Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-04
Union Pacific. the Feature Of
Today's Dealings.
FLUCTUATIONS VERY WIDE
Remainder of the Market Was
Equally Erratic.
NO LARGE BUYING ORDERS
Declines Running From One to Two
Points in Nearly All of the
Active Stocks.
10 LARGE BUYING ORDERS
Special Dispatch 10 The Star.

Special Dispatch TO The Star.
NEW YORK. June 4.-Transactions in
Union Pacific common stock again fur
nished a large and even undue proportion
Of the days total dealings In the stock
market 4 meeting OF the board OF di-
rectors had been scheduled for this morn
ing but it was announced early that no
quorum was obtainable. This intelligence
was accounted Disappointing but 1t vas
soon learned that the executive commit
tee of the company had taken the matter
of the new bond issue into its own
hands and had ratified the sale of new
bonds 10 a banking syndicate on the gen
eral lines indicated Yesterday.
Fluctuations in Union Pacific were
again extremely wide and erratic. The
same description was also applicable 10
the movement in the remainder of the
market. The professional traders of the
floor seemed quite commonly to adopt
the notion tnat with the fotation of the
Mon Pacific Issue there would be no
longer any necessity for bullish manipu-
lation either of that stock or the general
market and for the most par, they pro-
ceeded accordingly.
Consequently the dealings during the
forenoon witnessed declines running from
to points in practically all of the more
active stocks. Large buying orders such
previous periods of depression appeared
TO have been entirely Withdrawn.
Steadier Market After Midday.
There was decided falling away in ac-
tivity In connection with the irregularity
and general heaviness of the market dur
ing the forenoon. but after midday and
following upon the formal announcement
of the Union Pacific's financial arrange
rant he
steadier appearance. So keen was the
interest in Union Pacific affairs that lit
tie gossip attached to the dealings in
other securities. although the transactions
In Reading and United States steel COM
mon were also in fairly large volume
Rumors were current throughout the
day that the Union Pacific bonds lad
been disposed of to the foreign and
domestic banking syndicate at a disap-
Toinfingly low figure, and there was
again much comment upon the failure of
a prominent foreign banking house which
participated in the Pennsylvania bond
sale to share in the present transaction.
{ so far- however. as the requirements OF
s-the Union Pacific are concerned It would
seem as II the money of one banking
mouse would be quite as good as that Of
another. Reading moved in line with the
general market. although some sirnif-
canoe was attached to the election to
the board of directors of the president
CT the Baltimore and Ohio railroad
Weakness Of United States Steel.
II has long been recognized that
very close alliance between these two
companies would be one of the most logi-
cal arrangements possible in the railway
field, although today rumors in that re-
gard did not take any very positive form.
The weakness or the United States Steel
shares was again accounted for by the
evidence of a general breakdown in the
hitherto prevailing trade agreements
Up to this time. however. it is not
easy to determine whether the cut made
in the selling prices for steel bars is to
be followed up by establishments In other
schedules and opinions and more or less
official assertions vary widely in this re-
gard.
There seemed to be an undercurrent of
opinion that the course of the steel share
was influenced to no small extent by the
near approach of the political contentious
the idea being that by word of mouth at
least strenuous outgivings on the subject
of tariff provision must be expected.
Local money market conditions showed
material change