The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-26
UNION PACIFIC B0OMS
1T SELLS UP AND MANY SHARES ARE
DISPOSED OF
Enormous Profit Taking Marks the Days
Tradins-vast Quantity of Gossip in At
tempt to Explain the Activity

NEW YORK, Oct 25-Union Pacific
sold as high as 112 today and the aggre-
gate dealings in that stock footed up $780,
500 shares The astonishing occurrences
were the central facts from which all
others radiated, and there is little left to
say of the market except in terms of
wonder at its dimensions and its cratic
variety. The final break was from rush
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 day than there was
today of Union Pacific. In fact that stock
itself broke that record on April "A, 1901.
when 662.S00 shares were sold on the
Stock Exchange
The world now knows that competitive
buying in retaliation for the effort to con-
troll Northern Pacific was the cause of
that titanic struggle in the open mar
ket On April Is. 1902, there were S64.
500 shares of Southern Railway dealt IN
the Stock Exchange pending the settle
ment of control Of Louisville & Nashy1He
in the general interest of the Southern
Railroad field. With three exceptions. to-
days dealings in Union Pacific probably
form record; A published assertion I tn !i3
the retirement of the Oregon Short Line
participating bonds had been determined
on was the melting cause of this extraor-
binary movement. The truth of this re-
port could not be learned from any Of
fetal sources. The exact benefits to ac-
crue to Union Pacific were not very OBJ
viOuS. Although the injunction against
the payment of dividends on Northern Sc.
curitieS stock. which forms the eeilatera!
for these bonds, makes the payment OF
interest a burden on Union Pacific, heavy
capital requirements would have to De
met to retire them and the release OF
Northern Securities stock would be The
only advantage perceptible.
One of the Assumptions
But it was assumed. in spite of the en-
phatic official disclaimers. that a. settle
ment of the Northern Securities dispute
and a community of interest in the trans
continental railroad world was involved.
The buoyant rise in st. Paul was re-
garded as corroborative of this aSs9lmp-
ton. In the volatile mood of speculative
sentiment the abundant SurmiSeS which
could be built on these assumptions
proved sufficient to whip UP the market
into its furious activity. The market was
throughout the day and the result was
constant irregularity and occaSlonat
weakness. The engagement of gold for ex-
port increased the burden of selling, but
to be impaired at once by these develop
ments and ingenuity was taxed to pick
out new points for aggressive buying.
The profit taking in the low-prleed
stocks which were most conspicuous IN
yesterdays market was very = obvious
throughout, but was ignored until late in
the day The facility with which strength
was maintained at other points in face Of
this selling movement and the small eff
feet of the gold engagement was pointed
TO as further gra tifying evidence OF the
underlying strength of the market. But
when attempts were made to take profits
on the days unwieldy commitment the
vulnerable position of the market crum-
bled rapidly. The days most considerable
gains were wiped out with rush and
Union Pacif1c's net gain proved small.
Losses We're the rule, running: to between
1 and 2 points and even more in many
cases. The closing was decidedly weak
and without recovery Bear raiding was
active and rumors of further mob violence
against the Russian ambassador in Lon
don proved effective in breaking prices
where former news was ignored. The
strong demand for gold from Paris and
Berlin is attributed to preparation for
further loans to Russia.
Bonds were Irregular. Total sales par
value, 81, O47 900 United States bonds
were. unchanged on call.
OIooipo 81