The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-20
is STILL EXCITED.
Heavy Trading Marked Opening
of Stock Exchange.
Dealing Was Mostly in Big Rail-
road Securities.
A. T. & S. F. JUMPS 2 3-4
Professionals Bought Most Of 1t
Was Covering by Shorts.
There Is More Excitement in
London Than Here.
4. T. & s. F. JUMPS 2 81

New York, Aug. 2O.-Further excite
ment attended the opening of the stock
market today There was an unusual
ly large attendance of members. The
visitors gallery of the stock exchange
was packed to its utmost capacity with
sightseers. There was an accumula-
ton of over Sunday buying orders and
a principal feature of the early trading
was in the Hartman stocks which led
last weeks movement Union Pacific
opened with a block of $4,000 shares
at from 1874 q to 1S4 4, later selling at
1876. Southern Pacific started off with
a block of 10, 900 shares at an advance
of q points over Saturday, estab blish-
ing a new high record. Amalgamated
Copper opened with lot of $4,000
shares at an advance of 215. other
stocks that made substantial gains
were Great Northern preferred with 6
points, Northern Pacific II, American
Smelling q, Anaconda 4 u, Atchison
~, Reading / q and the Illinois Cen
trail 4. The buying orders were re-
ported to have come from various out
Of town points, notably, Boston.
Philadelphia, Pittsburg. Cleveland and
Chicago. London also was a reported
purchaser. Sales in the first hour were
probably in excess of 500, 600 shares.
The trading was almost entirely pro-
fessional and most of 1t was covering
by the shorts. Profit taking resulted
in a number of reeessions before the
end of the first hour.
Enormous amounts of stocks were
pressed for sale on the opening bulge
in price and there was a general reac-
ton which ran from 1 to points in
the strongest features. Both Southern
Pacific and Union Pacific reacted to
fractions under Saturdays closing, as
did St. Paul's, Pennsylvania and some
others. Speculation was very feveriSh,
many stocks making a spasmOdic rally
of a point or more and then falling
back again. Union Pacific made an
upward rush again to 1873, but South
ern Pacific was steadily sold and how
cred around the low point. NOthern
Pacific made q. belated rise of u. AT
IL o'clock the market was unsettled,
but ruling generally above the low
prices.
The sales of shares in the first hour
totalled S64,550 shares, which was
said to be new high record.
Despite the enormous volume OF
outside buying orders attracted by the
rampant bull speculation prices
were gradually forced downward un-
der realizing by the professionals. IN
many instances only a small fraction
remained of the earlier substantial
gain. St. Paul sold at IL and Union
Pacific q below Saturdays closing.
There was a considerable shifting Of
bull operations from the Hartman
and others into Missouri Pacific,
Reading and Atchison, the enormous
buying of these stocks had a steady
ing effect on the rest OF the list. Mis-
souri, Pacific ran UP 3H, Atchison
Ga and Reading 3 4. Lackawanna
sold at a decline Of 80 points from its
last sale.
Bonds were neglected at noon.
The volume of business continued
on an enormous scale during the af-
ternoon and there were indications or
number Of long dormant booms.
The room traders followed the heavy
buying closely and there was a con-
slant shifting of one stock to another
as soon as a profitable turn had been
made. Reading and Atchison were
allowed to fall back while Rock ISL
and. Smelling and st. Paul were taken
hold of and pushed up quietly. The
Hartman stock held steady around 81
for Southern Pacific ana 164 for
Union Pacific Pennsylvania was
driven down IN. The rise in Rock
Island reached IN, the preferred 4,
St Paul rs st. Louis & San Fran
cisco second preferred 4. and
London. Aug. 20.-On the stock ex-
change today interest again eentered
in Americans which opened excited.
There were wild dealings In the fore
noon at a considerable advance over
Fridays official closing prices, Union
Pacific leading with an advance of 5
dollars. Southern Pacific advanced
five dollars and Atchison, Topeka &
Santa Fe and Pennsylvania four dol
lars each. Some frregularity develop
ed later. but the market continued IN
an excited condition.
The market closed steady at below
the best prices of the day