The Washington herald., 1909-08-19
WALL STREET NEWS
AnOthertSlump in Prices Fol-
lows Morning Rally.
SELLING MOVEMENT IS SHARP
Spectators Place UnfavOrabIe Con-
structiOn on Report Regarding MIR.
HarFiman's NEUTRALITY-SUSPICIOUS., Trade
and RaiIrOad Reports Favorable.
Increases in Earnings Announced.

New York. Aug. lss-In the early trad
Ing to-day the rally which began in the
last hour yesterday continued, but II was
not Of long duration, and in the after
noon stocks sold of very sharply TO lower
prices than before the rally.
Speculation in Union Pacific. was again
most active, and Union Patio was. by
far the weakest stock in the list. closing
FIVE points below the high price OF the
day. Practically all Of the discussion re-
latlng to it had regard to Mr.. Harriman's s
health.
in addition to the many published re-
ports. conflicting private reports were re-
ceived. and many Spectators placed an
unfavOrable construction upon cable
from Mr.. Hartman 20 one Of his busi-
ness associates. in which hesheld that he
had lost ten pounds and was coming
home for rest and after a1cure.
Selling Movement Sharp.
II was after this cable was given ou,
that the selling movement attained the
greatest momentum. and there was no
doubt Mr.. Harrimans health was con-
sidered n matter OF prime market impor-
tance.
It was natural enough that Il should
be so considered IN respect 70 certain
shares for the advances in Union Pa
c!fC. New York Central, and 10 some ex-
tent In other stocks. which have been
based on the expectation OF the execution
OF plans beneficial to stockholders In
those companies, and these plans may be
deferred or abandoned IN case Mr.. Harri-
mans health does not permit attention
to business upon his return.
The best Obtainable information Is 70
the effect that Mr.. Hartman has bene-
fitted greatly from the trip abroad.
though naturally weakened BY the drastic
treatment IN the baths. A contrary view
gained currency among spectators to-
day. however. and the declines were
greatest in all these stocks with which
his name was closely connected.
Damage 10 Crops.
Arguments adverse 70 the market were
also gathered from the reports Of dam
age OF spring wheat in the Northwest.
and TO corn IN Kansas, and the resulting
advance In all the wheat and corn op-
tons The reaction was also acceler-
ated, no doubt by the existence Of re-
naming weak and vulnerable speculative
accounts OF tho same general nature as
those which were successfully attacked
in the previous days OF the week.
Business, trade, and railroad reports
were favorable. The Baltimore and Ohio.
the first important railroad to report
for July, showed an increase Of sS01 ool
in gross earnings over the earnings for
July. 1908, and an increase OF S764OoO In
expenses. supplying thus another indica-
ton thai as the railroads are now max
ing money they are spending II more
plentifuIy for labor and materials and
contributing in greater degree to the
general prosperity.
Tho activity OF the Steel business was
strtlEingly demonstrated By statistic of
ore shipments on the Great Lakes. show
Ing as heavy a movement OF orc as at
any previous time and by the weekly re-
ports IN the trade papers These reports
reflected the Increased earnings of the
railroads and tho disposition among rail-
road managers TO place large orders for
rails and equipment IN expectation OF
still greater Increase in business