The Birmingham age-herald., 1909-09-10
GREAT WEAKNESS IN
 STOCK MARKET Harriman's Final Illness Had
 Demoralizing Effect NO SUPPORT TO MARKET After Fluctuations Due to Early Rum ors of Harriman's Condition Prices Slowly Sag Under Selling
 to Lover Levels.
NO SUPPORT TO MARKET

New York, September 9-The stock mar ket started out today with the supposition apparently that conditions were adjusted to await the news from MT Harrimans s sick room without further feverish ex- citement.
 The news of the financiers death camo just 35 minutes after the stock exchange closed. The early dealings were on a small basis and prices were only slightly depressed and showed a capacity to rally easily. The protective measures in the market were relaxed later, and when the daily crop of rumors and contradictions began to be received the gradual sag which has set in was converted into pre- cipitate decline. Support seemed to be withdrawn and the market left to take care of itself This was more notable since the volume of the selling was not large and appeared such as might have been taken care of by the powers which have appeared as supporters of prices in the recent past.
 The conclusion was drawn that it had been decided by the packers of the mar ket that preparations for an expected shock would be more effective by not at IeI1Dtl1B Io IiolQ plICtS di lilCltlly dt tiiC advanced level. That opinion in the f1nan- cial community was prepared for an un- favorable termination of Mir Harrimans illness was clear and was not disguised
 The divergence of opinions began on the topic of the probable effect on the stock market of the event. These varied as widely as between predictions of prob able rally in the market on account of an over-extension of the short interest and
 dire prophecies of disastrous slump in the whole market.
 It was noted with interest that an active borrowing demand existed for Union Pa
 ciflc stock in the loan crowd. where the
 operators short of stocks assemble to fill
 their temporary requirements by borrow ing stocks for delivery. This phase of a short interest is too readily stimulated to carry much conviction to professional stock operators. This explanation did not alay anxiety on the part of the stock holders as it served to give some point to rumors of internal dissensions in the company, and to-revive attention to the charges made by MT. Harrimans friends of an attempt to raid the property during k his illness Another explanation Of the borrowing demand for Union Pacific was that it represented sales by insiders in the property who desired to conceal their identity by borrowing stock for delivery
 TO ther than apnearing openly as sellers
 The belief that a breach had occurred amongst interests hitherto acting in con
 vert in this property gave greater cred ence to reports that this difference had spread into the banking world and 1n- volved important interests which had been brought into strong accord in the troubled period during the financial panic, when ~nift of cooperation was rife. Cables
 from abroad indicated an apprehension anlong the foreigners that the integrity of the market pool in United States Steel
 was threatened by this rupture. The amount of the loan which this reputed roo1 is carrying is estimated at enormous figures owing to the determined absorp- ton of that stock at all levels and against