Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-11
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
Tho Leading Stocks.

New York, Sept 1O.-The annals of the
New York Stock Exchange show no par
alel for the action of the market today
following the death of E. H. Hartman.
There have been instances where due
preparation in anticipation of the death
of an important capitalist has absorbed
the shock SO far as to minimize its bad
effects on the stock market. while in 9TH
err cases decentralization has followed, as
on the sudden death of ex-Gov. Flower in
the midst of his conduct OF violent
speculation. But for today's excited up
shoot of prices there is no parallel. Some
of the principal reasons for the move
ment are not obscure. The principal
agents in the violent advance in prices
and the acutest sufferers undoubtedly
were those who had presumed to sell
stocks short on the assumption that hold
ers of shares in the Hartman proper
ties would rush them to sale at a sacri-
flee when Mr.. Harriman's death occurred.
Some of this class persisted in this view
to the extent of making short sales of
these stocks when they saw a buoyant
Stock Market this morning.
Their supposition was that this advance
had been brought about by artificial
ciitate further liquidating sales. These
short sellers became convinced before the
first hour of the market was over that
the advance shown by stocks was too
rush to buy stocks had much to do with
the rocket-like flight of the later price
movement in Union Pacific. The discom-
future of the bears in Union Pacifis was
ment of Kuhn, Loeb & Co., the recog-
nized bankers of the Union Pacific Co.,
that they the National City Bank inter-
ests and other leading interests are act4
ing in unison in Union Pacific affairs.
The deep influence of the announcement
on sentiment must find its explanation
in sinister rumors which have been cir
cuiated ever since the severe stages of
Mr. Harriman's illness that his proper
ties were being raided and that a breach
was threatened amongst the controlling
powers in the property which might have
widespread effect throughout the financial
fabric The short announcement from the
bankers was accepted as proclamation
of the baselessness of these rumors. me
inference went with the announcement of
an intention to carry forward Mr.. Harrl-
mans extensive plans regarding the prop
critics brought under his control or in
fluence.
There was a short time early today
when American securities showed some
signs of depreciating in the London mar
ket. This was before day had broken in
New York and long before trading began
on the New York Stock Exchange Amer
lean securities showed substantial adj
vanceS in London. 1t happened, therefore,
that arrangements to support the market
here in the event of weakness proved un-
called for. The market, in fact, never
touched the price levels at which these
conditional buying orders were placed.
The resistance showed by prices had the
effect of restoring to full play the feeling
of confidence in the good prospect for
general business. An advance in the price
of steel bars during the day by the Unit
ed States Steel Corporation which brought
it back to the level of before the Febru-
airy cut was a factor in the rise of that
stock to new record price. Prospects OF
a heavy decrease in the cash reserves OF
the banks this week was ignored and the
stock market maintained its aggressive
strength up to the end. Gains of to over
Pacific ended the day 12a points higher
than last night.
Bonds were steady. Total sales, par val
ue. $7.033,0O United States bonds We're
unchanged on call.