Evening journal., 1909-09-10
Stock Markets
Fy United Press Leased Special wiz

Py United Press Leased Special Wire.
NEW YORK, Sept 10-No crash in the
market followed the death OF y. II. Har-
rlman. The big financiers took care OF
them. All afternoon and all night they
planned, and when the gong sounded this
morning their brokers were on hand with
the sinews of war Vaults were opened
ana millions Of dollars thrown into the
market to hold up the prices of stocks.
Instead OF a break. there was an ad-
vance, especially in the Hartman issues.
which rose as much as 2ia points over last
At the opening. today, the following
Reading l5S IL a rise Of s-s points:
Union Pacific, from l9l to 1876 IL, up
i-si Southern Pacific, i25 70 rs - up
Union Pacific Pfd.. lo6. up la Smeit-
ing, 81, up I 1-2; Northern Pacific. i54 1-2,
up s-4; New York Central, 1872 l-2, up 1-2;
Pfd:, l5l 3-A, up ] Is; B. & o., ll6 Il,
There has never been a time in Wall
Streets history when an event like the
death Of so prominent a man as r.. H.
Hartman has been followed by such
| display OF strength as was shown AT the
opening today. The tone of the early
/ dealings was hyst determined by the
cables from London. which showed -ad-
vanccs IN that market ranging from i TO
| 3 points in the leading American shares.
Arbitrage brokers declared that this
strength in London was due almost who'll
/ ly to urgent covering orders from New
York and these arbitrage brokers were
on hand early on the floor Of the ex-
| change to buy stocks against sales made
| by them TO New York In London.
Many of the brokers representing i'm
portant interests had scale buying orders
In the market
There were wild openings IN many
stocks. that in Union Pacific being 5000
shares from 1877 TO 1856 l-2 against 1874 IL
at tho close yesterday.
In nearly all cases the greater part OF
the opening gains were maintained dur
ing the first quarter Of an hour. South
ern Pacific being about the only issue
that receded. selling on in fractional
The Gould issues shared only slight
ly I'm the general display OF strength
making only fractional gains.
After this first buying movement and
it's demonstration Of strength slightly
wavered tone developed.
on account OF Harriman's death, the
executive Offices of the Union Pacihc IN
New York were closed today.
The feature in the trading all through
the first hour was eae epoTt epoethE or sn'
This was the more noticeable IN lnor
Pacific issues.
more than 4 points and the preferred
at II o'clock had risen 3-4 points: I'M
statement was made by some OF tn,
large buyers OF this stock that there
was complete harmony in the Union Pa
cihc board Of directors ana IN som'
quarters the conclusion was jumped a
that this indicates iurther consideration
AT the end Of the first hour and /;
quarter the market held strong with
prices then at the highest range so IA
Tor the day and showing advances In th'
maiorities OF issues ranging from one 4
! over six points.
Al that hour, government bonds were
. unchanged and other bonds strong.
Buying orders Of enormous amounts
! were still being poured into the market
II was quietly declared and the mipres
sion soon gained headway in London ane
Berlin and was repeated TO New Hort
that a banking syndicate had been form
ed TO protect the market. IN New forl
III was quietly declared and the impress
that the National City Bank, Kuhn. Loei
e Co were combining with ]. p. Morgan
& Company, 10 avert any market shock
Brokers had orders TO buy an unlimited
amount Of stock in the event OF an,
sharn decline, and the almost unanimous
oninfon among them was a week Of de
cline in stocks had discounted Harri'
. mans death and the actual fact OF MS
death would have only temporary or
feet upon the market.