The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-25

there are evidences Of some sharp re-
covering.
NEW YORK. Aug. 25.-It was nothing
more than natural that there should be
a rush of liquidation OF the part Of
nervous holders Of seeurities-that the
bears who have been forced TO exist
during the last twenty months on their
profits during the panic, should be wide
awake and after gains through serious
assaults along the line-nRtural in the
face OF existing conditions that Tiers
should be q severe decline with the
HaTriman's leading Even the assur-
ing Interview with Judge Gary was dis
torted BY the bears, rabid for profits
And yet Judge Gary's interview is near
er fact right now than conditions have
warranted for years. Time was when
the exit of a Vanderbilt. a Flower, a
Keene. a Gould. or q Fisk would have
smashed the list badly. That time has
largely passed. 1t has become the habit
of the men of millions and of much i'm
portance to plan against the time when
they shall pass along. to trust their
estates, so that It shall not be neces-
sary TO liquidate their holdings. It
would be foolish 10 say that a more
serious condition in the case of z. h
Hartman would not greatly affect the
group Of securities known as the Har-
rimans.
The magnate has been the master in
the making Of these properties, but
should the necessity arise. the work
could be taken up by some of his able
heutenants. and the world move along
in the old familiar grooves. The great
ma of lava
heutenants and there are strong. prac-
teal railroaders In the field. strong
financial juniors evOluting every year.
The world moves on.
But FOR the fact that the market has
been so very strong for such a pro
longed period the effect at this time of
the Illness of one man would not be
anything like as great as it is. But for
the fact that Union Pacific has besn
carried up to 2l9 In the last few weeks
IL would not be dropping so fast; but
there is leVe: when holders seem to
be satisfied Nith the price and will sell
There is no doubt that Union Pacific can
continue Indefinitely to pay 10 per cent
and just so long. the stock is worth
nearly the present price as an invest
ment. The master has welded the sys-
tenn IN a Norkmanlike manner-it will
last througi1 centuries.
Serious Losses Sustained.
Many OF the most conservative houses
on the Street sent out advice to their
customers TO keep out Of the Harri-
mans for time at least It was also
evident that the leaders Of the bull mar
ket, the Standard on people and J.
Fremont Morgan. with their associates.
were not doing anything to check the
decline, apparently being satisfied to
give the bears an abundance Of Tope-
possibly FER purpose. Occs sionafly 4 ]
steadiness would develop and a slight ,
rally follow as some Of the wiser OF
the bears decided 10 take in their profits
or the prices reached q point where
they appealed TO some buyer as a
chance for good longtime investment.
Union Pacific was the leader, natural
y enough u opened at 208. a loss Of
Is. rallied y point then declined dur
Ing the first hour 70 2siz rallied 10
zoos and then before noon dropped 10
2o5i4 with a rally to 3951s, and IN the
noon hour touched bottom for three
hours OF the session, a 204iz with q
slight recovery. This made the net loss
OF the first three hours 59s points The
preferred stock followed IN more mod
crate loss, TO los.
New York Central. which the Street
now believes 70 be a Hartman property
on the theory that if Il wasn't he would
nave so stated, opened at 1914. a loss
OF s, and touched 1874 on the slide with
slight recovery. Southern Pacific drop
per 3 points to l3l, as compared with
lS4 al the close on Tuesday. Hill stocks
showed relatively good strength.
The declines were more or less severe
throughout the entire list with one or
two unimportsnt exceptions slumpinz
with the leaders in lessened degree. I
Steel common broke from 777k TO 755s.
Smelling was ? points lower.
That the day developed a big short
interest goes without saying and IN
this snort interest lies the hope OF a
rally as the profits are tempting.