The Montgomery advertiser., 1904-10-26
WALL STREET. REVIEW
UNION PAcIFIc SELLS AS HIGH AS
Aggregate Dealings In the Stock Foot up S60,00O Shares.--Market Wonder fui in Its Dimensions and
 Its Erfatic Variety.

NEW YORK. Oct. 25.-Union Pacific sold as high as 112 today and the aggregate shares. The astonishing occurrences were the central facts from which all others rad lated and there is little left to say of the market except in terms of wonder at It's di- mensions and its cratic variety.
 The final break was from a rush to take profits on the days enormous trading and on bear raid, There has been a larger number of shares of a single stock dealt in during one today than there was today of Union Pacific. In fact. that stock itself broke that record on April 12. 1901, when 662.S00 shares were sold on the Stock Ex- change The world now knows that com petitive buying in retaliation for the effort to control Northern Pacific was the cause of that Titanic struggle in the open market on April 15. 1909. there were ssi,5Oo shares of Southern Railway dealt in on the Stock Ex- change pending the settlement of control of Louisville Nashville in the general in- terest of the Southern Railroad field.
 With these exceptions todays dealings in Union Pacific probably form a record. The published assertion that the retirement of the Oregon Short Line participating bonds had been determined was the melting cause of this extraordinary movement The truth of this report could not be learned from any official sources The exact bene- fits to accrue to Union Pacific were not very obvious. Although the injunction against the payment of dividends on North ern Securities stocks which forms the col lateral for these bonds makes the payment of interest burden upon Union Pacific, heavy capital requirements would have to be met to retire them and the release of Northern Securities stocks would be the only advantage perceptibie. But it was assumed in spite of the emphatic official disclaim- CTS that settlement of the Northern Be- curities dispute and community of in- ferest In the trans-continental railroad world was involved The buoyant rise in St. Paul was regarded as corroboratiye of this assumption. In the volatile mood of speculative sentiment the abundant sur- hn h..tIt sumptions proved sufficient to whip up the market into It's furious activity The mar ket was subjected to enormous profit tak- ing throughout the day and the result was constant frregularity and occasional weak ness.
 The engagement of gold for export in- creased the burden of selling, but the con- ftdence in the market did not seem to be impaired at once by these developments and ingenuity was taxed to pick out new points for aggressive buying. The profit taking m low priced stocks, which were most con- spfcuous in yesterdays market was very obvious throughout, but was ignored until late in the day. The facility with which streneth was maintained at other points in face of this selling movement and the small erect or the gold engagement was point ed to as further gratifying evidence of the un ierlying strength of the market But when attempts were made to take profits on the days unwieidy commitments the vulnerable position of the market develop. ed and prices crumbled rapidly. The days AAoSt Sohstuerdpte gains were wiped out wflh a rush and Union Pacific's net gain proved small. Losses were the rule, running be- tween and points and even more in many cases
 The closing was decidedly weak and with out recovery. Bear raiding was active and rumors of further mob violence against the Russian ambassador in London proved ef- fective in breaking prices where former news was Ignored The strong demand for gold from Paris and Berlin was attributed to preparations for further loans to Russia
 bonds were irregular. Total sales, par unchanged on call.
 NEW YORK STOCK LIST.