Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-27
Upward Movement Followed
the Opening Today.
U. P. AND S. P. LEADERS
Well Maintained Despite the 0cca
sional Reactions.
INCREASED BUSINESS VOLUME
c. p, st. Paul, Mo. Pacific, Reading
and 500 Stocks Also Strong.
Sentiment More Cheerful.

Special Dispatch TO The Star
NEW YORK. August o1-t-nion Pacific
and Southern Pacific were the actual and
influential leaders in rise in prices in
today's stock market which was gener-
ally participated in and of an orderly
character. The upward movement start
ed right upon the opening of business and
with nothing more than occasional and
normal reactions was exceedingly we'll
maintained with the course of the bust
ness session.
The strength and activity of the stock
market appeared to be nothing more than
renewal of the tendencies which were
exhibited yesterday and particularly in
the closing dealings. There was a very
5great increase in the volume of business
;the transactions up to midday only being
i'aO.OW shares in excess of those of the
same period yesterday. Such advances
as occurred in Union Pacific and South
ern Pacific naturally set on foot variety
OF rumorS TO account for the course OF
Ihose securities. Yet. it is doubtful
whether there was any actual or at any
rate immediate foundation for the re-
ports in question
Experienced observers of stock market
affairs have long considered that both
stocks were selling at prices out of lust
proportion to the general level of the
market and had made their speculative
sand investment purchases accordingly
Dividend Stories.
{ TodayS stories were. however COM
.monly to the effect that ere long the
ydlvidends on both stocks would be estab-
fished upon a higher basis. 1t would
:seem hardly reasonable that the manage
sment of these companies would lake any
such action. in view of the rates of divi-
suends now being paid. and il is more
.1kely that an extra distribution of profits
swould take some other FORM
Other very strong features of the rail-
way list were Canadian Pacific ST. Paul.
Missouri Pacific. Reading and the 500
stocks
The Traction shares were firmer and
more active than for some time and SUBJ
stantfal advances were scored in the mis-
eceIaneous and industrial issues Consol-
sdated Gas was notably strong, as were
National Lead. American Smelling. the
United States Steel shares and Amalpa
mated Copper.
III was probably the case that the con-
@inued covering OF short contracts. in
Guiding that for the account, of the firm
which suspended Tuesday. had a good
: zeal to do with the course of the stock
market. but. on the other hand speculat-
sve sentiment exhibited a more cheerful
and confident tone than has been Wit
messed for long time, and it was the
ohi .l impression that the suspension
III the firm in question had removed
some elements of danger from the gem
era! market situation
London Market Firm.
The London stock market, including
he American department, was firm and
operations here for foreign account
showed a considerable excess of DUR
:.hases. The weekly statement of the
Bank of England was a notably strong
exhibition.
Money market circumstances continued
On yesterdays level, and the recovery in
sterling exchange made further progress
The grain market was again firm with
40 particular color to the days advices
respecting weather conditions in the west.