Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-08
The Upward Trend of Prices
Was. Resumed Today.
LEADERSHIP OF RAILWAYS
Heavy Transactions in Union Pacific
a Feature.
SHORT.C0NTRACT COVERING
Local fractions Firm, With Note
worthy Advances in Man
haitian and B. r. T.
LEADERSHIP OF RAILWAYS
SHORT. CONTRACT COVERING
SpcciaI Dispatch to The Star.

SprciaI Dispatch to The Star.
NEW YORK. May S.-Under the leader
ship of Union and Southern Pacific. but
with other railway shares showing an
equal degree of buoyancy. the stock mar
ket this morning resumed the advancing
tendencies which were interrupted by yes
terday's slight reaction. The very heavy
transactions in Union Pacific were ac-
companied by a report that the manage
ment Of the company had erected ar
rangements for the disposal in Europe or
SIS OOO.OOO of the bonds recently author
lied. No details with regard to the price
at which the sale had been effected were
set forth in these rumors. but 1t seemed
to be the common view that if such
transaction has been carried through the
bonds would be disposed of at ~ or there
abouts.
The general characteristics of the stock
market were Identical with those which
have been exhibited almost continuously
for the past fortnight. ard there was
nothing whatever of novelty to be cited
in connection with the course of the deal
ings
Active bullish manipulation and con-
tnued covering of short contracts were
all the time evident. and these processes
being conducted in the face of an absence
of liquidation led naturally to some
striking advances.
Railways the Feature.
AS whole, the railway list showed a
greater degree of animation than did the
Industrial and miscellaneous stocks. al
though the latter were likewise firm. The
leading features of the railway list were
TC1o and fc-
sues st. Paul. Northern Pacific. Southern
Pacific and, of course, Union Pacific, to-
gether with Reading.
All of the local traction issues were
likewise firm, with noteworthy advances
In Manhattan railway and the Brooklyn
Rapid Transit securities. Reports were
again current that the Brooklyn Rapid
Transit would be successful in its fight
against the fare reduction measures. but
1t was difficult to state upon what these
views were based.
Transactions in the Industrial group de-
veloped few features of interest. The rail
way equipment shares and the United
States Steel issues were firm. while Amer
lean Smelling. National Lead and Anal
gamated Copper were strong.
London Played Small Part.
London played only a small part in the
local market in respect either of the quo
tations for American stocks forwarded
frem that quarter or the subsequent
operations here by the arbitrage houses
The government crop report indicated
weld of winter wheat somewhat In excess
OF last years harvest, but in the grain
market a. bullish construction was put
upon the figures. An excited specula ton
was again conducted in the May corn
option.
On account of the prevailing conditions
in the money market scant interest was
expressed in the outlook for tomorrows
hank statement. The banks have, how
ever. gained nearly $4,000, 900 in their
transactions with the subtreasury, hence
1t Is proba BILE that another large increase
in surplus reserves will be reported.