The Washington herald., 1909-08-19
WALL STREET NEWS
AnOther'Slump in Prices Fol
lows Morning Rally.
SELLING MOVEMENT IS SHARP
sDecnIatOrs Place UnfavorabIe Con-
structiOn on Report Regarding MIR.
Harriman's Health-Budnens Trade
and RailrOnd Reports Favorable.
Increases in Earnings Announced.

New York. Aug. lSr-In the early trad
Ing to-day. the rally which began in the
last hour yesterday continued. but it was
not Of long duration, and in the after
noon stocks sold of very sharply 10 lower
prices than before the rally.
Speculation in Union Pacific. was again
most active. and Union Pafhc was by
far the weakest stock in the list, closing
hve points below the high price OF the
day. Practically all OF the discussion re-
lating to it had regard to Mr.. Harriman's 3
health
in addition to the many published re-
ports. conflicting private reports we're re-
ceiYed. and many speculatOrs placed an
unfavOrable construction upon cable
from Mr.. Hartman 10 one of his busi-
ness associates. in which he~held that he
had lost ten pounds and was coming
home for a rest and after aScure
Selling Movement sharp.
It was after this cable was given out
that the selling movement attained the
greatest momentum. and there was no
doubt Mr.. Harriman's health was con-
sidered u matter Of prime market irnpor-
tanCe.
1t was natural enough that It should
be so considered in respect to certain
shares for the advances in Union Pa
cidc. New York Central. and to some ex-
tent IN other stocks. which have been
based on the expectation OF the execution
OF plans beneficial to stockholders In
those companies, and these plans may be
deferred or abandoned I'm case Mr.. Harri-
mans health does not permit attention
to business upon his return.
The best obtainable information IS 10
the effect that Mr. Hartman has bene-
fitted greatly from the trip abroad.
though naturally weakened by the drastic
treatment IN the baths. A contrary view
gained currency among spectators to-
day, however. and the declines were
greatest in all these stocks with which
his name was closely connected.
Damage to Crops.
Arguments adverse 70 the market were
also gathered from the reports Of dam
age OF spring wheat in the Northwest
and 10 corn IN Kansas, and the resulting
advance In all the wheat and corn on
uons. The reaction was also acceler-
ated, no doubt. by the existence Of ra-
naming weak and vulnerable speculative
accounts OF the same general nature as
those which were successfully attacked
in the previous days or the week.
Business. trade, and railroad reports
were favorable. Tho Baltimore and Ohio
the first important railroad TO report
for July, showed an increase Of $50. .Oo0
IN gross earnings over the earnings for
July. 1908, and an Increase OF s7s4. 900 IN
expenses. supplying thus another indica-
ton that as the railroads are now max
Ing money they are spending II mora
plentifully for labor and materials ana
contributing in greater degree 10 the
general prosperity.
Tho activity OF the Steel business was
str!kfngly demonstrated BY statistic of
ore shipments on the Great Lakes show
ing as heavy a movement OF ore as al
any previous time and by the weekly re-
ports iD the trade papers. These reports
reflected the Increased earnings Of the
railroads and the disposition among rail-
road managers TO place large orders for
rails and equipment IN expectation OF
a sri1l creator increase IN business.