The Washington herald., 1908-08-21

New York Aug N-Whatever else
might be said Of to-day's market, no
fault could be found with it on the
ground Of lack Of variety. II had Pc -iods
Of decided weakness and pronounced
strength. Of extreme duIness and fever
fish activity. and the net result was thar
the active stocks about held their Own at
the close as compared with last nights
closing figures. the most notable excep-
ton 10 this being substantial gains in the
Hartman issues. with new high record
for Southern Pacific. which closed at its
top price. while Union Pacific scored s.
gain OF over a point and closed pracJi-
caIIy ar its best figure
The opening showed only small price
changes, these, however. being mostly on
the side Of decline, and during the first
hour the market developed no particular
tendency. merely backing and filing, with
q comparatively small volume OF bust
ness In the second hour, however, prices
fell on sharply following a break in the
Rock Island issues and in the per cent
bonds OF the CF'cago. Rock Island and
Pacific Railway, which are secured by
deposit OF St Louis and San Francisco
common stock. all these issues being AZ
fected by a report that the St Louis and
San Francisco had been obliged TO pay
e rate OF Per cent on loan obtained
from one Of the express companies
Bear Pressure Lessons.
Il was acrerward stated officially that
the -ate was only Per cent, and the IN
favorable impression regarding the credit
Of he road obtained from the story IN
its original form being removed. the
bear pressure upon the stocks and bonds
at once became less effective New York
Central a little before noon was almost
as weak as the Rock Island issues. sell
ing down 70 par for the first time IN
months, the bears raidinS II IN the eK-
pectation OF finding stop loss orders.
which. however. did not uaIerialize in
any quantity The decline became gen
eraL. and most OF the active stocks drop
PED down 10 lower prices than they had
before touched In the present week. but
the selling appeared to be OF a different
kind from that seen in the market yes
Jerday. and reflected principally opera
tons for the decline by Spectators and
room traders rather than distribution
OF long stock
Recover Early Losses
The eject or TINS ClGnEe II Lle clar-
acte- OF the selling was seen later. when
about the middle OF the afternoon prices
began 70 harden, finally recovering their
early losses. and in the case OF the Har-
riman issues making large gains, be
sides. with the short interest bidding
up prices upon Itself in its eage-ness 10
obtain what Il needed 70 cover contracts.
Considering the extent 20 which prices
had fallen from the highest levels OF q
couple Of weeks ago. It was entirely
natural tna1 there should have been a
turning IN the other direction. and IT
now remains 70 be seen whether the
rally viii be taken advantage Of BY large
interests or further distribution OF stocks
As result partly Of the favorable
crop weather. but 10 greater extent OF
the threatened lockout IN the Lancashire
spinning trade. there was sharp decline
IN the cotton market. but the grain mar
kets were firm Copper suffered another
decline in London. falling IS slil--rgs 9
pence below last nights closing level