Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-16
First Market Dealings Were
Quite Irregular.
WAS NO DEFINITE TONE
INFLUENCED BY UNCERTAINTY
OF PEACE PROSPECTS.
Rally Occurred Later. Largely Actu-
ated by Vigorous Upward Move
ment in Union Pacific


Sp'tiHl i'lspa''h 10 StaG-
NEW YORK. August 16.-Thls mornings
sGNices from Portsmouth did not place the
prospects for successful conclusion %
the peace negotiations In progress there In
n particularly favorable light. II was
largely in consequence of this that ire
London stock market showed hcsitating
tone. while at The outset of the local deal
Ings quite irregular tendencies prevailed.
The market showed no definite tone Dur
Ing the first half hour OF business, bus
thereafter general rally took place. which
was inquest ionabIy largely Influenced by a
vigorous upward movement in Union Pa
Cihc. The stock transfer books of this
company will close on August -. both 70"
the payment OF the serli-annual dividenis
and for the yearly meeting OF the stock
holders IN the autumn.
Wall street leaned to the view today that
the recent heavy absorption of Union Pa
Clhc mad some other purpose beyond the
desire to receive the 21a per cent dividend
to be paid on the stock. and that the pur-
chases were for the account of some large
capitalists who were DESTROYS of being we'll
represented at the annual meeting of the
company.
On account OF these views a great deal
of Significance was attached to the identity
OF those firms who today were the heaviest
open buyers differences drawn therefrom
nent In Northern Securities affairs would
be likely TO request representation upon tho
next board of directors of the Union Pacific
The lower priced stocks. and particularly
those of the lines in the southwest We're
firm. A further extensive rise In the Wis
consin Central shares served to strengthen
the current notions that the control of the
property Is changing hands. but opinions
differ TO whether II will pass TO the
Fere Marquette interests or to the Canadi In
Pacific.
Both conjectures may turn out to be mis-
taken. The securities of those roads ex-
tending into New Orleans remain prac-
tIcally unaffected by the prevalence of yell
low fever at that point
Local Traction Shares
The local traction shares were firm. with
quite animated squirt In Metropolitan
Street Railway in the early dealings. Anal
Samated Copper and the United States
Steel stocks again furnished the bulk of
the transactions in the miscellaneous stocks
Amalgamated Copper rose smartly. giving
belated reflection to the recent advance
in the selling prices for the metal.
The fairly large transactions in the
United States Steel stocks had a compare
lively small result. Substantial advances
IN this direction were noted In New York
Air Brake. American Locomotive and Corn
Products. National Biscuit again shows
striking weakness. There was no material
alterations In money market conditions or
IN the other fundamental features of the
situation at large.
Reading Common Active.
Another stock which was heavily dealt in
at advancing prices was Reading common.
The absorption of this stock in todays deal
ing was, apparently. for the account of the
same interests who have been operating
upon the same lines for several months
past. No particular theory or novel gossip
attended the rise in Reading. but the steady
advance in the stock has had the natural
effect Of fomenting various rumors and
Ideas in explanation thereof aside from the
unquestioned great earning power of the
company. Due consideration of the latter
alone might for that matter be taken as ac-
counting sufficiently for the course OF the
stock.
The other anthracite coal shares We're not
especially prominent in the days dealings
and. in fact. the higher-priced Issues OF that
group changed hands occasionally we'll be-
low the highest figures at which they have
recently sold.
Nor was the railway list in general much
stimulated by the great animation in Uniorp
Pacific and Reading. Price movements in
fact were rather irregular. and for the most
part small.