The Washington herald., 1909-08-20
WALL STREET NEWS
Prices Drop in Excited and
Depressed Market.
FLUCTUATIONS ARE VIOLENT
Traders Combine in Onslaught on
Stock Following Report of Harri-
riman's Illness, and Inability TO
Reach Railroad MagBate Gives
More Force TO Their Fight.

New York Aug. 1s.-In the excited and
depressed stock market to-day there were
plenty Of evidences Of we'll organized and
boldly ey scuted operations for the decline
on the psrt OF professional traders on the
floor Of the exchange and other large
market operators.
The tape itself displayed these indica-
tlons clearly enough. 1t recorded In
many instances SUGGESTIONS OF large SELL
ing orders that could hardly have oo-
CURED from any other operation than
that Of manipulation for a decline. But
In addition to this strong exertion Of
selling pressure by market operations
there was much unloading OF stocks by
spectators. alarmed by some OF the re-
ports regarding Mr., Harriman's illness.
Both with professional operators and
Dther sellers OF stocks these reports were
practically the only reasons offered.
Hartman RumOrs.
Il was argued that Mr.. Hartman has
ouch an important part IN developing the
trend OF railroad affairs that inability
to attend to business would greatly re-
tard the perfection or contamination OF
important projects. and the argument
was, OF course. again directed with par
ticulsr force against Union Pacific and
New York Central. which, up 70 this
week, had derived the greatest strength
from reports OF plans under considera-
ton.
That Mr. Hartman was aboard an At
lantic liner. well out from port. made It
him, and therefore all the easier for
those circulating unfavorable reports TO
get credulous auditors II was accord
ingiy possible to use them successfully
IN a campaign against the market. But
there seems no doubt that the reports
were greatly exaggerated.
That. at least. is the opinion OF Mr.
Harriman's business associates and
friends. One Of the most important Of
them declared very positively that the
treatment at the baths had been OF great
benefit. and that, as Mr. Hartman said
IT. cables 10 business associates yester-
day, a short period Of rest at Arden
would restore him to his normal vigor
In this connection Il was noteworthy
that none Of Mr.. Harriman's friends
sought to secure advices from him yester-
day by wireless telegraphy, as might
readily have been done.
In New York Central. Union Pacific
and many other stocks, the opening
prices were well below yesterdays close.
Fluctuations violent.
Trading in Union Pacific, Southern Pa
cifc. New York Central. Reading, and
Steel common was at a furious pace
and many Of the fluctuations were alb
rupt and violent. A vigorous rally set
in at midday, but in the closing hours
there was another and more determined
drive on prices. under which the entire
list yielded. and the market was very
soft at the close.
Bearish operations were greatly facili-
tated by hasty and affrighted proEt-tak-
ing on the part Of spectators and by
the uncovering OF numerous additional
stop loss orders. The declines in the
stocks with which Mr.. Harrirnan's name
IS connected were greatest. but It was
natural that the entire list should be af-
fected, for the reason that as the Har-
riman stocks broke many spectators
were obliged % sacrifice other stocks to
project commitments in the HarrlmRns