Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-17
Frequent and Sudden Changes
Marked Dealings.
SPECTATORS CONFUSED
Americans Reported Decidedly Firm
in London.
OPENING AT HIGHER RANGE
Initial Gains Followed by Sharp
and General Downward
Movement.
OPENING AT HIGHER RANGE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 17.-Frequent and
sudden changes in the superficial ten
denotes of today's stock market impaired
a very irregular and even unsettled ap-
pearance to the days dealings as a whole.
II is needless to say that these quick
shifts In the markets course could not
be accounted for by any corresponding
Developments in outside conditions. In
deed. the day was quite bare of important
news except of routine nature, and lit
tie or nothing of Importance marketwise
occurred over Sunday.
1t was plain. however, that speculative
sentiment had become much confused by
last weeks events in the stock market.
and a disposition was apparent to attach
somewhat more importance to the market
position of Boston's spectacular operator
American shares were decidedly firm In
the London market. and prices in general
there were unaffected by the publication
of what purported to be an extraordinary
naval program on the part of the British
government Operations here for foreign
and were conducted upon both sides Of
the market.
Higher Range at Opening.
At tuC OpcHlnS OIL business q nlXncr
range OF prices was commonly scored. a
number of the active issues showing ad-
vances of l point and over from Satur-
days closing figures. Cases in point were
Rock Island. Canadian Pacific, Missouri
Pacific. Great Northern preferred. North
ern Pacific. National Lead. American
Smelling and Amalgamated Copper.
These initial gains were succeeded by a
sharp and general movement. in which
= - AA~l~x
measure. obliterated. Subsequently the
market moved along the irregular lines
mentioned above, and in no time during
the day retained a definite tendency for
Central was rather exceptionally heavy.
but the course Of that stock was no moro
definitely explained than were the move
ments in other issues.
There was a large falling away in re-
spect to activity in connection with the
irregular tendencies of the market and
much greater concentration of interest
upon q small number Of stocks than was
the case last week.
Firmness Of q. 8. Steel.
The comparative f1rmness Of the United
States Steel shares was a matter Of favor
able comment and a good impression was
created through the showings of earnings
made by the Union Pacific and Southern
Pacific companies for the month of June.
In the instance Of the Union Pacific q de-
crease in gross earnings of $500, 900 was
converted into a net increase OF $237, 900.
The Southern Pacific made even a more
remarkable exhibit-a decrease in gross
earnings Of 81, 9OO.OO being converted into
a net increase of 500, 900. The usual divi-
dend for the current quarter was declared
on Standard Oil stock.
Money market and foreign exchange cir
cumstances showed no material altera-
ton. The banks begin the clearing house
week with gain from the ssubtreasury
Of $3,176.0O0 The commodity markets
moved irregularly and their tendencies ap-
parently cut little figure In the uncertain
course Of the stock market.