Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-17
The Strong Upward Movement Of
Union Pacific Was the
Cause.
MADE A PAR0XYSMAL JUMP.
Speculation Was ON an Enormous
Sralc. Prices Carried Up with
Fevcrish Fluctuations.

New YORK. Aug. l5--Busincss was re-
sumed ON a large scale in the HARTMAN
Pacihcs IN the stock market this morn
ing. the opening transactions in Union
Pacific footing up i200 shares at an adj
vance ~ q point Soutern Pacific gained
similar amount International Pump
and Anaconda were up / and = respect
lively st. Paul was unloaded freely and
gave way point Otherwise the changes
were small
The upward sweep Ut Union ana South
cm Pacidc hcraldei the official dividend
announcements Tens Of thousands Of
shares changed hands with the wide leaps
iu prices. Union Pacific rose In half an
hour Ss to l7lh, and southern Pacific
IS 10 9 The general list was extremely
fc,eish and whore advances occurred
frcc pr9nt taking met them. The violence
Of the movement in the Paeihcs caused
anxiety for the consequences to a shor;
Interest Reading. AtChison, l. q n, ana
Amalgam8ted copper rose |, Northern Pa
cihc "a, X. q. Southern preferred rs ana
Locomotive =.
Union Pacific dropped back to iGslz and
Southern Pacific to Sh and The excite
ment 10 the trading abated. Northwest
ern lost l. lnterborough metropolitan pre-
fcrred lost ~ and Illinois Central ~.
Pennsylvania led rally with Il rise of
-.
Union and southern Pacific stocks made
paroXySmal jump 'n the stock market
even before the official announcement ot
the dividend declarations had been re
coiyed through the usual news channels,
Union Pacific was up Ns 10 ltli2 IN the
course Of the first half hour and South
orn Pacihcs rise TO s9 was 6s over last
nights close. The dOlence OF this ad-
vance and the evidence Of alarm among
the bears In these stocks caused some
apprehension Of financial damage to the
shorts. The Cours, Of prices IN the gem
Cral list was fcycrlsh and unsettled in
consequence This anxiety was relieved
Go some extent when Union Pacific and
Southern Pacific fell back under really
ing, Union reaching l6sig and southern
Pacific Sii..
The rise I'm prices was resumed when
evidence Of a demand Tor Pennsylvania
developed when the strength Of the mar
ket again became general
Speculation was Qp an enormous scale
and carried prices strongly upwards az
various points with tcvensh fluctuations
Of "a point or more caused by profit taxi
Ing hl iNuu NIdutlN OlfA aAlNllN VI Ait0
character were on a practically unlim-
tied scale In and out Of the market
Pennsylvania rose an extreme Of points,
Northern Pacific 39, Great Northern pre-
ferred 2N. Reading 2 J.. & ~, Rock Is
land preferred, the L. ;. steel stocks and
Smelling /, and numerous others point
or more Union Pacific was rushed up 10
IA about noon and the markets actiy-
ity reached the boiling point.
Bonds were neglected az noon.
At noon Union Pacific was rushed up
10 IA and pennsylvania was advanced
points Tine general market was eX.
trcmely strong IN sympathy but luctuated
sharply ON profit taking hy room traders
Heavy profit taking was resumed in
Union Pacific after Y o'clock and II
broke points from the highest with
moderate effect on the general list. BE.
fore ! o'clock the demand for the stocks
again became very urgent and was pur'
chased up 10 above Ia. Enormous deal
ings were also registered in Pennsylvania
New York Central Reading and some Of
the western railroad stocks. Pennsylvania
moved up points. Great Northern pre-
| ferred 3. New York Central 49,, Reading
i a.