The San Francisco call., 1909-09-11
WALL STREET IS
|. EXCITED, But IN
NO PANIC MOOD
Immense Trading and "Shorts"
Who Hoped for Alarm
Lose Heavily
All the Hartman Securities
Make Sharp Advances and
Market Closes Strong


NEW YORK, Sept. Ao.-Wall streets
response today to E. H Harriman's
death was buoyantly strong stock
market. in which securities made ssnsa-
.tional gains and held them to the end.
The volume of business was enormous.
we'll over 1,500, 900 shares. and to- this
vast amount the better known Harri-
man stocks-Union Pacific common and
Southern Pacific - alone contributed
over third, while other properties In
which the late magnate was more re-
motely interested added as much more
to the total
SHORTS HARD HIT
The day resulted in complete rout
of the short interests Even before the
opening here it was evident from the
tone of American securities in London
that the strongest support was forth
coming in initial prices in New, York,
dispelling all doubt with advance in all
issues. though the Hartman stocks
were the leaders.
The Union Pacific and Southern Pa
cific trading posts were the center of
all attraction and the enormous buying
scramble toscover.
BIG BANKERS AT WAR
There was a brief recession from
opening prices, but before the end of
the first hour, semioff1cia1 announce
ment was made that the Kuhn Loeb
City bank interests were acting In
union,' and this gave the market an
other uplift to level above the open
ing prices.
BY this time the bears were in
state of utter decentralization and there
was talk later that a number of pri-
vate settlements had been made.
MANY RUMORS AFLOAT
While the Hartman stocks were
rumors some of which limited at con-
test for control of the Union Pacific
Ne one took these very seriously,-but
considerably more attention was paid
to persistent rumors that j. p. Nor
gan & Co. was buying heavily of
Union Pacific shares and that arrange
ments for taking a r11emberSof the Nor
gan firm into the Union Pacific execu-
tive committee were already completed.
None of these stories was either denied
or confirmed
STRONG TO THE END
The markets rapid pace was main
tanned to the end and at the close the
extent of the short covering was esti-
mated all the way from 100000 to 500,
600 shares. There is little doubt, how
ever, that no small part of the days
operations represented buying Of an
Investment character.
No official statement was issued by
the Hartman officials relative to the
future policy of those properties. but
banking interests in touch with the
situation announced Harriman's plans
for construction and development
would go steadily forward.
DIRECTORS MEET MONDAY
Meetings of the Union Pacific and
Southern Pacific directors probably
will be held next Monday. and ii is
believed something more than the ex-
pressions of regret at the passing away
of Hartman will then engage the
boards attention.
A noteworthy event of the day was
a new high record for United States
steel common, which touched S0s an
The more important gains follow:
Union Pacific. 121z; Union Pacific
preferred. Z; Southern Pacific. 8: ST.
Paul, 3A : Reading. 8: New York Cen
tral. 3h; Louisville and Nashville.
Atchison. Missouri Pacific. United
States Steel common. Western I'm
ion and international Pump. or more
with numerous advances ranging from
to 214 points.