The Washington times., 1909-07-11
MARKET WATTS FOR
HARRIMAN'S RETURN
Wall Street Has Come to
Recognize Magnate as
Most Powerful.
BEARS VERY TIMID,
BULLS CONFIDENT
Conditions Are Considered Favor
able, But Absence of Leader
ship Checks Trade.


ship Checks Trade.
NEW YORK, July 1l.-Markets like
that of last week are not TO the liking
of either bulls or bears. Conditions are
peculiar. 1T has come to the time when
the security trade of the United States
depends more than ever before on one
man, when one mans aims, ambitions,
plans, and hopes are more largely rep
resented than ever before in a group
OF prominent railroads of the nation.
Vanderbilt. Jay Gould. Morgan, Flower,
Sage. and "a score of magnates of former
days have been powerful in certain cor
porations. d.. none Of these have cut
anything like the figure now played by
Z. H. Hartman in Union Pacific, South
ern Pacific, Illinois Central New York
Central and other roads. His favOrite,
the Union Pacific Railroad Company.
now holds in its treasury S432, 92L609
in market value of other securities.
Last year as result Of the
Northern Pacific stock purchase by
Union Pacific the profits from in
vestment account turned a net SOL
2S4, 600 into the Iatterl treasury. Ten
years ago the gross Union PaCltIC IN
come was but S332Sl, 126. The change is
really sensational Hartman is wiz
ard. l.. II. Hartman has shown rail-
reading ability of the very highest
order. He has dWaTted all other mag
mates in this respect until he has come
to be recognized as a genius of eXtraor-
binary merit
Listening for His Story.
Wall Street waits anxiously the an
nouucement of a unifcation OF the va
Tious Hartman properties into har-
monious whole. This is the one thing
that will lift the stock market by the
boots, will make all high records of the
past fade away in the advance. The
Street believes, almost knows. that this
movement VIII be announced some day,
and holds that it win not be delayed so
very long. IT, the meantime it waits for
the fun announcement Of HarTiman's
plans regarding Southern Pacific II is
generally understood that the preferred
shares are to be retired, but there is a
story on the Street to the effect that an
increased dividend may also be expected
on the common shares.
These are the things that are holding
stocks with comparative strength IA
the midst of a dullneSs that would
that they could not be restrained from
taking a chance on the short side. In
view of the position of =. H. Hartman
i'm the American railroad world, it is
but natural that the state of his health,
when questioned, would be a big factor
i'm the stock market. His return home
in normal condition is expected and
hoped Tor.
Stocks Strongly Held.
The fact that the bulk of the STOCKS
of the leading rails are held by Harri-
man and his financial friends; by the
Standard Oil Company, and by big in
vest0rs is in itself an assurance that the
market viii not go down much. even if
the upward trend is delayed. The week
has disclosed nothing i'm the way OF
news that is rot favorable. The out
look at this tire is encouraging. Mer-
camille agencies tell q story of IN
creased business, larger ciearings, fewer
failures and general prosperity. Con-
ndcECe is inspired by the fact thar no
great block OF stock owned by the pub
lie, no heavy LOIulE2s tlInly maIglned
is hanging over the market liable to
come out with temporary weakness,
Good Crop Prospect.
The Government crop report was de.
cidcdly encouraging as to wheat, corn,
and other farm products This was the
one uncertain condition. it promises
good earnings Tor all The granger roads
and may furnish a little better mar
ket for money. 1t is not generally con-
sidered that the crop movement will
draw heavily on the reserves Of local
banks. The West has reached the stage
where she IS capable of furnishing her
own money for crop movement 10 a
greater degree than ever.
Tt Is source of worry 10 bankers
the earning of dividends these days.
Inter. 81 rates are lower than many
dividend rates. Practically every bank
has more funds locked UP than even
conservative IEnkHE methods Wguld
Justify. Canadian bankers have Sf2f,-
lnOgU on deposit with our bankers. The
West still has millions here ana bankers
from an over the country have large
credits in the hope that Importers, bust
ness men, other bankers, OF Wall street
may be In the market as borrowers.
The TACT that speculation IN the wheat
and corn pits in Chicago has been favor
able to the bulls has rather handicap
ped the full effect of the crop report
iu casting doubt on the conditions since
July /, when the statistics were made
Little ReinveStmeHt Demand.
Wall street las taken one discour-
agiuaks lew Of the present. and that is
OF the apparent failure of the rein
v,stmcut demand. The cuurmous pay
meuts ou account Of interest and divi-
drud accounts have not sought rein
Eesn out Aud yet, it is but natural
that one should hesitate to buy stocks
ju such q market as this Action leads
TO further action. Dizziness to nothing
but iEacti0u.
There are TOO many magnates I'm Flu
rope 1T Jbis time. The plans Of the
Hartman are so far as the Street
knows. in embryo When they are given
10 the public and the workers take hold
ut jHo list tIeTe viii Dee the usual large
number Of followers and higher prices
juuI lien the bears may make some
little progress, but not much. and a
weeks Joss Du such a market as that Of
tle last two weeks can and probably
viii Doe recovered iu days turn.
Talk Is Bulhsh.
The talk OF the Street is decidedly
buuish, the action OF the market is
more or less negative with Southern
Pacific, Union Pacific ST. Paul, and the
HW shares holding firm. We hear
stories of pools, but they are dissipated
with but little show of actuality. The
Street awaits the coming Of its master
first. and the outcome Of the corpora
ton tax and other matters as secou-
Diary probabilities.
The corporations have made no fight
on the proposed per cent tax, even
q sfer. fIa arrlr.fr14aq4+ iH.IuTfur4 IcITfDr-