Evening star., 1909-09-12
j. P. GOES HIGHER YET
Other Hartman Stocks Fol-
low Its Furious Advance.
REST OF MARKET DROPS
Reaction Comes After Yesterdays
Decided Rise.
HEAVY CALLS FOR MONEY
Weekend Reports Are Favorable
for Continued Increase in
Business Activity.
HEAVY CALLS FOR MONEY
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September lin the
first hour of today's stock market session
the furious advance in Union Pacific and
other Hartman stocks continued until
Union Pacific sold at 2107s. an advance
of 35s points on the day and of 1855
points since Mr.. Harriman's death. The
other active stocks sympathiZed very lit
tie with this continuation of yesterdays
advance, most of them selling off frac-
tionally, while the upbidding of Union
continued and eventually the weight of
proft-taking overcame the diminishing
volume of short covering and the pur-
chases of SPECTATORS. again leading cred
ulous ears to rumors of the Union Pa
cifcs segregation plan In entire forget
funess of the past.
Fluctuations in Union Pacific continued
cratic and abnormal with large blocks
frequently changing hands at half point
difference in price, but in the last hour
the tendency was generally downward.
and on the last sale the price was but
fractionally above yesterdays close.
Most Stocks Sell Down.
Most of the other stocks sold below
yesterdays prices after a reactionary
movement entirely natural as a sequence
to the decided advances on short cover
ing yesterday. A feature of the days
business, as was the case yesterday, was
the borrowing of Union Pacific stock in
anticipation of the closing Monday of
the books of the company for the annual
meeting October II. But while this bor-
rowing Yesterday was construed as evil
dence of the existence of strong and
stubborn short interest. 1t was generally
granted today that it represented moth
ing more than a movement on he part OF
men interested in the management to
bring in proxies withheld on account of
Mr. Harrinan's illness and DEATH
Nowhere was any idea of contest Tor
control of the company seriously enter
tanned. Apart from the Hartman STOCK
prices. movements out of the general
trend were in Amalgamated Copper and
American Smelling and Refining, Whlcn
lost 35s and lis points, respectively, pre-
sumably on account of the unfavorable
report of the Copper Producers Assocla-
tion made public yesterday. American
Ice securities were also conspicuously
weak, as they had been on previous days
of the week. as result, it was believed,
of the collapse o. speculation Wnlcn
carried the price above 40 several weeks
ago.
The bank statement prophesied those
higher money rates which have been ex-
pected to accompany the movement Oh
the crops and the increased uses or
from the interior were very heavy
throughout the week. and principally on
account of them both the clearing house
banks and the state banks and trust
companies reported substantial losses In
cash and decreases in deposits. These
were only partly compensated by de-
creases in loans, so that in the case OF
the clearing house banks the statement
of actual conditions showed decrease
of 100000 in surplus reserve.
Surplus Reduced.
The reduction brought down the sur
plus to x3,166, 900 and left the reserve but
!, per cent above the legal requirement.
Obviously continuation of the current low
call and time money rates is Incompatible
with these figures. Yet no decided IN
crease in rates Is anticipated. and 1t
would of course. produce no hardship
If call-money rate higher than 4 per
cent were seen in the near future.
The weekend trade reports were or the
same favorable tenor as those or all pre-
yious weeks in recent months. and further
evidence of increased business activity
was supplied by the fortnightly bulletin
of the American Railway Association,
which showed a decrease of 5000 In the
,hor of idle