The Washington times., 1909-08-20
DAY OF DOWNS AND UPS INSTOCKS.
WITH LOWER LEVELS GENERAL.
u. P. SETS THE PACE.

NEW YORK. Aug. 20-Durilg the last
half-hour the shorts have been cover
ing very freely and there has been a
second recovery, Union Pacific, whicn
sold at 2e3ls, is now 205ls, and the whole
list is now materially above low. II is
impossible TO comment on the numerous
fluctuations. Brokers are advising puT-
chases t1r a quick turn. but the bay
ers VIII not stick 90 it long-this being
another element Of danger.
NEW YORK, August 20.-m the first
half hour OF the session the market hit
the tobOggan hard enough to run slivers
into Itself II sent the shivers into trad
ers and started the holders Of securities
selling them right and left. Stop orders
were caught with ease and margin call
Ing helped to turn the list into lower
channels. The closing of Thursday was
not calculated 10 steady the nerves of
bull traders while the development of
a big bear army was another added
cause of nervousness. The former fash
ion Of ripping things to pieces in the
last hour was changed amt soon after
the opening, which was attended with a
futile attempt to bolster up conditions.
the lining dropped out and the low
prices OF the morning were reached.
What the day viii develop is as much
of mystery as il was at / o'clock yes
terday, but the chances for a stronger
closing lie in the covering Of shorts. but
the bears appear 20 be reasonably salts
fed with their position.
There was some covering after the
low was reSched, but In the noon hour
another setback resulted. The break
for the week TO date has been severe
ana some traders who got out on Mon
day went back and tested the market.
this buying and proht-tsking being
largely responsible for the development
Of strength IN the last fifteen minutes
OF the first hour.
One Real Cause.
OF course, the illness OF Hartman is
the chief influence. The Street will not
consider the stories grossly exaggerated,
and dread the possibilities of the re-
mOyal of the active. energetic control
from the held of his activities, even
temporarily.
Sales in the first hour we're $4,000
shares, an average days business in
dos days 1T shows the fierce pace set
during the opening hour, while the
price-changes indicate the nervous. err
ratio condition Of the market
II must also be admitted that the
stories on Mr.. Harrimans health from
abroad are not calculated to give con-
ndence 10 the dOubgeFs. but are more
than likely 10 stimulate the bears into
renewed activity.
Danger To Bears.
There is in the situation absolute dan
ger for the bears themselves. The
potent forces that have carried stock
up and still higher for the last twenty
months are still in existence They
have prOdted by millions on millions as
a result Of their operations, and have
time and again MIXED the market for
good profits. II is possible, even prob
bic. that their distribution of stock on
Monday was the beginning OF the break |
their resources are still large and in /,
dependent of the chief cause of the !
reaction
The noon slump was much more mod /
crate than that OF the morning A /
study of the quotations is absolutely I
necessary to determine the fluctuations /
in any particular stock. Union Pacific
broke 10 2e4, rose 10 E6, and back 10 !
2o41z. Southern Pacific rose TO 1891
early, then slumped TO 1907, rose 10
1875, and lost the last fraction New
York Central gave evidences of inside
support when Il recovered its gain The
Hills also acted better proportiOnately /
than the rest Of the list
Make New Low
The slump that started with the noon
hour kept on until Union Pacific had
made q new low record for the day at
eoss or SO points net gain. Other
stocks followed IN lessened degree with /
the Union Pacific slump. and the market /
becaE ne very weak. The new lows start I
ed the sellers OF the morning 20 Gov
eriug again and the chances seem TO /
favor q little better closing.