New-York tribune., 1909-09-11
BEAR PANIC FOLLOWS MR.
HARRIWAN'S DEATH.
Ne1c High Records Made By Many
ssues-Pacifcs Market Leaders
Shorts Rush to COUeT.
GAINS MADE BY LEADING STOCKS.

The response of the stock market yesterday 70
the death Of f. II. Hartman was unexpected
and sensational Although due. at least In part
to the technical condition OF the market. II was
striking demonstration OF the general sound
ness and stability of financial and business con-
ditions.
Never in the history OF Wall Street was the
death of prominent man in the financial
world followed by such a display of strength as
was shown at the opening of the market. and
the continued advance throughout the day was
without precedent on an occasion of the kind
At the close the net gains in the active issues
ranged from to 121a points. the greatest gain
being made by Union Pacific common. which
also was the most active stock the list. In
fact. all the Hartman stocks were particularly
strong.
The bears. who had been anticipating raid
the market following the death Of Mr.. Har-
riman. were completely routed by the bulls
soon as the market opened and the way they
were sent scurrying to cover was an object les
son OF the way the big interests come TO the
support Of the market in time OF need. The
bears had inkling of what was in store for
them before trading began here from the action
of the London market. which showed advances
of from I to points in the leading American
stocks and were all ready TO run 70 cover when
the gong on the Stock Exchange announced the
Opening OI JIlS udIhct l4lc DulAS NSAC OH A1AAN
with heavy supporting orders. and the cOnbi-
nation of scared bears and aggressive bulls i'm
mediately sent prices soaring. and they contin-
ued TO soar for the rest OF the day.
Four stocks-Union Pacific common. Southern
Pacific. United states Steel common and Read
ing, the transactions in which totalled two
thirds of the days business-had wide openings.
The first sale Of Union Pacific was block OF
$500 shares at 1917 to 1861. gain of 21s to
points over the closing price on Thursday The
first transaction in Southern Pacific was 5000
shares at 125 to 1854. UP TO %. points while
Steel common opened with a sale Of 5000 shares
at T7% to 7T15 as compared with Thursdays
closing price of T63s. Reading also opened wide.
15s1a. up more than point. With the ex-
ception of a slight reaction in the first hour.
which carried prices below the opening quota
tions in some tnstances-Union Pacific common
dropping to 1868 and Southern Pacific 70 1241a
the market continued to advance steadily.
and the close was at or near the high point Of
the day.
HEAVY COVERING BY SHORTS
The feature Of the trading was the covering
of the heavily over-extended short interest.
which resulted in the nearest approach to
bear panic" that has been seen on the Stock
Exchange in many day There was an ap-
pearance of buying by bargain hunters at the
opening but prices advanced rapidly that
bargains did not last long Union Pacific, after
it's decline to 1861. rose rapidly TO 200. and
then kept on climbing until IT touched 2O7L&. Il
closed "a point lower at a net gain for the day
of 12Jz points. -he preferred also made sub
stantiaI advance. closing at 11O24 after having
touched 112. a net gain of points Southern
Pacific gained 3 points closing at 12S. three
eighths of point below the high figure Of the
day; Steel common 3Ia points. Reading points.
New York Central 31s points. Illinois Central
rs points and Erie and Baltimore & Ohio each
IL points.
Steel common. which next to Union Pacific
was the most active stock the list, made
new high record Of sos which compares with
it's previous high water mark of SO1<. The stock
was traded in in large blocks, transactions In
thousand shares being numerous. Union
Pacific common. Reading and Southern Pacific
also dealt in in large blocks and out Of
total sales of 1.JO1, ,63S shares 1.015.40O repre-
sented transactions in the four issues men
toned The trading was so active at times that
the ticker fell behind in recording the transac-
tons. and brokers had to have recourse to the
telephone to obtain the latest quotations on the
floor of the exchange.
All the brokerage offices had made prepara-
Harrimans death was announced and many
houses kept a force Of clerks at work all night
receiving orders for execution in the London
and local markets. majority Of the other
brokerage firms were open as early as 5 o'clock
in the morning. and many Of the brokers them
selves were on hand shortly after that hour. and
throughout the day the offices were crowded
with customers