Evening star., 1909-08-30
MAOSCRAMBLE TO BUY
Feature of Opening in New
York Stock Market.
SOME NOTABLE ADVANCES
Short Covering a Factor in the
Strength of Prices.
QUOTATIONS FROM LONDON
Long Accounts Riddled and Sellers
in Evidence Who Desire to
Realize Profits.
QUOTATIONS FROM LONDON
Special Dispatch to The Star.

NEW YORK, August 3n.-Most of the
interest in today's stock market was
concentrated in the dealings of the first
half hour, and especially in the OPEN
ing. Developments were obviously IN
dicated by the early prices made in
London, which showed gains for all
American stocks ranging from a half
point TO three points, Union Pacific
leading tho advances. Suspicion was
not wanting that the initiative of these
advances had its origin on this slde'
but be that as it may, the range OF
London quotations plus the cheer1ul
and reassuring over-Sunday news about
Mr.. Hartman induced wild scrsihpie
for stocks at the opening here
Extreme gains over Saturdays close
were shown, amounting to more than
points each in Union Pacific, Southern
Pacific and Wabash preferred, in all OF
which there were wide openings of more
than two points each in Northern Pa
cific New York Central and American
Smelling, and from Ia to points m
Great Northern, Chesapeake ana ONO,
Nashville and United States Steel. The
average advance was well over per
cent, although there were some slight
recessions In the first half hour fur
InGT upward movement quthlS Sc "a
which carried quotations well above the
level of the opening.
After the first hour there was a steadl-
" contracting volume OF business, and II
the early afternoon the market was only
moderately active, while the price level
was about the best of the day, Union
Pacific showing a net advance of five
points, U. S, Steel "a
Short Covering Factor.
Short covering was undoubtedly the
principal contributing factor in the
strength of prices, especially in the fore
part of the session So far as commission
house customers are concerned, too much
alarm had been excited by the recent vio-
lent fall in the Hartman group to make
them ready to trust the first signs of q
turn, nor was there an evident anxiety
on the part of banking interests to con-
vert the covering movement into bear
ish rout
Some buying for London account took
place, and traders purchases figured In
the aggregate, but the market failed to
disclose a reawakened interest in bullish
speculation. Perhaps some of the
strength Of prices was owing to the fact
tnat long accounts have been pretty we'll
riddled lately. and profit-taking sales i'm
ply that there are sellers who have
stocks on which to realize profits.
Explanations are still lacking which
throw any real lSnL on WnaI mas TAKEN
place in the stock market lately. Indeed.
new puzzles cropped out during the day.
The price at which Union Pacific prefer
red sold today was still above the level
at which even a gilt-edged investment
stock yielding 4 per cent with no pros
poets of other return might be expected
to sell Furthermore, 1t is not at all clear
as yet why Union Pacific cor.:non should
have fallen so violently on the strength
of Mr. Harriman's statement last week.
The Hartman Statement.
That statement seemed to be particu-
larly adverse to the expectations which
had been based ON the rise in Union
Pacific preferred. The decline in Union
Pacific common would seem to have
been an illogical accompaniment Of the
decline in Union Pacific preferred, for
on the assumption of a melon-cutting
the fact that participation by the pre-
ferred stockholders was not contem-
plated would hardly be an argument
against the position of the common
stock. However, the whole Hartman
episode has been and still is extraor.
binary.
All that can be said now is that today's
stock market indicated on the face of it
that whatever was the objective of the
recent forcible depression in the Harri-
man stocks, that objective appeared to
have been gained.
Information of financial or speculative
consequence was contained in several
statements of railroad earnings, all OF a
more or less satisfactory tenor, in q
slightly firmer money market owing to
an Increased demand for time loans and
on somewhat easier tendencies in foreign
exchange.