The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-08-31
FEAR LEsseNEo IN WALL STREET


New Cork. Aug. 3O.-The clearing
up of the atmosphere of gloomy np-
prehension regarding the condition of
E II. Hartman was manifest in A.
nancial circles well In advance of the
opening of the stock market today
The fright which seized the stock
market community Friday night woula
have been dissipated before the mar
ket closed today had the session ex-
tended TO the afternoon hour usual
on week days. AS it was. the after
noon period on Saturday and the Sun
day interval saw a steady growth Of
confidence that the danger of MT
Harriman's condition had been exag-
Serated
The frankness of friends and mem
bers of the family of the financier in
contrast with the mystery which has
been wrapped about the subject since
his return from Europe and disappear
ance from public view took the ground
from under the feet of the alarmists
and rumor-mongers. The oyer-eX~
tended short interest was rather seri-
Gus, as the first prices quoted at the
stock exchange this morning showed
an instantaneous cancellation Of a
great part Of the heavy losses suf
fered In the sharp declines of yester-
Gay, The shorts themselves con
tributed to this showing by their
scramble to obtain stocks. warned by
the tenor Of the news from Arden,
and the preliminary advices estab-
lishcd In the London market before
trading had been resumed in New
York.
The Hartman stocks were natural
~ most affected but the buoyant tone
was common to the whole list. Open.
ing gains OF | to more than 3 points
over the closing price OF Saturday
were general throughout IT was as.
serted many OF the orders expected
Mt the opening were for small ac-
counts of wouldbe investors who had
been watching for sharp decline 10
come into the market.
The sale Of the first 10000 shares
of Union Pacific were at 20oa7-S
Union Pacific was a dominent In
fluence throughout the day Its oc
casional reactions on profit taking
brought pause in the general move
ment and when its advance was re
newed aggressively the whole list re-
sponded. although in lesser degree.
Union Pacific touched 202 "a and
closed only Is below that.
The sustained strength of United
States Steel completed the reassur-
ance of speculative sentiment. The
large part played by that stock as a
sustaining force in last weeks mar
Eets. left an apprehension that there
would be an afteT-distributlon TO be
met of stock accumulated in the
course of the operations. The fresh
strength shown by Steel and its late
advance to within a point OF the top
price of record. quleted this apprehen-
sion and left the advancing tendency
without a single material obstacle
There was no new feature in the
news TO explain the recovery in prices
aside from the changed view Of f. H
Harriman's physical condition Rains
m the corn belt over Sunday corrected
the few unGayorable factors pointed to
last week. Some Of the Eastern rail-
road officials advance the suggestion
that two weeks more of the rate of ex-
pansion of the freight movement in
the last fortnight will see a shortage
of cars on their lines.
The seasonable tightening of the
money market. which continues, and
the Unstable level TO which prices
had advanced, are given their due
influence in the reaction.
With the covering OF large lots of
shorts. the keenness of the latter de.
mand abated considerably, and the ap-
pearance of Mr.. Harriman's dictated
statement was coincident with a final
rally to a strong uprising.
Convertible and speculative bonds
were steady. Total sales par value.
S3.250.000 United States bonds were
unchanged on call.