The Washington times., 1909-08-26
LIQUIDATION STILL CONTINUES.
WITH RESULTANT LOSSES.
HARRIMANS LEAD.

NEW YORK, Aug. e6.-The story Of ar
intent on the part of the directors Of
Union Pacific to cut a melon IN the
event of Mr.. Harriman's demise, n
direct contradistincton TO his plan Il
use the surplus of the Union PACING IL
extensions and improvements found
many believers In the Street This re-
port Of purposes caused much un-
easiness, It is a fact that the big ad-
vance in Union Pacific has been predl-
Gated on the probable segregation OF
the entities into great transcontinenta
system, and on this pyramidng on The
advance has been carried on 10 an
enormous extent. It Is for this reason
that the assertion Of Mr.. Hartman OF
his intents gave the market jar. In
addition to this there is also The ques-
ton Of the magnate's true condition
That there should be such a positive
statement of the former and SO much
doubt about the latter, together with th5
large holdings of certain inteTests--aN
combined-veake ned the whole list
The general market could not divorce
itself from the leading rails. just why
they should so back, actually and logic
ally, may be a question: but one hqei-
datisu creates another. and with the
leaders tumbling the rest OF the llsI
cannot stand unscathed.
Even Steel common suffered IN the
decline today despite the splendid dag
nosis &C the corporations position az
this time by a local financial daily II
was shown IN this statement that the
corporation had actually doubled lts
production capacity and at a cost 70 tLe
sha reholders of but 5000. O90-that IS az
the expense Of that much aodtuonal
stock. The balance has been paid out
OF earnings. And the original pfooue-
tive capacity cost something near one
Billion dollars. Steel did not yield much
10 the rush of selling. It is one OF the
stocks that the bears hesitate 10 make
play for. They have been whipped so
often. and the affairs Of the company
are in such excellent shape, with pro
duction at nearly full capacity, that II
IS dangerous to monkey with II.
While there were incipient rallies the.
general trend was to a lower range
And vet there were evidences o. gooG
buying orders here aRd there an j
some Of the best advice on the street
seemed &c favor the opinion that the
turn would come in the course OF an
other hslf-point reaction.
Union Pacific touched 20gs and rallies
10 Dos Southern Pacific found its low
up 20 1;30 D. m. 1854. with p recovery.
New York Central touched low at 1877 q
lass Of 27z. and recovered 4 Northwest
2 points of. The general list, indePend-
ent of the Hsrrimans. reached Ia =
points loss, Union Pacific preferred
dropped four points
Steel, common, broke TO 755s. as COM
pared with 1853 closing Wednesday. The
preferred was of a point Much I'M
loading was credited 10 pyramidlng
liquidation. the unloading OF much
stock bought on aggregated profits on
the road up. There was practically no
exception 10 the breaks, only IN degree
of concession. Great Northern maed The
best recovery, reaching within L Of a
point of its eWdnesdays final figures.
Northern Pacific lost Ia. Great North
erp Ore dropped points.
The list was unsteady IN the last half
of the furth hour, with the feeling
growing more favorable 10 a rally.