The Washington times., 1908-08-21

NEW YORK, Aug. Z.-Those who saw
iu the slight strengthening of the mar
Eet at the close yesterday symptoms
of a return to the bull market of iast
week, had the deiusisu eIectually dis
PEELED today. after the first half nour of
trading In fact the continued down
ward course of the market was mani
fest at the opening i'm everything bu'
Southern Pacific and "A few others OF
the big railroad stocks. Practically
everything else was on the toboggan.
gradually setting back 10 lower level.
Southern Pacific was the bright par
ticular star in the speculative firma-
Inent. by its supporters II was forced
10 par shortly after the opening. This
is the highest point in its history. II
was made Gn event of tremendous inn
pOrtance by the Harrimans, and was
celebrated by the announcement that
ii IS TO be the market leader hence
forth for that group of traders WHO
follow the fortunes of Mr. Hartman.
II was also cautiously given out tHat
II the corn crop does not fail the div
idend on the stock will be increased to
3 per cent.
Other Stocks Dull.
Aside from Southern Pacifc's re
markable advance, the stock market
was dull. Union Pacific sold In the
early trading at about the highest ns-
ures OF yesterday as did also New AorN
Central. Northern Pacific, Great NoIlh
ern and St. Paul. The metal stocks
we're heavy, Smelters losing q point
and AmaIgamated one half point.
The appearance of the market lhdl-
Gated that e. large part of yesterday
HH=4lz rlI
senred covering OF short contracts.
Smeiting opened - lower. Reading
0nened a lower, and Great N0It1eE "a
preferred declined "A. Aicnls9n us .
and Northern Pacific ana 9ieel ~
Fs,,-a5 started 81 down. Amug dte"
Copper showed loss OF y. Union
IN he curb I.awson's Bay state Gas
moved for a new high record OF 20, anu i,
tbara we're very large TRANSACTIONS ia
II esDeciallv in Boston. olher sIOShS -
on the curb were duh, Dut Win ~ ~
Shares representing the Ely ana W =
Cobalr camps i'm good demand. Goldne!d
Consolidated was another STEADY s'oSiA'
Cotton Breaks Again.
cotton was broken 81 a bale in the
e~st 6ya minutes of trading, and brok-
.-z said that PIunger Liyermore had
-, ,racticallv eliminated from the sit
nation A material decline In COTTON Il
~ expected because Of the very large
crop i'm view -.,- 1,,fat with
No r,,ata-ieI changes in the American
department.
Market Continues Dull.
After noon the market showed no signs
,of recovery from the lower prices "l
the morning. Attention was cenIeied
crieav upon Union Pacific. and the
.rIs~,lf5 record il had made in a bear
,narlre+. Brokers were specializing upon
the prObabIe influence il woulo nave
as a market leader, as it has becohs
evident that the Hartman group OF
snecuIators will rot now allow Southern
Pacific to go down, whatever may nap
Den To- the rest Of the market
The idea is that the selection OF IIlS
lov--rricad. Nvidely-distributed SoutA-
-rrn Pacific stock as snubblhs PGst
- the hear break was nue sJfphs
of fuesse. Had the bulls STUCK 20
Reading or any others OF lhe i'CSil-
leaders thev would have been almost
Immediately swamped win IilSol',I,l33 IilSol ! !
etocLy which it wOUld have required
millions Of dollars 10 take care OF. IA
the case OF Union Ftcihc LIlo oloS n n
is NOS available for selling pressure IN
o,,7- 1argc volume, and the best the
bt-srs can do is 10 beat down otnes
stocks and leave Union Pdclnc severely
'I4niess the new leader has greater
newer as a sympathetic leader thdn Is
now counted upon me pears uo ~ ~
expect much difficulty In forcing the
nh This Is afternoon there is evidence that