The Washington herald., 1908-05-19
RECORD KEEPS UP
Stock MarketStrengt
No DiminutiOn.
UNION PACIFIC TOUCHES $50 So
Sensational Advance Also In Mis-
souri, Pacific, Based ON RumOrs 'of
Large short Interest-GOuId stocks
Strong, Especially in Denver and
Rio Grande-st. Paul Advances.

New York. May 1S-The stock market
to-day added another record OF great
strength to the movement which, with
practically 10 interruption, has been IN
progress for some weeks past, the same
stocks that have been the leaders here
tofore being again prominent in the ad-
vance.
II could not be said that there was
much in the way Of news to account for
the remarkable rise in some OF the fndi-
vidual stocks. or that the public was
showing any enthusiasm in following the
advance, for. although the commission
houses had more orders than for some
time past these, as a rule. came from
the more speculative part of their Glen
tele. or were placed in their hands by
other brokers employed by those having
The manipulation Of prices in charge. with
view to creating the impression that the
demand for stocks was broadening in a
notable way.
Union Pacific's movement attracted the
largest share or attention. That stock
opened with an advance of II points over
the last sale recorded on Saturday, and
az no time did it drop to the level Of the
highest point touched last week.
Union Pacific Makes Good Rise.
It rose at one time to 1505s. or nearly the
highest point touched in a year, and re-
acted but little from its new high record.
Southern Pacific displayed strength. rival
ing that OF the parent company. but it
was suspected that the movement in
these issues was availed of for realizing
IN other stocks.
A somewhat sensational advance oc-
curred in Missouri Pacific. based. il was
generally believed. on the existence of a
large short interest and the refusal Of
some large holders of this security 10
pace their stock at the disposal Of the
shorts, who in these straits were forced
TO buy in for the covering OF their con
tracts.
The other Gsuld stocks were strong,
especially Denver and Rio Grande pre-
ferred, which closed with a gain Of 81
points On the day, and Western Union
Telegraph, which at one time showed an
advance of nearly SIk points.
thieago and Northwestern furnished a
sensation at the opening the initial tran
saction being al an advance OF nearly
points over Saturdays closing, and
closely followed by a further advance OF
a point. but for the rest of the session
was heavy on realizing sales
C., NJ. Il st. p. Makes Advance.
Chicago. Milwaukee and St. Paul too
made practically its entire advance in the
first hour, and while this was true Of a
number of the railroad issues, the con-
tTaTy was the case with the leading in
dustrials, for these. after hesitating in
the early part Of the day. became strong
later
Total transactions again exceeded 1000, .
900 shares, but despite the activity in
the market and the heavy exports OF
gold, the rate for call money dropped as
low as ! per cent
The increase in the demand for pig
iron, which resulted IN the sale within
the past three days of a considerable ton
mage in the aggregate. served to give
strength 10 the steel stocks. the United
States Steel issues especially being strong
both the preferred and common making
new high records for the present move
ment