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Show MARKET SOARS IN II ISWEBTO DEATH Passing of Harriman Followed -1,11 by Unusual Activity and I'r'lil Strength of Stocks. f RUSH TO BUY- UNION i l-'lil AND SOUTHERN PACIFIC Pf H Rumors That Fierce Contest Is f 'il on for Control of the HHB Great System. f f'jl NEW YORK, Sept. 10. Wall street's plj' I response today to 12. 31. Harriman's. j jfl death was a buoyantly strong stock f' 'Vyffl market in which securities made seusa- Is 'l' tional gains and held them to the end. i'V'l Tho volume of business was enormous. f-j' '' il well over l.oOO.OOO snares, "and to this j';'' ) jH vast amount the better known Tlarri- j'ljli ):! man slocks Union Pacific, common and J jj,, ;HH Southern Pacific alone contributed ovor U; one-third, while other properties in M-i; H which the late uiagxiatc was more tc- I' H' jil-'H inotely interested added as much more ijV'lJ'i ik to tho total. ij The day resulted in a complete rout jJH of ihe short interests. Kven before the , opening here it was evident troin the. s : jt i tone of American securities in -London jjf'i n jH that the strongest support was forth- ,,' . coining in initial prices iu Now York. dispelling all doubt with advance in H.;'. ' all issues though the Ilarriman stocks : 1 1 'M were the leaders. )'' Center of Attraction. ft? IH The Uniou Pacific and Southern Pa- iK , ! cific trading posts wore the center of all h) , attraction and the enormous buying ot ft f1 fffl both stocks soon caused a hurried jf1', 'V IH scramble to cover. There was a brief tj1- t, recession from opening prices, but be- j ;' ,, fore the end of tlie first hour, semi-of- 5 . ' (icial announcement was made that the ' jf Kuhn, Loob-City Bank interests were ? i' acting in Union," and this gave the mar- ket another uplift to a level above the 1 1 opening prices. By this iime the boars , jH were in a state "of utter demoraliza- ' tion, and there was talk later that a X' numner 01 private settlements unci ;r,i been made. t L JH While the irnrriman stocks were jtfj soaring, Wall street was teeming with $ , rumors, some of which hinted at a con- i ' test for control of the Union Pacific. J :' jH Morgan Reported Buying. No onc.took these very seriously, but JH considerably more attention was' paid f ';' ' to persistent rumors that J. P. Morgan & Co. was buying heavily of Union v.t: Pacific sharvs and that arrangements ' for taking a member of tho Morgan f . ljH firm into the Union Pacific executive JH committee were already completed. Xone of these stories was' either denied . . orr confirmed. j' The market's rapid pace was main- l fainr-d to the end and at the close tho . I iH extent of tho short covering was esti- ' mnted all the way from 200.000 to , oOO.OOO shares. There is little ' doubt. -however, that no small part of Ihe K da3"s operations represented buying of I '. an investment character. t ( No official statement was issued by ' '. 'H the Ilarriman officials relative to the I 1 future policy of thoso properties, but ' , 'H banking interests in touch with the i situation announced Air. Ilarriman "s : plans for constructing and develop- .v incnt would go steadily forward. ;. . Pacific Boards to Most. greetings of the Union Pacific and t '" ' iH Southern Pacific directors probably will ' H 'be held next Monday, and it is be- I lieved something more than the ex- i ' pressions of regret at the passing awav r" . pf Mr. Ilarriman will then engage th'u ', H board's attention. f: A noteworthy event of the dav was "' 1 a new high record for United 'States , t ' JM Steel common which touched SO 3-S. 1 ' an eighth above its best previous fig-uro. fig-uro. f i; Tho moro important gains follow: ' 'i Union Pacific. 12; Union Pacific pre- '" f erred. 7; Southern Pacific, 5: St. Paul ' V ' 3J; Reading. 5: New York Central. a: ( Louisvlllo ,i Nashville. Atchison, Missouri t Pacitlc. United States Steel common, Western Union and International Pump. ,t 3 or more, with numerous advances ranging from 1 to 2 points. |