The Washington herald., 1909-08-21
WALL STREET NEWS
Stock Market Again FeVerish
and Excited.
TRADING IS MORE UNIFORM
Hartman Issues Are Subjected to
the Greatest Pressure and Union
Pacific Declines 10 Figures sixteen
Points Below the Price Rt the
Beginning Of the Week.

New York, Aug. a8-The market was
again feverish and excited to-day. but
the fluctuations, though broad, were more
uniform and orderly than on the two pre-
vious days Of the reaction. and signs at
the close indicated an elimination Of the
weakest fabrics In the financial structure
and a saner consideration OF Mr.. Harri-
mans health and its effect upon the
market
The turn only came after market
that In the morning session was as dis
orderly and even softer than in the late
trading yesterday.
The Hartman stocks were again sub
Jected to the greatest pressure. and Union
Pacific yielded until II was selling more
than l6 points below the price at the be-
ginning OF the week New York Cen
tral at the same time was 10 points below
the price It sold only few days ago.
and Steel common was more than points
down from its high record Of 7S5s. estab-
hshed no later than last Saturday.
Resembles Thursdays Break.
This violent break in prices, which
seemed the more impressive because It
succeeded sharp declines on previous days
Of the week, had the same general char
acteristics as the break yesterday after
noon. There was the same concerted and
determined selling Of large blocks or
stocks in the obvious endeavor 10 sell
them as low as possible and induce hold
ers in the commission houses and else
where TO sacrifice their stocks or take
paper profits greatly reduced by the
drives on previous days.
And. as was the case yesterday. there
was not the slightest doubt that these
operations Of experienced traders and
professionals were successful. From the
majority OF the brokerage Offices came
heavy offerings Of stocks on which those
operating for the decline might cover
their short contracts, but as the cover
ing. naturally Induced by the handsome
profits on the short sale, continued. the
market stinened until In the afternoon a
vigorous and general rally brought all
the active issues 70 just about the same
level as that established at the close yes
terday. The close OF the days trading
was thus unimportant from the stand
point Of the net gains and losses, but it
was highly important as bearing on the
stability of the market. inasmuch as the
market Is affected by the standing and
character Of speculative accounts.
Pyramids ObIiterated.
In this respect it is evident that an
element Of great weakness has been re-
moved in the obliteration OF many pyra-
mided accounts and other weak holdings
protected by stop loss orders. and il IS
evident that the market has the protec-
ton of a greater short interest than AT
any time prior 20 this week. On the
latter point there is. however. the diff
ference OF opinion as 20 whether or not
stocks sold short were bid in easily IN
the late trading.
NOW that the reaction has temporarily
halted, If It has not ended its course. II
is possible TO secure some appraisal Of
the damage. The stock which has suf-
fered most Is Union Pacific. which stlu
shows loss OF more than 70 points on
the week. but # may be recalled that
never until last Wednesday did the
stock sell as high as yesterdays closing
price, and that the sharp advance and
equally sharp decline simply means the
failure Of a movement that was based on
reports that were certainly untimely. il
not unfounded. The same is true Of
New York Central In most OF the other
standard railroad stock the declines have
been less than g a share on the aver
age and in the average price Of the in
dustrials there has been a loss no greater
than S1.50 a share.