Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-02
Union Pacific Preferred Fea-
tured Early Dealings Today.
SHARP UPWARD MOVEMENT
Variance of Opinion as to Cause for
Sudden Rise.
ANIMATION AFFECTED STOCKS
Round Advances Scored by Other
Railway DEMONSTRATING Grain
Market-London Irregular.
SHARP UPWARD MOVEMENT
ANIMATION AFFECTED STOCKS
Special Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK, May 1.-The stagnant waters
of the stock market pool were stirred into
a considerable agitation today by rapid
advance in Union Pacific preferred stock.
Less than 500 shares of that issue have
changed hands in the market during the
past ten days. although Union Pacific COM
mon has daily been the market leader In
respect of activity.
Inasmuch the recent conspicuous
strength and activity In Union Pacific COM
mon have been attended by rather vague
and indefinite reports that holding COM
pany was being organized to take over the
securities in other companies held by the
Union Pacific. the sluggishness of the pre-
ferred stock was difficult to account for, as
that issue would participate with the COM
mon in any benefits deriving from a distri-
button OF the assets of the company. Hence
today's sharp upward movement in the pre-
ferred stock. which was accompanied also
by an extensive advance in the common.
was taken to mean that the plans for the
formation OF a holding company had pro-
crossed further than has been generally
suspected
There were others, however. who looked
upon the rise in Union Pacific preferred as
an easy and inexpensive bit Of manipula-
ton. designed to create that very impress
sion. One circumstance that was, however.
demonstrated beyond any doubt was the
actual scarcity of Union Pacific preferred,
which scored n net advance during the
forenoon of more than seven points on less
than 1000 shares.
Traders Interested in Grain Reports.
DiIigent inquiry in quarters which should
be well informed with regard to Union
Pacific affairs failed to elicit any actual
information with regard to today's strik-
ing dealings in the shares Of the company.
Previous to the movement In Union "a
cific preferred the stock market had been
negative and featureless affair and the trad
ers were rather more occupied with the
continued upward movement in wheat than
they were with the fluctuations IN securl-
ties.
The exceeding animation in the Union Pa
ctfc stocks extended. however. to the re.
mainder of the market with the course o,
in Southern Pacific Great Northern pre-
ferred Northern Pacific St. Paul. Pennsyl-
vania, New York Central and Reading.
The Industrial and miscellaneous issues
also participated In the improving tenden-
cies of the market, with noteworthy
strength and animation in Amalgamated
Copper American Smelling and to some ex-
tent In United States Steel common
Public Utilities Neglected.
The traction shares and the so-called pub
lie utilities stocks were neglected during the
larger part of the business session The
further rise in the grain market was really
the most striking feature OF the days sit
uation. even though 1t proved only tenn
porary influence in the dealings upon the
stock exchange. Continued unfavorable
weather advices and others with regard to
the present status OF the winter wheat
crop naturally attended the advance In the
staple.
The London stock market was irregular.
the chief feature of the dealings there being
the continued buoyancy in all Of the copper
stocks Operations here for foreign account
showed an excess of sales to the extent OF
about Is 600 shares. The Bank of England's
rate of discount was left unchanged, at
per cent, and the banks weekly statement
made rather different exhibit
There was no material change In local
money market conditions or In other funda-
mental features of the situation