Los Angeles herald., 1909-09-11
STOCKS ADVANCE
TO BOLD HEIGHT
DEATH OF HARTMAN CAUSES
REACTION
LASHING OF SHORTS BROUGHT
ABOUT BY THEMSELVES
Assumption That Holders of Shares in
Hartman Roads Would Rush
Them to Market Starts
Upward Trend

NEW YORK, Sept. 10.-The annals
of the New York stock exchange show
no parallel for the action of the mar
ket today, following the death or u.
H. Hartman. There have been IN
stances where due preparation in an
ticipation of the death Of an important
capitalist have absorbed the shock SO
far as to minimize it's bad effects on
the stock market, while in other cases
decentralization has followed, as on the
sudden death of the late Ex-Governor
Flower in the midst of his conduct OF
a violent speculation. But for today s
excited upshoot of prices there is no
parallel.
Some of the principal reasons are not
obscure, although the observers yes
terday who predicted rise in prices
today were frankly regarded as eX-
tremists.
The principal agents in the violent
advance in prices and the acutest sur
ferers undoubtedly are those who have
presumed to sell stocks short on the
assumption that holders of shares in
the Hartman properties would rush
them to sale at sacrifice at Mr.. Har-
riman's death.
Some of this class even made sales
of these stocks when they saw buoy
ant rise at the opening OF the market
this morning. The short sellers be-
came convinced before the first hour
was over that the resistance shown by
prices was too strong to overcome
Their precipitate rush to buy stocks
had much to do with the rocket-lke
fight of the later price movement IN
Union Pacific. The discontinue of
the bears in Union Pacific was ma
terially increased by the announcement
of Kuhn, Loeb & Co.. the recognized
bankers OF the Union Pacific company,
that they, the National City bank IN
terests and other leading interests
were in unison in Union Pacific affalrs.
The deep influence of the announce
ment on sentiment must find its ex-
planation in sinister rumors which
have been circulated ever since the Sc
we're stages Of Mr.. Harrimans illness,
that his properties were being raloeo
and that a breach was threatened
among the controlling powers In the
property which might have widespread
effects throughout the financial fabric
The short announcement from the
. bankers was accepted as proclama-
tion of falseness of these suppositions'
and an assurance that If any breach
was ever threatened the differences
had been healed
A marked revulsion of feellns was
the consequence of quieting the fears
that Mr. Harriman's plans would not
be abandoned There was snort
time early today when American Sc
curities showed some signs of depres-
sion in the London market. This was
before day had broken in New York,
and long before trading began here
American securities showed substan-
tial advances in London.
The market in fact. never touched
the nrice levels at which these condi-
tional buying orders to protect the
market were placed.
An advance in the price of steel bars
during the day brought United states
steel to new record price. The STOCK
market maintained its aggressive
Gains OF to over points were
quite general, and Union Pacific ended
the day 12h points higher than last
night
Bonds were strong. Total sales, par
value. S7,0S3 900. United States bonds
were unchanged on call.