Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-23
New Bull Movement Marked
Today's Operations.
PACIFICS AS LEADERS
INTERESTING AND INFLUENTIAL
FEATURES OF MARKET.
Union Pacific Now Regarded as Five
Per Cent Issue-Speculation
Over Other Stocks.
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK June 23.--Union Pacific and
Southern Pacific forged to the front today
rs leaders of the new bull movement. Good
ieutenants were Reading and the Steel
shares. but the dealings in the Hartman
Pacfics at times In very large blocks, and
he vigorous upward tendency which they
manifested were the interesting and infiu
entail features of the session.
1t is supposed that the next seml-annual
dividend on Union Pacific will be declared
early next month. and the understanding In
well-informed quarters Is that this stock
can be regarded now > per cent issue,
while some talk that is not at all reckless
Is heard to the effect that extra diStriDu-
ton. in addition to the increase to a 5 per
cent rate. will be forthcoming at the next
period.
Wall street has heard for several years.
from time to time. that an initial dividend
on Southern Pacific was imminent. The
rumor has been current so often that only
skepticism greets its temperance. The
rumor was revived today In conjunction
with the impressive advance in the stock.
end, despite the general disposition to DIS
believe. met with some credence In quar-
tiers that are not particularly credulous.
A prominent room trader who bought
heavy of Southern Pacific offered to wager
$1,000 that the initial dividend would be
declared this month. The fact that he Is
nected with the Hartman interests was
the only assignable cause for the import
ance which some persons were disposed TO
attach to his offer.
A quick recovery from the lowest was
made. and then the whole list moved up I'M
der the leadership of the stocks mentioned.
and by early afternoon gains of point
and more general throughout the ac-
tive list. Dealings here for London account
amounted to almost $1,000 shares, practi
cally all sales. The west said to be
heavy buyer. and a quantity of the trans
actions had all the appearance of the COW
ering of heavy short lines.
Bullish Rumors.
Bullish rumors and tips were current. in
aications that the manipuators were hard
at work, but 1t has not been hard to see
more than manipulative significance in the
course OF prices in the last five days. Money
rates eased off trife from the concessions
already granted, and prognostica lions based
on the known movements of money were
for an excellent bank statement tomorrow,
barring complications in the loan account
1t was estimated that the banks gained on
all accounts this week cash to the amount
al at least $4,000 some calculations plac.
ing the amount as high as $1,000, 900, about
equally divided between gains from the in
terror and gains from the government. Bond
dealings show tendency to fall still lower
although prices held firm but the transac-
tons in the bond department are rendered
or no Importance by comparison with the
business over the counter. of which bond
dealers speak now most encouragingly.
- They say that In the last ten days there
has been decided Improvement in tone,
with an active inquiry and fair demand.
Especially would this be so In regard to
the Hartman Pacifics. for it would lend to
restore to them some of the prestige which
attached to their leadership of the market
Iastyear. prestige that suffered somewhat
from the rather precipitious decline this
spring. In general the movements in the
market itself were more interesting today
than was the outside news of marketwise
bearing. and the speculative community at
least found that tape more interesting read
ing