Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-25
CurtaiIing of Commitments
Was Continued Today.
SATURDAYS SALES SEQUEL
Early Advances Ranged From One
to Over Three Points.
IRREGULARITY FOLLOWED
London Not Factor of Importance
in Local Dealings-Money Easy
and Grain Strong.
Special DiSpatch TO The Star.

Special Dispatch 10 The Star.
NEW YORK. August o5-The process OF
~curtailling the commitment of the bro
kerage house which was the chef factor
in Saturdays stock market turmoil was
continued this morning. and as this in
Volved heavy covering of short contracts
the stocks In which these commitments
were largest naturally advanced smartly
while the buying in was being con-
Quoted. This was particularly true in the
instances of American Smelling, National
Lead. Canadian Pacific. the Rock Island
shares and Missouri Pacific. The affairs
of tine firm in question and the general
circumstances of the stock market Sat
urday continued to engross the bulk of
discussion in Wall street today.
No very clear light was thrown upon
last weeks extraordinary performance
but there was a gradual convergence or
opinion to the effect that the sensational
dealing Saturday actually represented the
transfer of the Boston specultive pool OF
the stocks previously acquired by the
chief engineer of the pool. That notion,
at any rate, constituted as good working
hypothesis as any that has yet been ad-
Vanced.
The stock exchange authorities con-
tinued busily engaged with this maladroit
undertaking. but much doubt was -eN-
pressed as to whether anything would
come. ont of the investigation. In effect
the business done Saturday constituted Il
''natching'' of orders, but specifically
inasmuch as any broker on the floor was
at liberty TO trade with the brokers exc
cutting the pool orders.
Market Lost Animation.
y good deal of concern was, however,
sti'l expressed that the episode in ques-
ton might play some. part in this year S
political campaign and. what is of greater
moment. in next years legislation at AL
bany.
Many of the early advances in prices
ranged from one to more than three
points After the noon hour the market
lost a good deal of it's animation and
price movements became exceedingly ir-
regular. Aside from the stocks Distinctive
ly affected by the transactions referred to
above. price movements were compare
lively small.
Union Pacific and Southern Pacific con-
tinued decidedly firm. although both
stocks participat ed in the irregularity of
the market during the afternoon.
The L. S. shares and the Copper stocks
were also relatively steady. The Traction
shares likewise showed a greater degree
bond market was firm.
keactlonAry Tendencies.
The reactionary tendencies of the mar
ket after midday were sufficiently ac-
counted for by the announcement toward
the middle of the afternoon of the sus-
pension of the firm of A. o. Brown & Co..
for whose account the large covering of
short contracts during the morning had
been conducted. Little comment would
seem to be required in connection with
this event.
No little sympathy was expressed for
the individual members of the firm, who
apparently permitted themselves to be
drawn into a trap with the consequence
that not only did their credit become i'm
paired, but the mechanical facilities o.
their Office simply broke down.
London was not a factor of any i'm
portance i'm the local dealings. Money
continued easy and sterling exchange
weakened to a degree that excited some
premature discussion of the likelihood of
imports of gold.
The grain market was strong on I'M
favorable weather advices from the west.
which were another influence in the irreg-
uiarity OF the stock market