The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-19

mon stock Of the Union Pacific. including the
additions that have been made 10 the out
standing amount through bond conversion.
was traded in on the Stock Exchange last
week
Union Pacific continued IN yesterdays
two hours Of trading TO be the object upon
which nearly the whole strength Of the spec
ulation converged. The stocks further id
vance TO u new high point at 1885,, where
II closed, was rather bewildering, This was
nm advance OF more than points from Fri
days closing price. Although the trading
in the last half hour became Wild, there was.
as there has been all along. a perfectly free
market for the stock. The principal orders
on both sides OF Union Pacific. particularly
on the buying side were so distributed last
week that their origin and significance could
only be sdrmised Many who had been fol-
lowing the stock successfully for long time
went astray In their calculations. because
apparently the important commissions we're
intrusted to new set of brokers. IL IA
curious fact that persons who should be In
formed as to the sources OF this recent buying
and the character OF II appear 20 be COM
plctey at n loss for explanations. snd are az
much at sea as mere spectators having no
interest In the campaign whatever, II must
be concluded that the floating or speculative
supply OF the stock has been greatly feduced
and still the market Is so perfectly controHeu
that the price huotuates steadily IN Hlghths
either way. even when the trading IL most
furious on such bulges as occurred on Friday
and Saturday
The speculation In Union Pacific Is not
general The stock has not been Widely
distributed In a speculative way. The traders
having a market on which they may swing
as much stock as they please have been
trading in ami out in enormous amounts OF
IT, but they seem merely 70 stand in between
the principals conducting the campaign even
the large speculative holdings must be highly
concentrated The transient speculation mas
been confined largely ~ the hands OF haoituai
spectators. The general public has not par
ticinated In it to any eXtentwcrth con erlnS'
The meaning OF what is goincon in Union Pa
cfc by way OF the open market vas almost
the sole topic OF conversation In Wall street
at the close OF the week L was noticeable
that the theory OF continued accu mutation
OF the stock byunrelated groups Of powerful
capitalists had taken a trmer hold than ~
formerly had upon speculative fancy me
idea OF competitive buying. however. IN the
general sen in which that term u u'ei
is put aside by cool observers. who say mat
IL would be time to think of that as possible
EXPLANATION II the stock should begin 10
huctuate = per cent or more between sales
Up 10 this point It has been an open market
presenting trading facilities snch "a the
habltual spectators of Wall street do not
remember u have seen eXceled The cam
paign In Union Pacific from the beginning
in March OF last year around 10 has been
handled In vs.y masterly mIaner
r,,,
Inc s'Ooh mar A'V wv nv 80 ~ a.
hs many eApeeleu tuut " III - ra,trod
prlholpas OF the "es'e'" uuii 49, ,a
EInpola! I nIut WV ,os. r. ms II srv-
thlhR' plo"uvi .n"' NV
'"' "''N
r.,-. ,.,,.,.,,oo so,,oobnt dubio,islv
,-.a.a.d,, 49, cha un-asnon-ivepess OF
I ~ 1891 ,,nyl., 80 ,bo iaadarshin of Union
/ - - hoo, ,bs caso befor.
| No''o ~ ,s.iat.t,. h.,oro ,,e General
.o ,,.i H., - ~, nm bos fotloued more
~ O'' ~ -. 49, ,,,dot r-nio, p,ci0c
OF l',ss w. ,.s,,t,s n, ro,srt
nv, 49, IL, tnion pao9c would
| account Nv No'o'' ~ vi ,sl.,.'.i,,, ~ ,ha
! STOCKS or rHln'l Nr ~ S,.,ai rsarpa,
speoI'ut'su ,.r. ~ 49, a,b 10 interest
10 taAo III. '''''N''' -, -,
oon''"Ius W n,e v..o'I,,.,s t,iga IN
upon NV i"'''.s ~, a a., 80, .,,.
mon r".''V NSS 49,. -" t., Nor.b-
'uIe W -, " . ~ - 1,,r, = Ia 60
efh Seour 'lIes On w vu'o - 49, ~
oe uGnIn'nI - sao,,si,ios y, &c.
s,oiS VI 800, aDe,,n, :, ,ecos.
from sA'es loi Io' - - dat,,.o,ios
SAP W ~ -" 80 oor,fco,,.s fro,,
a".pau' =, ~ 900 sb,res ,Tbore seeins
Is nus smU., d,sinciin"tion among holders
Is probably due TO a desire TO be in position
TO take immediate advantage OF a di7tribu-
tion OF the company's assets.
Traders sold the m arBet freely in tho first
hour Yesterday. expecting poor statement
OF the week 8 banking results. The bank
statement was much better than the Street
generally expected it to be. and it's appear
ance was the signal for some short covering
in the general list. The general short IN
terest In the market is believed by some COM
petent observers TO be larger than IA indi-
Gated In the loan crowd Professional sentl-