The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-18
MARNETERRATIC, WORKING LOWER.
UNION PACIFIC OFF TO 2l31-2.
THE LIST FOLLOWS.

2 a. n Z.
ket has been gradually seeking lower
levels in the last hour There is less
activity and the trading seems to center
in a few stocks. The whole list averages
about e of a point lower. while Union
Pacific is now quoted at 2l312. or nearly
points under the high OF the day. Such
fluctuations tend TO restrict trade and
TO enhance sentiment in favor Of lower
range. Southern Pacific is 1855, or 2.
below yesterdays closing; Reading,
1885,. Northern Pacific. 147la, and the
whole list propordonately off. Steel
common lost $ net. and the preferred a
like fraction. Other industrals show
about the same reduction.
NEW YORK. Aug. 1s.-This is not the
market for the operations of investors
or spectators having weak hearts. The
fluctuations are large enough and come
with sufficient frequency to cause dis
aster 70 anything but an old-time Wall
Street heart. It is a market where
that cid familiar advice: sell on rallies,
first buying on slumps." is in order. II
Is a toppy market and likely 20 get a
set back. True, Mr. Hartman is coming
home. Wall Street will probably set on
2 few fireworks on the return Of the
boss" Something may break loose IN
stocks but on any sensational advance
IN the Harrimans there viii be mucn
selling of the stocks by the bear traders
who are becoming something OF factor
after keeping out to a greater degree
than ever before. for the last few
months. Of course the Hsrrimans are
z h. -.
and steel Just what announcement
Mr. Hartman viii make on his arrival
remains for the landing from the Kaiser
William the Second. 1t is possible that
ne may have something to say of lis
acouisiticn Of New York Central shares
70 The elimination of the Vanderbilt lis
terests. the descendants Of the famous
commodore not having much further use
for the stress of railroadlng
It was rumored on the street thai
J. ?. Morgan did not Ike the play IN
Onion Pacific and other Hartman
shares, and that, pending the getting
hack to earth of these shares, the
Morgan stocks would be permitted 10
rest II peace and quiet In contra
distinction il is likely that the rest of
the list viii go sliding just when The
Hartman S do. II was evident that
they showed little inclination to stand
on their own bottom Yesterday during
the toboggan slide OF Union Pacific,
when the old leader tumbled many
points, even though il came back with
great strength. It IS fact that the
Harriman's have carried the list 10
higher prices, and that z. II. Hartman
and his associates have been the back
bone. the heart of the great bull mar
ket. Eliminating the Hartmann from
the situation is impossible.
Irregular, Net Changes Small.
The market was again irregular with
the opening. but at the same time the
net changes during the morning were
not large, the early declines being large
ly recovered IN the later dealings There
was considerable activity anu some
snow OF strength in MANY stocks with
the trend on the average rather toward
an advance than lower figures. The
chief gains were in New York Central,
= point Union PaciIlc "a Faclnc Mall
points, St. Louis and san Francisco. a
point, Louisville and Nashville, =, and
Coast Line -, the latter two pulling to-
getheT and advancing because Missouri,
Kansas and Texas was = higher, and
Kansas City Southern 10, while Con-
sOlicated Gas recovered its dividend.
Southern Pacific, st. Paul. and the Hills
were steady.
Steels were slightly better, Rubber
strong and IA higher; on the news
that's coming out one of these days;
Lead rose 5 and Republic preferred a
point, while the common was off T.
Steel common sold 10 1885 to us 10 1914.
Other industrials rather quiet and
steady.
Advices from Beverly Mass. seem
TO indicate that Chicago bankers and
the President are working to secure
Government money for moving the
enormous crops. To las been generally
believed that the West would have
no trouble financing its own move
ment. that the Western banks in the
Eecond-ClasS cities and smaller towns
were holding their money. not sending
IL 90 New York for use OF Wall Street.
But the bankers i'm the large cities
have been using Wall Street just as Of
yoTe. There might be the suggestion
Of a possible closeness. bat no string
ency in his attempt 20 get Govern
ment funds. There IS $500, 900 600 emCr-
gencr funds ready in Washington IN
case OF emergency.