The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-09-25
MYSTERY ABOUT
UNION PACIFIC
Wall Street Spectators Kept
Busy Guessing.
BUYING UP ATCHIS0N SHARES
INFLUENTIAL VOTE is THERE
BY ASSURED.
BUYING UP ATCHIS0N SHARES

New YORK, sept. 24.-Busy SurmiSe
which has been seeking for an explanation
OF the persistent strength Of Union Pa
cific lighted today on an alleged purchase
by the Union Pacific interests Of several
hundred thousand shares of Atchison,
thus insurinE It an influential voice in
Atchison affairs and strengthening its
control of the whole transcontiuental rail-
road situation IL must be said Tor this
rumor that there was better authority
for the credence attached 10 IL than for
some Of the many others and the sagging
tendency of the stock on the report did
not shake the faith of its believers. The
heayiness of Union Pacific was attributed
10 profit taking by the sDecula tors who
had followed the movement, ami the de-
cline showed no signs or pTeCipita ton.
The most decided effect was caused 10 the
AtciHsOn which made a rather aggressive
advance especially the preferred which
was unusually active. The United States
Steel stocks also developed great strength
without special news. The details of the
August exports showed some very heavy
declines in values for iron and steel COM
pared with July, but the buyers OF the
steel claimed TO have encouraging ad-
vices OF progress in the revival III the
trade.
The general list was decidedly neglected
and moved narrowly and not more than
was accounted for by slight sympathy
with the special strong stocks. The bank
statement offered no great surpi ises. a
loan contraction was not unexpected, but
il was not as large as was hOpea Tor, and
was not sufficient TO prevent q further
substantial depletion of the surplus re-
serve. Transfer of loans from Banks 10
trust COMPANIES is known TO have been
made TO a large extent which Is a process
that docs not affect the actual volume OF
credits nor the ultimate reserve Cbllga-
tons upon the New York banks. The
market closed slightly Irregular. with a
few fresh advances just at the last. Total
10 - hon d. HaaNHa
Review Of the Week.
Misgivings over the stability Of he price
level of stocks have been more or lass in
evidence al the week. This has prompted
SOME profit taking by doubtful speculatOrs
and has encouraged the formation of a
bear party which makes Occa SiOnal at
tackS on the market and is wdtchhful for
opportunities 70 put out short haes 20 adj
vantage. 1t is still evident tha- an ag-
gress1ve bull party is operating which ef-
Jects reVerses to the 'bears. causing an ir-
regular tone in the market when the bears
retreat aud cover their shorts. The pre-
Tailing tendency OF trading also marks a
decline in speculative interest. \ doubt
exists in the question whether the rise in
prices of stocks has not been Tlore than
sufficient TO meet the Improvement in
conditions which II set out to anticipate
u is perceived that part of the expected
IMPROVEMENT was not realized and some
unfavOrable developments have been
ltktn INTO account As the pellDI lpI ltic
maturity Of the crops approaches, Specu-
lative attention is concentrated on the
outcome, the more so the final stages
of their maturity are recognized as the
most critical In reviewing the course OF
the late rise in stocks il is easily recog-
nized that the crop prospects on which
Il was initiated have been materially
modified Severe reduction IN estimates or
all three of the leading crops, wheat, corn
and cotton, have had to be made, and
in the cases OF corn and cotton tie pro-
cess is still going on. The estimates Of
the corn crop generally accepted in Wall
street this week have been settled at
about 1000 coo GOO bus hels. or below, with
the corroboratory testimony of authori-
ties on whom the financial world places
high value This compared with an
earlier estimate of z, so. coo, 900 bushels. and
= feeling Of some hesitation is eNplicaole
on the part Of those who bought stocks on
the basis of that expectation The doubt
ers are reinforced la-their sentiment by
the argument that stock prices Gave been
carried to a level warranted by the Garner
estimate rather than by the later. Inc
means by which the rise in prices has
been effected have also come In for their
share Of suspicion The fact is impressed
BY a process OF TetrOspection that flood
of riir1ors and assertions has been made
The basis of enormous buying Of stocks
and wide advances in their price for days
and even weeks. and then thrown aside
and forgotten without being realized EN-
peCted dividend increases, great combina-
lions and absOrpuOns of railroad sys-
toms and alleged contests for control IN
the open market have been made TO ieeo
SDecuIatiye eXcitements continuously ana
then relocated to the obscuritY Of UnWar-
rauted rumors without material after
effect on the prices which they mad served
TO enhance.