The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-17
WALL STREET EXCITED.
Union Pacific Carries Everything
Before 1t.

Wall St, New York, Aug. I--STOCkS-
Business was resumed on a large scale
in the Hartman Pacihcs in the stock
market today, the opening transactions
in Union Pacific footing up 1900 shares
at an advance of d point southern "a
cific gained a similar amount and Inter
national Pump and Anaconda were up L
and IL points respectively. St Paul was
unloaded freely and gave way point.
Otherwise the changes were small ana
The upward sweep of Union Pacific and
Southern Pacific heralded the official div
fdend announcements Tens of thousands
of shares changed hands with the wide
leaps in prices. Union Pacific rose in half
an hour SIS points, to 1711z,. and Southern
was extremely feverish and where ad-
vances occurred free profit taking met
them. The volume of the movement IN
the Pacihcs caused anxiety for the conse-
quences to short interest Reading
Atchison, L and n and Amalgai1nat 471
points. K G Southern preferred rs
points and the Locomotive ~ points y.
P dropped back to 1872 and southern "a
cific to S5A and the excitement in the
trading abated. Northwestern lost l
point marlborough Metropolitan lost IA
points and Illinois Central IA points.
Pennsylvania led on rally with a rise
of 22s points
and carried prices strongly upwards at
various points with feverish fluctuations
of a point or more caused by prOht-tak-
ing by room traders Operations Of this
character were on a practically unlimited
scale in and out OF the market RennSyl-
vania rose an extreme OF 3 points, North
ern Pacific 31z points. Great Northern pre-
ferred 2ss points Reading points, L. and
N. Rock Island preferred, the U. S. Steel
stocks and Smelling IL to IA points, and
numerous others a point or more. Union
Pacific was rushed up to ia about noon
and the markets activity reached the
Bonds were neglected at noon.
Heavy profit taking was resumed in L.
P. after II O'Clock and it broke , points
from the highest with moderate erect on
the general list. Before l o'clock the de-
mand for the stock again became very
urgent and was pushed up Enormous
sylvania. N. Y. Central. Reading and some
of the western railway stocks. Pennsyl-
vania moved up points, Great Northern
Union and Southern Pacific stocks made
a paroxysmal jump in the stock market
even before the official announcement of
the dividend declarations had been receiv-
ed through the usual news channels. I'm
ion Pacific was up So to III points in the
Paeific's rise to 80, was SIS points over
/ last nights close. The violence of this
advance and the evidence of alarm among
the bears IN these stocks caused some ap-
prehensiOn of financial damage to the
shorts. The course of prices in the gen.
eral list was feverish and unsettled in
consequence This anxiety was relieved
to some extent when L P and Southern
/ Pacific fell back under realizing. l. P
reaching 1881 and Southern Pacific S5z
The rise in prices was resumed when
/
again became general
The markets strength increased with
| the progress of the day, and although
there was active realizing the resulting
set backs were comparatively slight. There
was an increasing disposition to buy
stocks literally and there was a resump-
ton of pool operations. Southern Pacific
! P was bringing new record prices The
stock reached 1855 before o'clock an
overnight rise of Is points. Pennsy1va-
MIA s gain had been extended to points
and N. Y. CentraIs to 4 points Among
the other noticeably strong stocks were
Atchison. with a rise of 2at points. l.
and n. 21z points. L. s. Steel and Pacific
Mail "a points. Anna lgamated Copper 21s
points and Erie and. Colorado Fuel ia
points.
The scene of excitement on the stock
exchange following the announcements Vt
the first dividend for Southern Pacific
common and an increase of ? per cent in
L. P. common stock had hardly been
eequalled since the memorable struggle
/ for control of Northern Pacific five We IRIS
agoo. The two Pacifics became the cen
ter of interest and Immediately upon the
/ announcement of the dividend there was
two stocks. Many of them held orders
for lots of 10000 shares each. Room trad
ers Joined in the scramble to get the
stock before the prices SCARED too high
and in the confused struggle which en-
sued little attention was paid 70 prices
and the stocks were taken mt whatever
point they were ruling at that moment.
At noon the excitement at boiling
point with Union Pacific still advancing,
( the trading then SO heavy that the ticker
was 4 points behind in reporting the ad-
! u