Evening star., 1909-08-19
FEAR ON SELLING SIDE
Heavy Dealings Observed on
New York Change.
LOW LEVELS IN THE LOCALS
Accumulation of Sale Orders In
dicates Timidity.
SOME HEAVY BUYING FOLLOWS
Days Dealings Accepted as Proof Of
One-Man Market-Rail-
way Earnings.
SOME HEAVY BUYING FOLLOWS
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, August 19.-Timidity,
even fear. excited by the recent stock
market developments. expressed them
selves in very heavy dealings on the
selling side in the early part of today 5
stock exchange session. London sent
over an irregular range of quotations,
showing for the most part only frac-
tional changes, but a much lower level
was established at the local opening.
Union Pacific. Southern Pacific and
New York Central opened in the neigh
.borhood of a point and a half down
each. and substantial fractional losses
were scored generally throughout the
railroad list with the striking excep-
tion of Pennsylvania. which was un-
changed and was throughout one of
the steadiest stocks of the day.
Some Of the industrial specialties broke
sharply. but in comparison with the rail-
roads the industrial issues were relatively
firm and steady.
From the opening levels further recess
: sions were scored generally. but after the
first hour there was marked contraction
IN business, accompanied by more or less
extensive reverses, which left the list in
the early afternoon showing irregular
nights closing, but with far more and
much more important losses than gains.
Sales in Large Aggregate.
There was evidently an accumulation of
selling orders to a very large aggregate
before the opening. Much of it unques-
tionably represented frightened liquida-
ton for commission house customers
some of it looked as thought deliberately
intended TO force low opening level and
thus stimulate more selling; Of an appre-
hensive sort The dealings in the first
hour We're AT the rate Of 2,000.0O0 shares
Il day. In that period the bulk of the
frightened selling apparently exhausted
itself. and some rather heavy buying
orders which appeared to be of a sup
porting nature had been put in. feverish
recovery started which was assisted by
: covering of short commitments. Foreign
houses sold perhaps 10000 shares early in
the session. The contraction i'm business
which followed the first hour was marked
The dealings of the second hour aggregat-
ed less than half the volume of the first
The stocks most heavily pressed for sale,
: In addition to those already mentioned
were Illinois Central, Great Northern and
Northern Pacific. the Rock Island stocks
and Reading among the railroads; .Ameri-
can Smelling, Amalgamated Copper,
United States Steel issues and Great
Northern Ore among the industrials OF
TINS list the strongest resistance was Of
fered by the United States Steel stocks,
Illinois Central, Great Northern and
Northern Pacific. Without influencing
the rest Of the market aggressive strength
was shown by Brooklyn Rapid Transit,
Ihe lnterborough-M Metropolitan issues. st.
Paul, Wabash preferred. Consolidated
Gas. Republic Steel. Central Leather and
United States Rubber.
= Effect Of Days Dealings.
OF the days dealings as a whole, it
may be said in substance that they
Testified further to the correctness of
the conclusion that in it's speculative
aspects at least the present stock mar
ket mas been and is very largely a one
man market. The grotesque features Of
this fact, If it Is fact. have been suf-
nlently commented upon recently with
out altering its marketwise significance.
general conditions have played in the
great advance which has taken place in
securities, but lately these conditions
nave certainly not had as much rela-
siderations about capital plans of some
OF the largest corporations-Union Pacific
among others, perhaps predominantly
among them.
plication that for the immediate present
the stock market, having discounted a
great deal, is, and Is bound to be, in
state of confusion and uncertainty.
Outside the developments of the stock
exchange itself news of moment, which
is only neglected in the days discussions
was not. negligible The news included
the Louisville and Nashville exhibit of
an increase in gross earnings in June
more than doubled by skillful manage
ment: in the increase shown in net: the
slightly less favorable crop conditions in
the west. the greater frmness in foreign
exchange; the declaration of a regular
dividend on National Lead common and
the apparent elimination of obstacles in
the way of the long suspended merger of
the United States Leather Company with
The Central leather Cnmuany