. United
States Steel common offered a sturdy re-
sistance to pressure for long time after
the opening, as did Pennsylvania ard
Erie. but In general the railroad list was
weak to heavy.
OF news outside the rather indefinite
statements about the sick man at Arden
there was none which tended to impair
confidence In values: on the. contrary
several railroads reported earnings for
July and August, which were sat STAG
tory exhibits of a steady expansion in
the business activity of the country
The money market showed no material
change.