Evening star., 1909-08-18
GIVEN NERVOUS T|NcE
Sentiment in Wall Street AT.
= fected by Uncertainty.
CLASH OF LARGE FORCES
Reason Assigned for Buoyancy of
Monday and Tuesday.
BEARIsH OPERATIONS NOTED
Late Afternoon Prices Today Showed
Slight Declines From the
Previous High Levels.
CLASH OF LARGE FORCES
BEAR1sH OPERATIONS NOTED

Special Dispatch TO The Star.
NEW YORK. August 1s.-Uncertainty
in the price movement in today's stock
market took the place of the vigorous re-
covery which was in progress at the close
yesterday afternoon. Sentiment in the
Wall street district, instead of being en-
couraged by the rally from yesterdays
reaction, was tinged with nervousness.
Sober consideration of the events in the
market this week seemed to have sug-
gested to many minds the possibility that
the events of Monday and Tuesday owed
something to the clash of large forces
and was NOT wholly the mere shake-up
which at first appeared. At any rate it
is quite possible that some happenings
last week were premature and that COR
rective process was, started under way in
: the last two days.
Be that as 1t may, the stock market
today, after a strong. almost buOyant
opening, speedily became irregular and
feverish. and t.times heavy, if not weak.
TIE Union Pacific shares and New York
sCs-tral rose point each in the early
/, dealings. The general list was firm at
substantial fractional advances. and vari-
outs specialties scored sharp gains.
Initial Transactions Active.
The initial transactions were on an
vited realizing by traders, and as no very
aggressive buying appeared. moderate
bearish operations were undertaken
+. which facilitated a recession. so that in
the late forenoon prices generally showed
declines of from half point to point
or more from the previous high levels,
; and about half the list sold at losses
from last nights close.
Thereafter the market was relatively
1un tnf vr-nl tnfa fha oft xayif1
fitful strength in spots. but no great vigOr
in influential quarters, save. perhaps in
Louisville and Nashville. and a more or
less confused and contradictory range of
quotations all around.
Speculative consideration was again
engaged with the news of Mr.. Harrimans s
departure from Europe for this side, and
with the various possibilities of conjec-
= ture and rumor and intimation with
which the so-called Hartman railroads
have been associated of late. The fact
that the movements of any one man
should be of real interest to the specu-
lative mind is not necessarily a reason for
derision- Speculation has very much to
do with making markets. if not prices,
and the considerations which affect specu-
lative commitments are not negligible.
Mr. Harriman's Movements.
In this particular case also it must be
remembered. that If Mr.. Harrsuan's re-
turn to this country at an earlier date
than had at first been announced has any
thing to do with such pending develop
ments in the Union Pacific's capital
plans as have lately been intimated, it
is matter of much consequence not only
to the stockholders directly interested but
to the securities market and to the coun-
try generally, because they relate to the
financial affairs of a very great property
II may be that the future direction and
control of the New York Central rail-
road is in some way involved in this
matter. and certainly this is not negli-
gible prospect.
The course of prices in the commodity
market received little attention from the
stock market following. Nor did the va
rfeus statements of railroad earnings
which were submitted attract much no.
tice. although they included the Missouri
Pacific's exhibit of an increase of about
S7eDw0 in gross earnings from July / to
August IA, an increase by the Canadian
Pacific of more than S1,000,0O0 in the
same period and an increase in gross
amounting TO Ss0o. 900 made by the BaItt-
more and Ohio in July, which was prac-
tically absorbed by operating expenses