The Washington times., 1908-05-27
NEW YORK STOCKS
WERE VERY ERRATIC
Open Firm, Break Badly
and Rally Strongly, Led
by St. Paul.

NEW YORK, May 27.-After the bad
break yesterday afternoon il was bu,
natural that there should be a weak
opening this morning The trading pub
lie and the room traders have been
looking for the reaction for over a
month, and during that time they have
mad their affairs fixed TO run on the
slightest indication of a change IN
'front.', and have sold freely. There are
very strong reasons for the belief that
the leaders on the bull side have beer
distributing stock very. freely on the
way up, and that the Stock that has
been sold so freely for a week has not
all been short OF on account OF profit
taking. There isNsOme confirmation Of
this in the report from Union Pacific
sources that the proposed bond issue
has been abandoned through the sue
, cess Of liquidation OF Hin shares on the
boom market. Indeed, the boom was
largely as an aid 10 distribution.
There was an incipient rally on the
opening, but II did not last long. Il
was based on the probability of crops
being excellent, and on the almost Ger.
tainty OF emergency currency circuia-
lion.
The rise was inconsiderable, save IN
the stock OF the Reading Company, and
1t was not long before the list was slid
ing down to lower levels. The declines
extended from IL to ia of point In the
general railroad list, reaching 212 points
in Union Pacific, 3 in Delaware and
Hudson. and about 2lR IN Reading. But
the worst of the cyclone hit Missouri
Pacific. which broke from 81 10 ol, ana
Shortly before noon the list started W
again, and at noon the average loss N
the rails was s. 10 a point
Copper and Steel Is OF. SmelteT hign-
er.. Lead = better. Rest or list slow
Supporting orders In St. Paul proved
q supporting factor Of considerable ia
pOrtance, an advance OF rs IN TINS
stock carrying many OF me !eaaih l
shares up 10 even with the closlngs OF
YESTERDAY this being evident IN BAN
more and Ohio, Chesapeake and ONO,
Union Pacific, Northern Pacific, tITeat
Northern. and Reading. The Steels
were p OF and, Lead Is higher. Penn
sylVania was strong.
Atchison was weak on the reported
prospects for dividend reduction MIS-
souri, Pacific failed 10 recover The pad
break in il was thought to be due 10
liquidation by Rockefeller Of the large
amount Of stock bought By him IN
the SOS.
tails that Union Pacific had disposed OF
lis holdings Of Great Northern, 500
shares: also OF ilr52S shares or North
evn Pacific and S6.l45 certificates, and
rs a result the treasury had been i'm
mensely replenished.
II is guile natural that Mr.. Harri-
man should have wanted 70 boost The
market with this great block of stock
waiting LIQUIDATION. shifting from Union
Pacific TO the dear public, etc,
Entering the second hour OF the after
noon the market was very slow. dull
and uuinterestlrg to traders. The de
velnpments of the last hour await the
hour
The final hour did not develop any
radical change in either the rails OF the
iudustriaIs. There was a little more
activity. and many Of the rails rose TO
near a level with yesterdays close, and
some 10 fractions better. ST. Paul re-
NAMED the leader. There were few
changes in iudustriaIs except an Unlaw-
ful advance in Ice and a stiffening IN
Lead and the Steels.