The morning journal-courier., 1908-11-26
WALL STREET NOTES
 ==-=a-aa#ss--es Conflict of Buying and Selling at Opening, Leading Up to
 Good Rise.
 ---------=sa-- SAGS OFF TOWARD CLOSE Erie Bond Application and Its signili- cance--Atchlson's Remarkable
 Statement,
sAGS OFF TOWARD CLOSE

SlutcilcHls
 Not all of our stocks matched in their first transactions the early London advances. but everything opened high CT Union Pacific, starting with 5,0QO shares at 1S4 IS and 1S4 1-4 simul- taneously scored an initial gain of S4 and established at once a new high record in the stocks history. Southern Pacific opened IA point above Tues days closing, Northern Pacific was up 1-2 Great Northern 7-S, New York Central Baltimore and ohio, and American Smelting, 5-S each Consoli- dated Gas 1-2, Steel common opened 5-S higher; Reading was up only Is There was a conflict of buying and selling orders for a timo after the opening, then a fresh upbidding with new high prices for many stocks on very large trading This was followed by gradual sagging off until early in the afternoon. when lowest prices of the day were scored. Around one o'clock Union Pacific was back to 1S3 G-S Southern Pacific 1la 1-2. Steel b6 and Smelling 9i 3-4 It was evident that heavy distributive selling was in progress In the last hour the market was much confused the direction of the movement chanslng almost every mo- mcnt At the close, selling became az gressivo, and it looked as if the short interest had pretty much been covered.
 The application to list s30,o0000o of 3 per cent bonds by tho Erie Is the first step in the scheme to put the company in funds to improve the condition of the property and meet its obligations The present management has evidently decided that Erie is not oyercnpitalzed and that it can stand a still greater load of debt IL will bc bonded for over s100 000 per mile after the new bonds are issued It is capitalized at over s7O,00O per mile. The increase fin activity in bonds the last few days has been duo, in quite some measure, to the reinvestment of profits taken from the stock market and placed in first grade and semi speculative bonds This do- mend is additional to that which Is represented in tho speculative buying of some of the low priced issues and still better grade of speculative buying shown in issues like Union Pacific con- vertible the Telephone Is and Inter Met 1-2s Bond houses are looking for many new issues The Erie au- thoritles indicates the intention of many roads to fund their debts with bonds.
 Atchisons remarkable net earnings statement for October, showing an in- crease of S49s GOO in net earnings, on top of decrease of S316O0O in gross follows the example set by the few re- ports of net already received for that month Baltimore and Ohio, for ln- stance, last week showed a $22 GOO gain in october net earnings, along with A $1195, 900 decrease In gross. Tn fits com parison of gross, Atchison does not show up quito as well for October as for September; Its September gross re- ceipts were only S11t.OoO below 1907. IL Is chiefly railways in the very heart of the winter wheat belt, which showed actual increase in September gross 1t is yet to he seen how Union PaciRc's gross, for instance will compare for october, when the grain movement was lighter than in September Its Sep tember gross was $6t,OOO above 1907.
 The feature of the London settlement vesterdav was the per cent, contango on American shares This was very much above the rate charged for other stocks and indicated some disposition by the London banks to discriminate against Americans The peculiar fact was that such large account in American shares remained open, inas- much as arbtrage houses had been selling bonds on balance for some weeks Today they bought around 25,00O shares.
 Claims are made that the Union Pa. cifc report to be issued inside of a couple of weeks will show that tho company earned 16 per cent. on its common stock during the last fiscal pc.
  is said to have induced considerable buying of the stock for investment helping to no small extent the opera. tions of insiders. Todav's buying ore. served most of the well known charac. teristics of U. F.. and took the price in the early trading up to a new top level Realizing sales checked the advance, but not the enthusiasm which has gathered since the upturn took a fresf start,
 Brokers are asking is there any req. son why the Union Pacific and South. ern Pacific shareholders five months after the end of the fiscal year, should not have some idea Of what their prop, erty has been doing? The annual re, ports of both of these companies werc promised more than q month ago and are not yet ready for publication.
 CLOSIMG PRICES.
 Reported over private wires of Prlncr
 G Whltely members of the New
 York and Boston Stock Exchanges
 New York Oiitce 52 broAlWaf, and ld
 Center street. New Haven. Conn,
 New Haven. Nov 25, 1908 Adams Express Co. ......., lI
 Amalgamatcd Copper ..,.. SEs Si7. Amer Car Foundry Co,... l6 46h