The Washington herald., 1908-03-27

New York. March 26-During the first
three quarters OF the time devoted TO
stock exchange business to-day. the Sc
.curity market was generally affected by
those reactionary tendencies. which in the
main were dominant yesterday despite the
rally in prices, which occurred in the clos
ing hour Of business. and caused the av-
erage price Of stocks yesterday TO close
az slight advance
There was, however. this difference to
day in the parallel drawn for the time
stated with yesterdays trading that
while the market as whole was more
plainly Of a Hquidating character, two
prominent stocks, Reading and Union Pa
cifc. were exceptionally strong.
Certain peculiarites IN the dealings
in these stocks that have been noticed
for considerable period. were to-day
repeated namely that the advance in
them was disproDoruonate 70 the value
OF shares turned over OF the nearly
/. .O00Oo0 shares Of stock bought and sold.
almost one quarter were Of Reading com
mon stock alone. and the price of the
stock was al no time more tnan rs points
higher than it was in the preceding day
Manipulation in Evidence.
Practically the same state Of affairs was
exhibited in the case OF Union Pacific.
and al this indicated that a great deal
Of manipulation Tor some Interior purpose
or other was being carried on.
Reasons as commonly advanced for the
particular strength Of Reading were var
iously that the anthracite mining com
panies were 10 resume operations in full
on April l. that a supposed compromise
had been made With the government.
whereby t}lere was 20 be a suspension
OF any enforcement of the law compelling
the coal-carrying railroads 70 dispose OF
their coal lands. until the constitution
ality Of the law has been fairly tested.
and again that the ste.ute in question
had been manifestly annU1ed by the de-
Cision Of the Supreme Court Of the United
States in the railway rate case announced
on Monday
Il may be said that 20 the last named
argument a good deal Of force attaches.
/ The law referred 70 is. under the terms
of the Supreme Courts ruling. as good
as dead even before any action is taken
10 test its validity. Nevertheless. the
rise in Reading to-day was 50 meager,
I considering the churninE that went on IN
( IL. that the impression commonly con
veyed by the movement was that Il was
merely designed 10 facilitate selling OF
stocks by spectators in other quarters
/. Many RumOrs Current.
In the case OF the Union Pacific rumors.
were current throughout the day that
an announcement was due any mo-
ment giving the details OF the loug-talked-
Of plan Of segregating the company's
banking assets from its railroad prop
critics and dividing these amOnG the
Union Pacific stockholders. but when the
announcement came it was found very
grievously that il pertained not 70 a
melon in the shape OF a cash or stock dis
tributi0n. but 20 a bond issue. whose
amount although not stated. was under
stood 10 be at least S54006.01o. and perhaps
more.
A further bond issue for the purpose OF
placing the Union Pacific in funds and ir
may be- for the purpose Of allowing the
management TO again engage IN schemes
/ or speculation is not likely 10 please those
who have placed their money in the Union
PacifiC's care.