The Bridgeport evening farmer., 1909-09-10
"BLACK FRIDAY"
 AYERTED BY RICH MEN Most of Worlds Millions Pooled to Avert Panic
 In Stock Market Effect of Harri1nan's Death on Stocks Had Been Care
 fully Discounted
As Result the Market Today Was As Steady As the
 Bank of England
Especial from United Press.)
 New York, Sept. 1(

Especial from United Press.) New York, Sept. 10. It is said that as far back as last Monday. the big financial interests were convinced that Harriman's death was but a matter of a few days and that a disastrous industrial panic might ensue if it was not stopped.
 On that day a financier's agreement was entered into between Kuhn. Loeb & Company, Harriman's closest con- nection; J. P. Morgan & Company, Speyer & Company. the National City Bank. the First National Bank, J. Pierpont Morgan, Jacob schiff. James Stillman. George F. Baker. William Rockefeller. William G. Rockefeller, and Henry c. Prick.
 The agreement was to take care of the market until such time. following Harriman's death as the speculative interests might require to unload their Hartman securities.
 The resources of the combination are unlimited. Agents for the combination went into the market with millions and millions at their command. with the order to take all the Hartman stock offered for sale. As a. result the market was as steady as the Rock of Gibraltar.
 Trading this afternoon developed in to a wild stampede of shorts and GOV ering by the bear speculative interests. This covering was most urgent in Union Pacific and Reading, and was rendered a hard task because of the scant supply of stock offered. Union Pacific, almost wholly on buying of this character. rose to 206.s a rise of preferred rose 8M poilss S.S selling at 112 Reading continued it's upward movement. advancing to 161. gain of nearly five points. and there was per sold as high as 79. Outside of the issues named. the market movements were steady.
 New York. Sept 10.-No crash in the Hartman. The big fnanciers took care of them. All afternoon and all night they had planned. and when the gong sounded this morning. their brokers were on hand with the sinews of war. Vaults were opened and mil- lions and millions of dollars thrown into the market to hold up the prices of stocks. Instead of a break. there was an advance, especially in the liar riman issues, which rose as much as 21A points over last nights closing prices.
 At the opening to-day, the follow ing prices were quoted: Reading, 15814, a rise of 1M points; Union Pacific, from 197 to 19614; Southern Pacific. 125 TIA, up K; Union Pacific preferred, 1O6, up 2A; Smelting, 97. up 11a North ern Pacific. 154A, up1A; New York Central, 132k, up k; Analgamated. 82, up 11s; B. & O. 116A, up Z.
 There has never been time in Wall Streets history when an event like the death of so prominent a man as E. H. Hartman has been followed by such .f ,4, !, <xl,< the opening to-day. The tone of the early dealings was first determined by the cables from London, which showed advances in that market ranging from 1 to points in the leading American shares. Arbitrage brokers declared that this strength in Lontlon was due almost wholly to urgent covering ord CTS from New York and these arbit- rage Brokers were on hand early on the floor of the exchange here to buy stocks against sales made by them to New York in London.
 Many of the brokers representing important interests had scale buying orders in the market. There were wild Union Pacific being 5000 shares from 197 to 1961k, against 1941s, at the close yesterday. In nearly all cases the greater part of the opening gains were maintained during the first quarter of an hour, Southern Pacific being about the only issue that receded, selling off in fractional losses.
 The Gould issues shared only slight ly in the general display of strength, making only fractional gains. After this first buying movement and it's demonstration of strength, slightly wavering tone developed.
 Before the market opened, Vice President Moh1er. of the Union Pacific be followed in the future management of that property. One thing, however, he said. is definitely certain, and that is that a property having such wide influence. ill such fine physical condi- tion and with such magnificent pros poets. can do nothing but maintain it's credit and be a vast benefit to the country it traverses.
 On account of MT. Harrimans death, the executive offices of the Union Paci- f1c in New York were closed to-day.
 The feature in the trading all through the first hour was the cover ing of the heavily over-extended short interests. This was the more notice able in Union Pacific issues.
 Union Pacific showed and advance of more than four points and the pre- ferred at il o'clock, had risen 3-4 points. The statement was made by some of the large buyers of this stock that there was complete harmony in and in some quarters the conclusion was jumped at that this indicated further consideration of the segrega- ton plan.
 At the end of the first hour and a quarter, the market held strong with prices then at the highest range so far for the day and showing advan- ces in the majority of issues ranging from 1 to over points.
 At that hour government bonds were unchanged and other bonds strong Buying orders of enormous amounts were still being poured into the mar ket. It was quietly declared and the impression soon gained headway in London and Berlin and was repeated to New York that a banking syndicate