Evening star., 1909-08-31
MARKET TAKES A REST
SettIing-DoWn Tendency on
New York Exchange.
RECESSION AND RECOVERY
Fractional Advances Noted in the
Morning Hours.
REFLECTION OF RECENT SHOCK
Course of Prices in Commodities
Suggested as Having Checked
Bullish Activity.
REFLECTION OF RECENT SHOCK
special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, August 31.-Something of
settling-down process seemed to be un-
der way in today's stock market. There
were a few aggressively strong issues, but
taken as whole the market was for the
most part only firm and did not reflect
reawakened bullish enthusiasm nor fur
nish any indication that it could be
promptly aroused so soon after the rack
ing fit of chills and fever through which
the market has lately passed. Apparent
ly the cause of the recent violent move
ments in the Hartman group of railroad
issues. which had such an unsettling gen
eral effect. has been removed, but the
consequence would seem naturally to be
that the market should have rest as
much as Mr.. Hartman.
So far as the statement furnished yes
terday by Mr.. Hartman goes, Wall street
has probably shrewdly interpreted it as
sign that the trouble whatever the trou-
BILE was, is over. How much aid and COM
fort that statement has furnished TO Mr..
Harriman's friends, land perhaps some
others is another question. Interinear
reading of it is not without interest al
though at this time it may lead to nothing
more than Improbable conjecture. 1t GER
tainly does not dispel the impression that
what was really the matter with the stock
market in the last so was HOt
the malady with which Mr. Hartman is
afflicted. A circumstance i'm proof of this
may be cited from today's stock market
If Union Pacific preferred is worth today
S1O5 share or thereabouts, what was all
the late uproar about?
Market Opens Firm.
The market opened generally firm at
fractional advances of more or less sub
stantial proportions. Business was on
fair scale of activity, but from the open
ing until well into the afternoon the
raage of interest at any given time was
rather narrow and the dealings in a COM
paratiyely few issues made up the bulk
of the transactions. Moreover the deal
ings by a tendency to contract with the
progress of the session reflected the
shock which has been admin stored to
speculative enthusiasm. With alterna-
tionS of recess and recovery, the market
held as a whole pretty firmly around the
opening level of quotations through the
greater part of the day. In a few stocks
there was some evidence of important
purchases. but speaking generally there
was nothing but general buying to ac-
count for the price movement.
There was some short covering, appar-
emily. plus some commission-house buy
ing of scattered nature, and some sub
stantial purchases on balance for loan ac-
count. but the market seemed to be left
the attention of important interests
Nevertheless, the vigorous firmness of
L. S. Steel common, the incomprehensi-
BILE strength of Union Pacific preferred,
the aggressiveness of Reading and the
buoyancy of Louisville and Nashville and
Southern Railway preferred seemed to
show that the market was not altogether
neglected Other features were the sharp
advance in Central Leather and the COM
parative heaviness of American Smelling
and Amalgamated CODper.
Check to the Bulls.
There was some talk of the course of
prices in the commodity markets tending
TO check bullish activity in stocks, but
this had not much validity even as the
expression of surrnise. The stock market
has not been paying much attention late
ly TO fundamental conditions, and has not
yet returned to the habit
If it had 1T might have taken more
coSniZance than appeared TO be the case
of the July statements of earnings sub
mitted by the Union Pacific and the
Southern Pacific, showing an aggregate
increase of about S1.900,OD in gross and
Ss5O,oO0 in net. The Chesapeake and
Ohio made a similarly favorable exhibit
for the same month, but the Reading
company reported decrease of about
Sf5o,000 in the July surplus.
In the money market more active and
flrner conditions were reported. quite a
little business being transacted in five
and six months maturities at per cent,
and commercial paper was at least firm
er in tone