The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-19

WALL STREET WAS VERY NERVOUS,
WITH MODERATE DECLINES
IN STOCK LIST.

NEW YORK, Aug. 1s-2 p. m.-There
was another slight rally that carried
Union Pacific to 21O5s. Southern Pacific
to 1854 Reading to 1919. ST. Paul to
1855 and steel common TO Y In the
second hour Of the afternoon. The
most conservative interests on the
Street did not attach much i'm
portance TO the recovery and the pre-
vaiIing sentiment was against perman-
ent recovery at this time.
NEW YORK, August 19.-Wall Street
Is a bundle OF nerves. as uneasy as il
IS possible 70 be over the health OF one
man that means so much to the stock
marSet, while the rank and file Of
traders are inclined 20 favor the theory
that the downward movement viii be
continued with lessening speed, as the
leaders can not permit that the market
shah break away from control entirely
After all Il was but what might be ex-
pected. No market can go one way all
OF tie time and this has been rising
with great regularity for weeks The
catching Of stop-orders attended the
closing hour IN yesterdays market. and
one order piling on another led to the
big slam. The sold out bulls have
turned bears The Kaiser william II
carries the hope Of the bulls. and much
depends on the condition of the mag
nate when he comes down the gang
plank. II is understood in inside sources
that Mr. Harriman's actual condition
does not give warrant in half of the
comments Of the evening and morning
papers, but there will be no official
denial II has been the fashion for
months for the buyers OF stocks TO pro-
tect themselves with stop-orders against
severe loss. and these very orders tend
10 weaken the market because they are
reached at every decline.
OF course. Union Pacific was the
leader in fluctuations and activity II
viii be for many days TO come. The
bears who have been waiting long for
the belated reaction. and the bulls who
have sold and hope 10 get In again at
lower figures. are the chief circulators
Of the wolf cry.
Immediately following the opening
there was a slight rise in the entire list,
followed by a very severe break. and
then just before the noon hour the mar
ket started up with a S. ssmodic squirt.
sufficient to recover the declines in St.
Paul. Pennsylvania, Sine ting. and few
other stocks, but not strong enough TO
carry the leaders back to the mornings
high record
Union Pacific, which sold to 30 on the
weak opening at n loss, recovered 10
2i1. and then dropped back steadily TO
20S&, and recovered 10 2095s. a net loss
OF is points as compared with Wednes-
days closing. Little Steel was weak
ling. breaking 10 1914, but recovering
al but q
Louisville & Nashville lost q, Missouri
Kansas q Texas. =; Reading. "a: Great
Northern, y; Northern Pacific, Z; Penn
sylvanis, =: New York Central 2ss. with
q recover of IA of the loss; Southern
Pacific, q. and 81 Paul recovered prae-
tically all of its loss.
Sugar. Locomotive, Western Union,
Westinghouse, and many industrisls a
point of
Passing through the noon hour the
market sustained Ad% Of a point gem
eraI declines. It was reported on the
Street that many bankers were work
ing for a more generous reaction, and
had been selling stock on the theory
that there should be a greater break
following the long period of sustained
higher trend. The rest II the market
could not break away from Union Pa
cifc. OF course. the leader showed
more generous fluctuations on the down
grade when il did slide than the rest OF
the list, but II was apparent that any
attempt of the list to ignore Union Pa
eific and its fluctuations was next TO
impossible
The news Of the day was not Of a
character TO change conditions. Good
business here and there in varied in
dustTies, probable car shortage. big
crops. and easy money all favored and
probably eXeTted a steadying influence
on stocks
Railroad and Industrial activity con
IinueS unabated.