Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-08-16
UNION PA [ !. [:
HAS SETBACK

iisE4
New York, Aug. l6. Union Pacific
common stock. which has be en5asp 1l Y.
suing an upward course stead lily f tr'l
the last few weeks xperienced a sharp
set back In the stock mar et$s this
afternoon. After closing Saturday a. at
2lT " the stock opened this morning n
e ~ but this new high record price
brought out "a flood Of selling q orders =,
and it soon went back peiow 90 sl tu1 :.
days closing price: .5s
on the decline the mark 5sb e. ave ave
inactive but this afternoon various re, Y:
reports we're circulated to depress the
price and shortly after o'clock 5s /. a
sharp selling movement set ms ! ms :
uncovered number Of. orders 70 i. sell =, 7,
when the decline reached e E, ce RAN
figure and the price qutcklS S8 bro re
to ga. a loss of: FIVE points from the
high point of the day and of 3 y from from
Saturdays closing price.
4 Reading. FL New ork Contra q nd
sSouther Pacific were affected by the
declines but the general market was
only slightly influenced
Professional traders met the opening
demand for stocks and the market n sold g!
level. Atlantic Coast line sold at (, a
loss OF q points, North Am erican y \ vs.
and Interborougll Metropolita tan pre-
3 erred l. On the decline there We're
+ sales of many large blocks of stocks,
one transaction In Union Pacific
amounting to 400 shares and one In
United States Steel to $500. Renewed
activity on the long side in New. z o III,
Central forced it 81M higher and pro
noted a rally in the general arket,
but Union Pacific was slggish and
did not get beyond SATURDAYS final
prices. esS3. Il, ~
$cific stocks offset attempts to bid up
prices in other quarters, and the mar ma
ket went down pretty steadily. sup
porting orders. however, We're en- 2, >
countered in the general llst az ap o,s.,
the level#of saturdays closing. Union I
Pacific broke to Is and the prefefred
Il u under last weeks final prices. on
tario & Western and Consol1datedS Gas
EaIso&lost a point. Business fell on
tremendously at the lower figures and
the market was steady through the
second IS hour. Toward middle the
tone Improved somewhat with 4 New !s.
york Central and Southern Pacific
king the best showing. Some of%the:
less active stocks were quite strong,
ST. Paul preferred going up z points
Mort hwestern 4 "a International Pa
per8 and the Kansas City Southern
stocks i u. 5s d
81 Bonds were steady.
independent movements went on from
time to time in&the stock market which
did not have any far reaching effect on
the balance of the list. A renewed de-
cline which cost Louisville & Nashville
and American Beet sugar and st. Paul.
missouri Pacific, Wabash preferTed,
United States Steel, Peoples Gas, Am
erican Sugar and merican Ice l, was wa.
arrested for a while by the rapid bid = :
ding up Of Reading and Southern Pacific
to new high figures. Southern n Pacitie
touched 1894 and Reading 166. which
was tx and ~ respectively above last
weeks final price The Union Pacific,
stocks were less Of q factor In the mar
lket and met steady selling after every
recovery to about last week closing
prices. .35
Prices moved narrowly until o'clock
when there was aSvtolent break IN:
Union Pacific which drove It down to;
ga compared with 219 at the outset and
2l7A at Saturdays close. The other
market leaders ran off rapidly in sym
pathy and there was little left Of the.
early mat erial advances in Reading
Southern Pacific and New York cen
trail.
4 The market closed weak. Supporting
orders stopped the break in Union Fa.3
chic AT 2l4, Dul the apIeleIieu essliiti7
while slumped to ia and many other
stocks had lost from ! to 141s. The co.'s
lapse In Union Pacific was yariously
put down to bad drive, attempts to-
shake Off q weak Following and realiz-5
ing by insiders. Union Pacific jumped
above ZIG again, but the balance Of the
list did not rally with much vim. al
though there was spirited bidding up
Of Northern Pacific. In the last few
minutes selling was renewed in all
quarters and low prices for the day
were made for many stocks. Earlier
than . a. m. today. rs,