Evening star., 1909-08-20
BEARS MAKE SHOWING
Feverish Conditions on New
York Stock Exchange.
HEAVY DEALS IN OPENING
Commission House Customers Show
Strong Disposition to Sell.
TWO TO THREE POINT DECLINES
Losses From Last Quotations Yes
terday in the Active Issues.
Railways Prominent.
TWO TO THREE POINT DECLINES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 20.-Liquidation
ran its course in today's stock market
assisted by aggressive bearish operations
recognizable by all the signs. Commits
sion house customers who were brought
to the city by the reaction plus the stim-
ulus of margin calls from their brokers
were more disposed to sell than 10 ouy,
especially if Their accounts still showed
profts-this despite the considerations
urged upon them that prices had mad
good fall and that the marke' was IN pet-
ter shape for the realignment OF quota
tions and the readjustnlent OF hololhss
which had taken place. .
OF support from powerful quarters, II
support was extended as at times II
seemed to be, it may be said that there
was no apparent purpose TO encourage
bullish proclivities unduly.
The opening was excited with heavy
transactions The initial quotations
showed very irregular changes from last
nights final figures, with no immed ate
dscernible tendency. In the first few
minutes, however. it became pretty clear
that a large aggregate of stock was for
sale and operators for the short account,
enboldened by the superficial indications,
attacked prices vigorously and success
fully
The business of the first hour was on
the scale of two-and-a-h -half-mllion-share
day. and III that period losses from last
nights close extending to from two TO
three points were scored by all of the
recently most active issues, such as the
Inlon Pacific and Southern Pacific, Illi-
ilois Central New York Central, Chicago
and Northwestern, Reading. Louisville
and Nashville, Great Northern. Northern
Pacific. Chesapeake and Ohio. Pennsyl-
vania and st. Paul, among the railroads.
Industrials Suffer Less.
The industrial list suffered less heavily.
but declines in that quarter ranged up
ward of point in American Locomotive.
American Smelling, Great Northern Ore.
!: United States Steel, Peoples Gas and
Western Union. After the first hour
there was {, marked contraction in the
volume of business, the. dealings for the
whole forenoon falling away to the scale
of million and a half shares day, and
in the latter part of the morning the
market was Aot only somewhat quieter.
but recoveries OF a half point to a point
were made all around on the covering Of
short commitments and purchases by
traders for turn on the long side.
The market remained feverish and the
rally was very irregular until well into
the afternoon. In the early part of the
afternoon an average loss OF about a
point and a half was shown throughout
the active list, with some stocks very
heavy, notably Louisville and Nashville.
and few of the industrials. Third Ave-
nue. ana the lnterborough-M metropolitan is
sues, which had made curious display OF
strength while the rest of the market was
selling of rapidly. were joined on the side
OF advance by Canadian Pacific and New
York Central, and Central Leather and
Pittsburs Coal showed fractional gains to
keep United States Rubber company.
Strength in Foreign Exchanges.
, The days news of marketwise inter-
est included further strength in foreign
exchange. tangibly easier market for
time money on account of the liquidation
in stocks. some regular dividend declara-
tlons ana a, mixed exhibit of earnings by
. railroad and industrial corporations News
seemed, however, to be of less conse-
.quence to.t the stock market community
than the developments in the stock mar
ket itself, although it was plentifully sup
piled with reports and statements not
particularly up-to-date about the health OF
the Individual who has lately bulked SO
large in Wall streets speculative con-
Germs. 1t might be said in this regard
that the course of the stock market in
the last few days has probably been more
affected by the state of mind of the in
dividual referred TO than by his bodily
condition or considerations there anent.