The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-23

NEW YORK. Aug a2~-Just before
the opening OF the stock market to-
Gay word was quietly passed around
the financial district that the Nor
saf people had been buying lat Mon
day afternoon The mysterious man
uer in which the news vas whispered
from otle ear to another was enough
To strike terror TO the heart et he
short interest. SO that when tho market
ehtnad frem fraction to a point ufl-
DER the closing figures, the shorts be-
gan covering. Professional traders
also began buying, and the list moved
zap until Union Pacific showed an adj
vance az . - points from the OPEN
ing Steei. "a points. and Reading
points. At 1his point announcement
came from San Francisco that the
southern Pacific would drop the names
Of 5000 men from its pay rolls before
the end ~ September. Selling irr-
mediateiE followed, and the list under
leadership Of Union Pacitc declined TO
almost the law prices touched in the
first hour
Announcement by the pennsy IL anita
railroad company that its policy of
retreuehment was virtually over and
I that Is was employing as many men as
1t could get together. with the an
nouncenent oF the Reading that IS
had not laid off any men, and thai
II Was not contemplating doing SO, WAS
ia sharp contrast to the retrenchment
policy, adopted by the Hartman lines
and caused a general recovery through
Gut the list that extended UP 10 the
last hour OK trading All the losses
We're wiped out. and the close was
quiet with nearly all the standard
stocks showing small fractional losses
Adjournment IF Congress was not
known to Wall Street until the market
closed. 50 that its influence on securt~
ties " as not reflected.
No Rally Looked For.
For weeks Wall Street has looked
forward To the adjournment OF Con
gress as the starting point of an ex-
tensiTe rally i'm the market but bank
ers SAID to-day that the interval be
! tween the adjournment. and the begin
ming OF the regular session, when II
is expected attacks on corporations
VIII he resumed, is So short that II
would be illogical 10 expect any adj
vance in prices from this cause
! Baltimore aitst cffro wss Under pres
sure OF foreign selling throughout tine
session, and il declined two points.
The selling was said To be due TO APP
prehension on the part Of foreigners
over the Moroccan situation.
The erratic fluctuations In prices to-
day furnished an excellent field Tor
the operations Of what Wall Street
terms as "nimble" traders. that Is.
/ spectators. who jump in and out Of
the market all day. This class OF
I traders use stop loss orders freely.
After Union Pacific has come up from
( its low price OF l6s Ia to about 40
/ 8 4, its market was honeycombed with
stop-loss orders, SO that when Union
Pacific cased off slightly. these or
ders We're caught At the same time
stop boss orders in Canadian Paciiic
wvre caught and its price broke W
+ asoi-4 or 4 SIS points under Monday 3
close This break together with tina.
in Union Pacific was discopcerting for
The moment. but the quick manner in
which both issues recovered and the
drmness displayed by Reading ana
Steel prevented renewed selling
4 I,he decision rendered iTa DenVe
against the Denver ana Rio Grandc
/ railroad. whereby it Will have to pay
/ u large sum OF money to the ygov :
eminent for timber trespass, caused a
! fractional decline in the Denver shares.
/ but transactions in the stocks we're
very light