Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-08-30
Commercial Enterprises
Continue to Expand.
Hartman Pivot on Which the
Stock Market Swings.
Important Developments Pending
IA Growth Of Values.

New York, Aug. 29.-Conditions last
week. both in trade and in the market
for securities, paralleled those of the
week before The expansion in CONNER
cial enterprises went steadily forward,
considerable disorder, with q much lower
avetage of price S. There is still no re-
lation between the movements of stocks
ana the state Of general trade, nor does
tho fact that prices of the one have
fallen 50 sharply mean that any less IA
vorable conditions. have appeared in the
business world.
Mr. Hartman is the pivot around which
stocks have swung and the stocks that
have moved farthest away from the point
reached two weeks ago have been those
Of the properties he directly controls or
is supposed to be gaining control of
When Mr.. Hartman announced his sud
den intention to return from abroad to
complete his rest cure at home there
was a quick break in the securities as
ISOLATED with his name. They had the
effect of spreading the selling contasion
All rallied to a great degree at the end of
set foot his native heath some of
them were fully half way back to the
top level.
TO his intervieWers Mr.. Hartman seem
ed to be Il sick man. Moreover he I'M
qualifedly denied that he had any inten-
ton of advocating larger dividends on
Union Pacific and Southern Pacific. He
was not bothering. he added. about any
plan to seGregate the issues of his prop
critics. and his replies concerning his re-
ported control of New York Central were
far from satisfactory to those who had
been pushing the prices of securities up
ward The air castles that had been built
on the most tlimsy foundations tumbled
Immediately. The result is that Union
Pacific has declined almost % points for
the common and Il points for the pre-
fcrrcd. while Southern Pacific and New
York Central have fallen IA to 10 points
and losses of from to 10 points are re-
selling has consisted in large part of IL
auidatiOn and the balance NAV properly
he attributed TO speculative offerings for
the decline by n very formidable bear
party. The effect of this speculative col
lapse on the markets future should be
period of assimilation of securities and a
more gradual movement of prices
There are many important develop-
ments pending, to say nothing of the
gradual growth of values through earn
ings, to re-cstablsh the market in public
confidence after moderate resting spell.
The stock market, like Mr.. Hartman, is
now taking its "aftor curc "
AS a result of the liquidation of stocks.
money rates have eascd perceptiby, with
long time offerings lower by IA per cent.
from recent quotations. The demand has
contracted on the part of Wall Street Dor
rowers. The feature of the money mar
ket has been the large operations of for
eiGn bankers. who have specialized on 90
day money at 8 IA per cent They sold
long bills on the rise in foreign exchange
loaning out the proceeds Exchange has
held steady in the absence of finance
bills, and bills representing future ship
merits of grain and cotton.
From the industrial standnoint tbo
weeks developments have been impress
siVe. Bank clearings of the country are
more IMAM 10 per cent. over those of last
year current railroad earnings show a
gam OF over per cent. and the movement
OF general merchandise and of materials
entering into building construction ranges
all the way from - to % per cent. above
last year. Iron and steel have advanced
in price and with the largest exports of
copper in some months the price of the
metal has gone higher. 1t is expected
that this month will break all records for |
two years in pig iron production.
The crop situation is still somewhat |
clouded by continued drouth in the corn
belt Authorities in the grain trade how
ever, and responsible trade Journals saw
that The da tln11c 70, '