The Ekalaka eagle. [volume] (Ekalaka, Mont.) 1909-1920, 1909-09-17
4ARRlMAN'S DEATH HAS UNEx-
PECTED EFFECT ON WALL
STREET MARKET.
SHORTS in C0MPLETER OUT
Effect Of Great Magnate's Death
on Stock Market and Bou-
yant Market Resulted.

:esponse today to the death of F.. H.
Hartman, was a buoyantly strong
stock market in which securities made
sensational gains n held them to the
end. The volume of business was
9nCrmous-over l 500, 900 shares-and
% this vast amount the better known
Hartman stocks namely, Union Pa
:ific common and Southern Pacific,
alone contributed over one-third,
while other properties in which the
ate magnate was more remotely in
crested added probably as much more
70 the sum total.
The day resulted in a complete rout
Of the shorts interest when was prob
ably more extensive than even the
best informed had imagined. The I'm
ion Pacific and Southern Pacific trad
ing posts were the center Of attrac-
ton and enormous buying OF both
stocks soon caused a hurried scram-
bic to cover There was a brief recess
sion from the opening prices, but be-
fore the end OF the first hour. semi-of-
flcial announcement was made that
the Kuhn Loeb bank interest were
acting in unison" and this gave the
market another lift to a level we'll
above the opening prices. BY this
time the pears were in an utter state
of generalization n there was talk
later in the day that a number Of pri-
vate settlements had been made by
over extended Shorts
While Hartman stocks were soar
ing Wall Street vas teeming with
rumOrs, some of which limited at a.
contest for control of Union Pacific.
None took these rumors very seriously
but considerable more attention was
paid to persistent reports that J. p.
Morgan & Co., were buying heavily Of
Union Pacific shares and that arrange-
ments for taking a member of the
Morgan firm into the Union Pacific cx-
ecutive committee were already COM
pleted. None Of these stories was
denied or confirmed in authoritative
quarters.
The markets rapid pace was main'
tanned to the end and at the close the
extent of the short covering was esti-
mated at all the way from 200 900 To
500 900 shares. There is little doubt,
however, that no small part of the
days operations represented buying
Of the investment character. No Of
fetal statement was made by Harri-
nan officials during the day relative
to the future policy of these proper
ties but banking interests in touch
with the situation were authority for
statements that Harriman's plans Of
construction and development would
20 steadily forward.
Two beliefs concerning the death OF
E. II. Hartman came to be accepted
as facts today-frst, That his great
railroad organization WI not be dis
turbed. and second, that he was the
victim of cancer.
That the financial world has thor
oughly discounted the great mans
death and dissipated all fear of panic
was attested by one of the most re-
markable scenes in the history of the
New York Stock Exchange. There.
instead of a downward movement OF
stocks, a sensational advance occur
red, while in London and Berlin, rail
road and industrial securities showed
unusual strength. In all quarters, par
~aloxical as it may seem. the social
ed Hartman stocks were strong and
those of a speculative turn who went
short on the theory that heavy de-
clines would follow Harriman's death,
suffered untold losses.
AS to the cause of the financier's
death, DR.. Lyle of this city, who was
with him to the end, has issued no
statement. But today there came a
cable from a Vienna specialist who
treated Hartman while abroad, stat
ing that he was suffering with cancer.
The specialist had so diagnosed 1t,
ne said, and had indicated that an op-
Grafton might be advisable. The gen
eral belief is that no operation was
performed after Harriman's return to
Arden, but whether this was the re-
sult of his weakened condition. or his
refusal to submit to the knife, is but
conjecture.