The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-23
STOCKS STRONG IN LATE RALLY
AFTER A WEAK OPENING.
SHORTS COVERING.

NEW YORK, Aug. 23-2 p. MIN the
last hour the market has been gaining
on the covering of the shorts and evil
IDENTIFY on supporting orders here and
there throughout the list. Union Pa
cific has recovered all Of its. days de-
cline and is now back at 2oSA. while
Southern Pacific Is 1888, s. loss. Read
ing is 1909. but i of a point under the
close of Saturday. Great Northern IS
y a point off, while Illinois Central is
IL lower than on Saturday.
In the industrials strength is general,
led by Steel, with an actual turn for the
better by 2 point
The market. while nervous, IS strong
and becoming more quiet
NEW YORK. August 2S.-While the
market started fairly strong the odds
were too much against it. and the sell
ing increased with the first hour, when
gains had been lost and lower levels
established. There was a reason for
the weakness. 1t was found in the same
old problem that has kept the Street
on edge for days-the healt of E. T.
Hartman. The doubt win be dispellod
Il
uished patient lands tomorrow, and the
market viii certainly take decided &C
ton one way or the other. In the mean
time nervy bearst are taking chances
and nervous bulls are getting out. pre-
ferring the certainties to the uncertain
ties. In a way the market has dis
counted eventualities, but a further de-
cline vii result, unless stocks are SUP
ported, in the event of the rumoTs Of
AIr. Harriman's condition being con
frmed. This is the chief influence to-
day-speculation Is based on it, and
other reports that might cause changes
one way or the other we're non-effeC-
tive.
The reaction of the morning In the
stocks not classed as 'Harrimans" was
covered by y TO z of a point. The mar
ket cannot act independent of its old
leaders, and must follow in a sympa-
thetic manner, but not to such an ex-
tent as the leaders, Union Pacific,
Southern Pacific, and Reading.
From the break there was not the
slightest recovery worthy Of mention
in the second hour OF the session, not
more than 4 10 3 OF a point on the
covering by early sellers.
The most favorable reports were re-
ceived as to the orders for rails and
rolling stock, the Harriman-Gould-NaS 1-
deTbilts having ordered in the aggregate
so Far this year $50,000.000 of equip
ment etc.
London took favorable view Of the
situation and opened firm, but there is
disposition to wait for eventualities,
as a conservative proposition.
Harimans Break Badly
The early losses on Union Pacific
amounted TO nearly points net. follow
ing a gain Of a point on the opening
transactions due to the strength In Lon
don. Frcm 2093s to 2067s was an hours
work Southern Pacific, the second Har-
Tlman, broke from 4 point gain 10 a
ne. loss of points with 4 recovery.
Reading dropped from I61 20 1854. ST.
Paul was IA lower and Illinois Central
"a. New York Central ~ lower.
Steel common rose = TO 165s and drop
ped to 1875.
These were the worst declines Press
cd Steel Car did not 80 of much. and
the = point average covered most of the
tndustrials.
Some Sharp Recoveries. Z
In the noon hour there were slight
additional declines. Union Pacific going
10 2o61s, and the rest OF the leaders
fractionally OF. and then Just before
entering the eecond hour Of the after
noon there was a better demand, APP
parently due entirely to the taking of
profits by the speculative element that
sold earlier IN the day. and the cover
ing Of some OF the neryy shorts who
stayed short over Sunday
On the rise Union Pacific touched
R0T5s; Reading. 159L Southern Pacific.
J33h, and Steel, 1864 or nearly recover
ing its earlier loss. The rest Of the
market also showed better tone There
IS 10 reason why Steel should go OF
with Union Pacific.
Morgan's Great Western.
Morgan secured Great Western for
s.. oo0.00o. and viii make nearly as much
of Il. With his acumen he viii find a
buyer for the last Independent road II
the Chieago -Minneapolis-St f7eul-Oma-
be trade The stock was q hisher.